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Original poster

Venting! Purchasers!

18 replies

pelagra · 15/12/2020 17:11

Our purchasers have been pushing for exchange ASAP, and tried to set last Friday as a firm deadline. We were about to exchange today, when their solicitor announced they didn't have all their deposit to hand, so could we accept part now and the rest in three days? I said we would wait until it was all available.

We have gone to considerable lengths to try to meet their timescales, and now they can't even organise their own finances! I cannot imagine how anyone could embark on this without knowing where the money was. I can't decide whether to laugh hysterically or seethe with rage.

OP posts:
Fluffybutter · 15/12/2020 18:00

Oh my days that’s ridiculous.
Sadly going through a house purchase and sale at the moment , nothing surprises me anymore .

Original poster
pelagra · 15/12/2020 18:09

I'm fretting now about their ability to fund the whole purchase. I spoke to our agent and said I wanted assurance they could afford the house. She contacted their solicitor, who says it's fine. But the last few days have revolved around pushing everyone involved to met their deadline. How could they spend so much time and push so hard but not have their money ready?

OP posts:
BlueThistles · 15/12/2020 18:29

Dodgy 🌺

2beautifulbabs · 15/12/2020 18:37

House selling and buying is nuts we are currently going through it all ourselves.
I swear it was less stress being FTBs than it is the second time around when you have a property to sell and relying on other people to ensure you get the property you want to purchase.
I don't think I ever want to sell or buy again.

Original poster
pelagra · 15/12/2020 18:57

Now I'm calming down a bit I don't think it is dodgy, just incredibly naive. I can't see they have anything to gain at this stage. If we had accepted the part payment and then they reneged they would still have lost their money.

I agree that trying to juggle sale and purchase is much more stressful. Add in the madness of the current market and it will be a miracle if any of us emerge sane.

OP posts:
Daphnise · 15/12/2020 19:44

This sounds to me like a very bad warning light- and it would be absurd to take their solicitor's word for it that the finances are all OK.
They are so evidently not OK.

I would not trust them after this.

You may have to call off the deal if there is another incident like this.

Spickle · 15/12/2020 20:06

OP, Are your purchasers first time buyers? If not, it is quite usual to not have the full 10% going up the chain, as money is often tied up in the property they are selling.

VinylDetective · 15/12/2020 20:11

@Spickle

OP, Are your purchasers first time buyers? If not, it is quite usual to not have the full 10% going up the chain, as money is often tied up in the property they are selling.
That’s why you don’t exchange on your purchase until you’ve exchanged on your sale so the deposit is funded by the deposit on your sale.
Original poster
pelagra · 15/12/2020 20:12

No, they aren't First time buyers, but they aren't getting a mortgage, so they should have the cash

OP posts:
VinylDetective · 15/12/2020 20:23

Not if they’re selling a property to fund the purchase. All their money could be tied up in the house.

wowfudge · 15/12/2020 20:40

I would think it was more likely they hadn't realised the logistics of getting the money in place at the right time. I've read loads of threads on here where solicitors haven't told buyers when they need to have things in place or there's some issue over a particular source of funding.

Campervan69 · 15/12/2020 20:44

Solicitors have to check the source of funds right at the beginning of the transaction for money laundering purposes so there shouldn't be a problem. They're probably just disorganised.

Original poster
pelagra · 15/12/2020 20:46

Yes, I think that is probably it. I'm still bewildered that they thought we would go ahead with more than £10k missing.

OP posts:
Pipandmum · 15/12/2020 20:50

They will lose their deposit if they can't complete. It could be any reason why they didn't get the money in the right place in time, but their solicitor should not have set the date unless he/she had the funds at least the day before.

TangoWhiskyAlphaTango · 15/12/2020 21:01

I exchanged a couple of weeks ago without any of the bottom chains deposit in the hands of their Solicitor (only 3 of us in the chain). I was advised to go ahead and exchange because if it fell through they are still legally liable to pay the 10% deposit whether it was at with the Solicitor or not.

BlueThistles · 15/12/2020 21:04

@pelagra

Yes, I think that is probably it. I'm still bewildered that they thought we would go ahead with more than £10k missing.

strange indeed OP 🌺

Campervan69 · 15/12/2020 21:37

Very often we exchange with less than the full 10% because if you have the 1st time buyer at the bottom of the chain and the value of the properties increase as the chain goes upwards often that deposit at the bottom of the chain is all that is being passed up.

Ariela · 15/12/2020 22:18

Chances are they have the funds somewhere and didn't realise that to transfer the ££ from A to B will take a couple of days to clear.

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