Active discussions

Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

fuck and bollox been gazundered

664 replies

plim · 15/08/2012 21:46

need some advice please, been gazundered two days before exchange by ftbuyers. They dropped their offer by 17k this morning stating the reason that it's going to cost them more than they thought to convert the office, outhouse and to do some remedial work like damp course, electrics and repointing.

The house is an absolute bargain already as we dropped the price by 40k to get a quick sale so we can get the house we want in time for my two children to start schools in september. We previously had tenants in there and they have now left, we have given notice on our tenancy for where we are living and are due to move in two weeks (completion date).

I immediately told the ea to stick it straight on the market and there has already been 3 viewings tonight, meanwhile, ea are trying to salvage the buyers offer by pointing out that there is electrical and damp certificates and a new damp course that was installed three months ago.

I am so, so devastated, don't know where we are going to live and god knows what to do about the kids school!!

fuckity fuck fuck

rant over! :(

OP posts:
InMySpareTime · 21/08/2012 06:47

Re.the school place, when I moved, we were held up by 3 signatures (belligerent lawyers playing silly buggers), and the move date ended up slipping to November. Schools were very accommodating, and let us commute the DCs 7 miles each way until we moved. As long as you can show you're doing all you can to move into catchment but have been held up, they would have to be total meanies to revoke the place.
Also, do the school need to know you haven't quite moved yet? They are hardly going to "address check" the DCs on the way in.
Hope it's sorted out soon.

Badvoc · 21/08/2012 08:27

Hi MLM! :)
We are good. Last job in the house underway...hall, landing and stairs. Kids very happy here and dh settled really well too :)
Plim...agree re: CHAPS it only takes 24 hours and costs £30!.....

Blackduck · 21/08/2012 09:05

Don't believe money story either. Last time we bought I had to transfer the deposit on the day of completion from my account (we had sold months before so I had the equity). It took a 10 minute phone call and was instantaneous (for a fee).....
Tell them to take a hike... (although having said that your saga does read like ours and we did finally exchange last Friday - took nearly two weeks longer than it needed to...)

larrygrylls · 21/08/2012 09:18

Plim,

You are getting far too emotionally involved and participating in the "he said, she said" back and forth between solicitors and estate agents. You don't need to do any of this. You just need to tell the EA that you will work towards a Friday exchange but are not prepared to take the property off the market or guarantee not to go with another buyer if they can offer better or proceed faster.

It is credible that the money is not available. Plenty of (cocky) buyers leave their money on notice account until the last minute, believing that the seller will have to exchange on their schedule. I think that these buyers have messed you around a lot already, though, and that if there is another credible buyer in the wings with funds instantly available, then you should switch to them. You can ask for proof of funds being available. That could be a bank account statement or a mortgage offer (plus bank account for their share). If there is another credible buyer, you can request that they use a solicitor who "knows" the property already to expedite the process.

noddyholder · 21/08/2012 09:22

The only point in leaving it on the market though is to secure another deal. If you are proceeding to exchange with these people then it is not currently on teh market as it isn't available to any of these other buyers.This has happened so I don't see the problem the school will wait. I have done this and we moved in in november and ds was still allowed to start sept

Original poster
plim · 21/08/2012 09:44

I think you are all right!! It's very difficult though in the position we are in.....the main concern I have is that we will lose our purchase property, they are desperate to move and I am not sure they will hold for us

OP posts:
SoupDragon · 21/08/2012 09:47

Not even if you have a firm exchange date from your prospective new buyer?

Do the people you're buying from have a property lined up - presumably they don't want to lose that?

Original poster
plim · 21/08/2012 09:50

So new buyer has said exchange on the 30th august - so not far away, people we are buying from do have a property lined up but they have put it back on the market and had buyers round doing a survey yesterday according to the ea but not sure I believe them.

OP posts:
Blackduck · 21/08/2012 09:52

Talk to your vendor, explain the situation. Is there anyone in the wings likely to be able to move faster than you? I would seriously want some clear signal of intent from your buyers (not sure what though). I think you have to decide on a course of action and stick to it. So if it is exchange by Friday or it's over that's exactly what you do, and you get your sols to issue the 'withdraw offer acceptance' on Friday (we did this on our first attempt at selling earlier this year)

noddyholder · 21/08/2012 09:54

Is the proceedable single guy waiting for an answer?

Original poster
plim · 21/08/2012 09:57

We have told single guy the situation and he said he would like to know either way by Weds

OP posts:
Original poster
plim · 21/08/2012 10:00

we did think of one other idea, that we could remortgage the house as a buy to let as it rents out really well with big yield, release the equity and use that to buy new house but it's risky cos of market decreasing - apparently

OP posts:
BobbiFleckman · 21/08/2012 10:04

oh Plim I do hope that your new buyers manage to hit 30th August and the arsewipes have spent a large fortune in surveyor's, mortgage and legal fees. Maybe as much as £3.5k... they're lying to you and for them to say that they feel pressured and angry is ludicrous and makes it seem likely that the drama will continue.

thisisyesterday · 21/08/2012 10:05

i would SO go with single guy. i really would

LIZS · 21/08/2012 10:07

If you exchange Wed/Fri when is the completion date, still next week? tbh I would n't put it past the chancy buyers to try to gazunder again, as by then you'll be even more desperate. If exchange was ever to have taken place last week deposit funds should already be available surely Hmm. Refuse to enter into any more discussion with them, the deal is as is or not at all, and only go via solicitor who will ignore the emotional blackmail.

larrygrylls · 21/08/2012 10:13

Please ask to see proof of funds from all buyers, old and new. There is no reason to refuse and it is a common thing to do.

Original poster
plim · 21/08/2012 10:22

will do larrygrylls

OP posts:
larrygrylls · 21/08/2012 10:24

That is one area where so many people lie and so many EAs connive to help them. A "cash" buyer should mean ideally cash i.e available funds in a bank or broker account. A firm mortgage offer not contingent on any sale is second best. A lot of people are awaiting mortgage offers or saying an offer is not contingent on a sale when it is.

Blackduck · 21/08/2012 10:30

Agree with Larry, ours is a cash buyer, issue with us was daddy was in China and had not transferred the deposit, hence delay on exchange. But someone else I know had the we are good to go, only to find out subsequently that the buyer needed to sell. It did finally happen, but was a slow process!!
Good luck, fingers firmly crossed here, because your thread is bringing back the stress of last week vividly!!

Badvoc · 21/08/2012 10:34

Go with the 30th.
It's only 9 days away fgs!
Do the vendors of the property you want to buy really think they will get another buyer ready to complete in 9 days??....
Purleeese!!

Badvoc · 21/08/2012 10:35

We were asked by every ea to provide proof of an aip from our mortgage lender and proof of deposit funds.
Surely this is normal practise??!

larrygrylls · 21/08/2012 10:35

Especially with the first buyers. Ask to see that they will have funds in place on Friday. I.E see a letter from the mortgage provider offering funds and a statement the account where the deposit is coming from. I suspect they are not actually in a position to exchange and are hoping (rather than knowing) that they will get there by Friday.

larrygrylls · 21/08/2012 10:36

Badvoc,

Absolutely not normal. Sounds like you had a good estate agent.

Blackduck · 21/08/2012 10:39

Our EA asked for it as well. I thought it was standard too, if not, it should be!!

Badvoc · 21/08/2012 10:39

They were very thorough.
Had to take in about 800 forms of ID too! :)
Then again it was a quick completion...6 weeks from offer to moving in!