buyers buyer waiting for funds to clear

[roseric5]

hi we all thought we were going to exchange yesterday then it turns out the buyers buyer who is a first time buyer has some sort of investment money that she has to wait for to clear surely this should have been sorted before. she is buying a leasehold flat from our buyers and we are buying an empty property its this normal i,m new to selling so haven,t a clue
thanks for any help

Happens more often than you might think judging by what I've read here and on other sites. For example, a Help to Buy ISA can't be used for the exchange deposit - lots of people seem not to know this. Anyway - sounds as though it is all going ahead, just that there's a delay.

Yes, it should have all been sorted out before, but it only takes a Bank inefficiency or a naive person who doesn’t read the small print about tne notice needed to liquidate funds and you can see how it happens.

Exchange is generally treated as a bit more of a moveable feast as in ‘we all get ready and then exchange contracts when everyone is ready’, unlike Completion where once the date is set (in tne exchange docs) it is set in stone and can’t be broken without penalty.

You will probably exchange on Monday. Have they said how long tne money will take to come through?

hi thank you for your messages really appreciate it the estate agent from the house we are buying told us yesterday that the buyers buyer was waiting for funds from an investment fund so it sounded to me like she was a property investor then the estate agent says its an investment fund ( wish they would get things right ) so i panicked any way turns out its an investment fund (big difference) at first said estate agents says ten days then she rings me again and says a week so i,m wondering if she gets it friday could we still exchange or will we have to wait for the monday. We live in a nice house so its not that its just i don,t want to be packing (which i won,t do until contracts have been exchanged) with only a few days to do it

I'm confused now OP - what do you mean?

If she gets the money on Friday and her account has a transfer option she should be able to transfer over on Friday or weekend. Solicitor would then exchange on Monday as they need to also transfer money over.

Its probably worth getting her to check she can transfer instantly from the account she is transferring into. Normally you can by going into a branch but each bank varies on rules.

Found out money is being transfered from her mum dont know if it is gifted or a loan however would have thought this would have been sorted out unless her mum was waiting for all enquries to be sorted which is understandable