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How bloody close to the wire does this house moving thing get???

(33 Posts)
BeanoNoir Thu 16-May-13 09:34:47

Our buyers have pushed for an earlier completion date than we were ready for, but fortunately have managed to accommodate. They wanted tomorrow, we managed to get them Monday (which they agreed to, we originally wanted it four weeks later). So moving is booked for Monday. We've signed the contract but apparantly not ready to exchange because they haven't got all their deposit to their solicitor.

Pleeeease somebody tell me this isn't out of the ordinary and that they wouldn't have come this far if they didn't have funds for the sale?

I love the house we're buying and don't want to lose it. 28 weeks pregnant with a 21 month old dd too. We're so close I can taste it but have a horrible feeling it could fall through at the last minute. It's not going to though, is it?

It just feels like you make yourself very vulnerable when nothing is actually set in stone yet.

BeanoNoir Thu 16-May-13 09:36:58

Sorry, posting and running I have to go out, but I'll be back to hear comforting words grin

TerrysNo2 Thu 16-May-13 09:41:20

Why don't you find out what deposit they do have, at the end of the day its up to you (and anyone upward in the chain waiting on a deposit) to decide what you'd accept. As long as they are putting down a decent amount to commit them.

TerrysNo2 Thu 16-May-13 09:41:37

But yes, the stress doesn't end until you have the keys!!!

MaryPoppinsBag Thu 16-May-13 09:43:00

If they are pushing for completion earlier surely they have the money?

If they cant get hold of it for Monday, might they ask to extend the completion date?

Just set out on the rocky road of buying a new house and selling ours.

Hoping if we get a buyer to exchange contracts a few weeks before completing, so it doesn't all come down to one day.

Sunnyshores Thu 16-May-13 12:15:51

Its unusual to exchange much before completion as exchange means actually fixing a moving date and actually paying over a deposit. Most people in a chanin arent willing to take this gamble.

BeanoNoir Thu 16-May-13 12:16:15

Hi terrys not sure if I understand what you mean. We accepted their offer ages ago in February. It was less than we wanted and the minimum we could go. We need every grand for the deposit on the next place we're buying. They've signed the contract their end agreeing to that amount and apparently their mortgage offer is all through. Did you mean we could accept less for our property. Is not an option for us I'm afraid, and surely they wouldn't have come this far if they couldn't stick to the price agreed on?

BeanoNoir Thu 16-May-13 12:18:53

Or do you mean we decide what deposit to accept? I'm not sure we have been given that choice (confused I've not done this before)

There's not really a chain as such. Our buyers are in first time buyer position and the house we're buying is being made vacant on Monday. Owner is allowing us to rent off her until completion goes through for that.

Merrow Thu 16-May-13 12:27:19

It could be as simple as they had the money in a savings account and hadn't realised it was one of those ones that it takes a couple of days for it to actually transfer out of?

MrsBungle Thu 16-May-13 12:30:00

When we bought this house we exchanged and completed on the same day! I would imagine they wouldn't have got this far without a formal mortgage offer or proof of the money in place.

TerrysNo2 Thu 16-May-13 12:34:37

I meant, you could find out from your solicitor how much deposit they have got and if it's there or thereabouts then you could choose to accept it as long as your vendor slap agrees to reduce your deposit. just an idea you could discuss with your solicitor

LittleBearPad Thu 16-May-13 12:53:31

I think Merrow's probably right. They may have thought it would take three days to get cash to solicitor but it's taking 5 for example. Can you ask your solicitor to confirm. If they want to complete on Monday they must have a confirmed mortgage offer and this would have checked deposit availability.

Sunnyshores Thu 16-May-13 13:13:27

To clarify deposit, there are 2 types of deposit that I think Beano is confusing.

First there is the price they have agreed to pay for your house - say £200k. The money for this will come from part mortgage and part the purchaser's cash = the deposit. This must all have been agreed to by now. When your solicitor has received the cash deposit and the mortgage money, he will complete.

If you exchange/complete the same day then deposit and mortgage all arrives with your solicitor on the same day.

If however you exchange early, then some amount of deposit needs to be paid by the purchaser. Solicitors normally ask for 10% of house value. This is paid and you exchange. At some later agreed date, the remaining deposit and mortgage funds are paid and you complete.

It seems the purchasers havent gathered their money together yet, for scenario 1 or 2. But it probably doesnt indicate a problem, it sound as if the solicitor is trying to complete both sales on Monday. Call him!

fubbsy Thu 16-May-13 13:30:26

You have my sympathies! I moved recently and my buyers were nervous first time buyers with an inexperienced solicitor. They kept pushing for an early completion date, but in the end they were the ones holding things up.

From what you have written, it sounds like the buyers are just disorganised, not that they will pull out. It is still possible that they could get the money to their solicitor tomorrow and be in a position to complete on Monday.

CuddyMum Thu 16-May-13 13:45:31

We have just exchanged this morning - I don't think I shall be moving again in a hurry (but I've said that before).

It's not at all unusual to exchange before completion. We complete next week. In fact, we exchanged on our sale (risky) a couple of weeks ago.

All the best. Remember once you've exchanged there's no going back and the house is all theirs. The solicitor wouldn't be able to exchange until he's satisfied that everything is in place.

BeanoNoir Thu 16-May-13 17:06:16

Thanks, you have all reassured me. Hopefully we'll exchange tomorrow or Monday at the latest. I will update when I know.

ILikeBirds Thu 16-May-13 17:33:48

At no stage in the house buying process were we asked for proof that we actually had a deposit! (FTB).

Even at exchange the solicitors only had the 10% required to exchange, not the remainder that along with the mortgage made up the balance of the purchase price.

Surprised me a little tbh.

Selbytobe Thu 16-May-13 20:28:22

We exchanged with no deposit as it was coming from another mortgage so couldn't be accessed. Our vendors accepted it to have some certainty. So yes you can set the deposit at whatever level you like then exchange accordingly

BeanoNoir Fri 17-May-13 13:12:32

Buyers still not ready to exchange. Apparently their side will not exchange until their lender has confirmed the funds release. Please can somebody explain what this means and if it's worrying when we were due to exchange yesterday and are due to complete Monday. I can't go through all weekend not knowing if it's going to happen or not.

mistlethrush Fri 17-May-13 13:23:40

Our completion got held up as the mortgage company decided not to release the funds (this was on the day of the move, with all of our stuff in the lorry, waiting to be unloaded). DH managed to sort it by switching to an interest only mortgage from the one we had originally opted for. We went back a month later to the arranger and swapped back to our original option - they could not understand what the problem had been on the day or why we were forced to go interest to get the funds through....

fubbsy Fri 17-May-13 13:25:03

Once they exchange contracts they are committed. Sounds like their solicitor doesn't want to exchange until they are sure the bank will give them the mortgage money.

Again, it sounds to me like they are disorganised. My solicitor got the info from my mortgage company a week or so before the exchange. He also made sure he had the mortgage money the day before the completion, to make sure there would be no hold ups on the day.

Sounds to me like it's not going to happen on Monday sad

BeanoNoir Fri 17-May-13 13:59:43

AAAAHHHH! fubsy no it HAS to happen on Monday.

<cries>

Selbytobe Fri 17-May-13 14:28:33

Why don't you ask them to exchange for the money they have. Then you'll know if they want to or not.

wonkylegs Fri 17-May-13 15:40:07

We had proof of funds for all of our buyers - house went to best & final bids and it was necessary to evaluate the bids as all were proceedable. We never saw the paperwork, it all went to the EA for confidentiality but was confirmed with either bank letters or financial statements.
I'd guess that yours are actually just disorganised as others have said. When I bought my first house somebody cocked up and my deposit was £500 short. In order that it didn't hold up the sale I had to get a loan, withdraw the cash and walk down the road to the bank and deposit it. (Was faster than automatic transfer) I've never felt so conspicuous in my life.

BeanoNoir Fri 17-May-13 18:16:59

Oh wow we exchanged at 5.15pm! I'm so happy and relieved! Thanks for all your replies to me!

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