Buyers/ sellers roll call - are we on number 10 now?!

[kerrymucklowe2020]

Hope this is the final one for us!

Hi everyone,
We're buying and selling in two different countries so have 2 sets of solicitors to deal with.
We accepted and offer on our house 3 weeks ago today. FTB living in rented.
Offer accepted on the house we're buying just over 2 weeks ago. They've already bought and completed on their new house (pre COVID) so it's a fairly short chain.

Our buyers want to exchange end of this month so they can give notice on rental, with a few of completion end of October. Any pros or cons of this from my perspective?

Things move slower in country we're buying so we're unlikely to exchange on that until closer to completion.

Oh I want to cry! Meant to be exchanging today but the buyers solicitor is now querying that our extension encroaches on common land. We had full planning permission etc. so I don't know how it can!

I have a horrid feeling this might take months to resolve - anybody have any experience of this??

@Maybenexttime08 - long shot but could you ask if you can get an indemnity to cover this? Ask your solicitor?

The solicitor has come back and said that as of Friday this had been sorted - so not sure if the Estate Agent who told me this info this morning is working from old info! I'm hoping our solicitor will get on the phone and actually speak to the Buyers solicitor and get to the bottom of it. My nerves can't take it!!

Just about to exchange and our buyer has dropped his offer by 10k, which we can’t afford to accept. So angry and upset. We’ve told him no and that we will remarket if he won’t budge, but I’m heartbroken.

@AmandaHugenkiss Oh I'm so sorry - that is so horrible and underhand, I don't know how people like that sleep at night! I really hope he was just trying it on - deep breaths!

@Maybenexttime08 me neither, I’d be horrified at the thought of trying something so awful. If we lose our house it’ll be devastating.

@AmandaHugenkiss euch Guzundering is the worst. it's so unfair to get you this far down. My dad had this with his sale and he said point blank no and they proceeded. They usually lose more money than you do if the sale doesn't go through. I don't understand how people can do this - they would have to apply for a new mortgage and have had to provide all finances to their lawyer so they have the money - they're just being greedy. Hope you sort it out

@AmandaHugenkiss Did the buyer give a reason why he suddenly needed £10k off? I expect he thinks he has you over a barrel, it is such a nasty tactic.

@Maybenexttime08 something came up in the survey that will cost about £1100 to fix, and he’s trying to use it to claim it’ll cost him loads more to fix. It won’t. We offered to take the full cost of the work off the agreed price, and he’s come back with this.

@AmandaHugenkiss

Just about to exchange and our buyer has dropped his offer by 10k, which we can’t afford to accept. So angry and upset. We’ve told him no and that we will remarket if he won’t budge, but I’m heartbroken.

What a horrid, underhand move! Really sorry to hear this

@AmandaHugenkiss that is horrible. You must be so angry. I'd suggest just saying no, they are unlikely to want to pull out of the sale all together. Sickening.

Our mortgage valuation survey was done today, I feel stressed about it as this was the point where our buyer dropped out last time.

@ibuiltahomeforyou I’ve said no but it’s now waiting to see if he’s trying it on or if he’s going to walk. This is our third buyer, it’s horrific.

Fingers crossed for you.

That's awful @AmandaHugenkiss ! How far in are you?

We are ready to exchange, everything done. ☹️

@tigerbear yes everything has been done in a really convoluted way! We could have ported and borrowed extra or move to another bank but we didn't fancy paying the ERC so we stayed with our bank. Our bank are taking 6-8weeks from receiving application to offer. They have a massive backlog of applications. We had our offer accepted on 14th July but couldn't get an appointment with our bank till a week later. It then took another week for them to send the application pack for us to sign. They received the pack on 6th August; that's when the clock started ticking on the predicted timescale.

In the meantime, we have had to carry on with the conveyancing and searches. All that is completed. We also received our survey. Everything else is done apart from mortgage offer. It is a gamble we have had to take like a lot of others where the mortgage company are taking an age.

Our bank confirmed that our application had passed vetting last week and that it was with the underwriters. It would take underwriters up to 5 days to respond and another 5 days to receive offer in the post. My solicitor will receive offer via email. If these timescales are correct then exchanging the week ending 25th September and completion shortly after that I think is realistic. Unless of course bank then decide that they require more information but those are the dates I have given our solicitor to aim for.

@AmandaHugenkiss that's awful!! I hope they don't pull out. If it all goes through okay I would not be tidying when you complete!

@AmandaHugenkiss that is the worst, I'm so sorry that your buyers have made this demand. It is something I really fear happening myself. I hope they withdraw this request after considering the difficulty in going through the whole process again and the associate expenses. I think you've been more than reasonable agreeing to pay for what was flagged in the survey. It takes a special kind of prat to gazunder, especially at this point in the process.

Oh wow @AmandaHugenkiss that is absolutely disgraceful. That kind of behaviour honestly shouldn’t be allowed. Hope it can be be resolved.

I don’t know how people like that can sleep at night 🤬

@AmandaHugenkiss that's dreadful. I could never do that in a million years, people are just the worst . I really hope he backs down, scumbag.

Hi everyone

I was on thread 8 but 9 bypassed me completely as I lost all faith that we would ever sell.

We received an offer today and have negotiated with the buyer to an okayish price. But they want to complete in 8 weeks. Normally i'dd say that's ambitious but post lockdown with the business of solicitors etc I think that's completely undoable. Am I right in thinking so? She's sold her house for cash and we're buying a new build, but even so...

@AmandaHugenkiss that is very disgraceful of your buyers. I think you should call their bluff and say no.

We have a mortgage offer! Finally. They did say it would take up to 10 days for us to receive it by letter and sign the declaration form. Now on to packing some more as it looks like we shall be moving almost immediately after offer is received. I just need to check with our buyers as it has all been very quiet with them for weeks since they were ready to move weeks ago.

@Findahouse21 It might be doable but you need to check a few things. Some banks have a backlog of applications so that could be the thing that takes the longest. This has been the case so check with your mortgage advisor. You might have to accept a slightly higher interest rate if it means the application gets through quickly.