Stress-moving house drama

[laracroft2001]

Hello all

I have posted previously but this is such a nightmare

Summary

I own a flat- sold to first viewer back in March

DH has a house with exp. been on market 5 years with little interest and was rented.

We see a house we like, offer accepted back in March.

Apply for mortgage through broker. Very clear from the start DH property not to be sold/assume we still have it,as we know no guarantee it will sell. Mortgage accepted and so on

We actually decide to give selling DH house a shot, sells quickly but is around 5weeks behind other chain

About a month later my solicitor advises there is a clause in mortgage offer which states DH property must be sold. Go back to broker who states was mistake from bank and will get it removed.


Due to exchange monday complete on25th.

Yesterday broker says bank wont take clause out and it wasnt a mistake. If we want the other property out we have to do another application and find 5% more deposit (can borrow of parents)

What on earth do we do. So pissed off an the broker/bank. There has been issues all the way through with both blaming each other. If the bank wouldnt give us the full mortgage with the other property on-we wouldnt be in a chain of 4-all set to lose lots of money

Options

1. Hope everyone can wait til end of july and the other property completes

1. Pull out and everyone loses buyers/properties/£££

1. Borrow £ of parents and hope everyone can wait longer.

If above the chain doesn't want to wait, do i still go through with sale of my place and hope we can find somewhere else??

Don't think can exchange on Monday now with this mess...

DH property should be close to exchange. There is one piece of paper missing apparently. But no idea when buyer are looking to complete as yet

Thanks for reading/helping

[CarcerDun]

Oh no, poor you. We have just come out of the end of a similarly stressful exchange/completion. Hang on in there, it is rosy the other side.

We found that being open and honest with others in the chain helped us no end. No one wants things to all break down so most likely they'll give you some leeway. Option 1 sounds the best plan but make sure you are moving along with the other options just in case. We found that we could beg/borrow enough to get a larger deposit in the end, but worth trying not to have to do it.

Good luck.

[laracroft2001]

Thanks for your message. I swear i am never moving house again.

The guy at the top is a bit of an ass so i know he will cause trouble. The people buying my flat and the people i am buying from are lovely though.

Another option, don't know if possible, i sell my flat. Give deposit to our vendors with some legal paperwork so they can move, then rent from our vendors until can finalise. ?!

[HereIAm20]

It would be very unlikely I think that your vendors will complete on their purchase without having completed on their sale. It will only be completed when you are in a position to give them the full price which you won't be able to do until the mortgage money is released to you.

Your solicitor knows you are not in a position to exchange contracts because you have not complied with the terms of the mortgage offer. It is therefore best to let the chain know as soon as possible what the position is regarding DH's property sale is. Frankly they would be daft to collapse a chain if it is just a month behind because it should take longer for new purchasers etc to catch up.

Its very stressful but did you not read the terms of the offer when you received it?

[laracroft2001]

Our solicitor was all ready to exchange on Friday. The only reason it didnt go ahead was that one of the solicitors was on a days sick.

To be honest we didn't read it. There was so much drama around the broker and bank that we were just relieved to finally have it. (Drama over fax machine numbers of all things) but as we had been very clear from day 1 we werent selling the other property,and had checked when we got the mortgage promise that all was ok, we did not even think.

When we did realise the clause was there- the broker was all it was a mistake,will get it taken off no problem. Until friday 5pm??

Hopefully the whole chain can wait,like you said doesn't make sense to let it collapse. We have decided we will go through with our sale and go into rented if out purchase falls through. Don't want to mess around our buyer.

[HereIAm20]

How did you get on today op?

[laracroft2001]

Hello

Thanks for asking.

Well seems to be a bit of a positive light.

The 'other' property is ready for exchange pending one signed document from the buyer who sent it this morning. This means they hope to exchange wednesday /thursday and are able to complete the following monday

Which means in theory we can exchange thursday at the latest and complete on the original date planned

All seems a bit too tight/close to call however so i don't think i will manage to eat or sleep until everything is exchanged... But fingers crossed

[laracroft2001]

Well of course it wouldn't go well.

The other house will now exchange next week and complete the 29th- so literally a week later than thought. Not sure what is happening with my purchase as their estate agent keeps telling me they are fed up living in boxes and are going to put house back on the market so no doubt they will get a higher offer in. Not sure if its estate agent just trying to push it.. Literally been getting 3/4 calls a day from them.. So stressful. Surely would be even longer for them all to put properties back on the market?

I have exchanged on my flat sale and completion is the 30th.

So effectively we are homeless from the 30th. Only one rental property that is suitable is available from 4th july. Viewings not until 27th though so literally getting in their first and will take deposit with us to try and secure the place, and will just have to do a hotel or something until then

What a mess..i haven't slept in weeks.

Don't know what else can do