Would you go back on market?

[Silkiechickscat]

We accepted an offer on ours end October from our buyers after being on market 5 weeks and one price drop, it was under what we had hoped for but glad to sell and told it was a chain with just one other in and that other was 5 weeks in had a survey, searches and a mortgage offer.

So we agreed. Our sale has made good progress and was ready to exchange around 6 January and we were told we would all complete 14 January. Then we were suddenly told there was a problem with buyers-buyers who wouldn't agree to exchange and completion.

For about a week we had no news of the problem. Now we have established that they are turning their current flat into a buy-to-let and getting finance as a limited company which they are turning their flat into. There is an indefinite delay. We've asked of proof they have financing but nothing is coming to us or our buyers. Their deal is now 17 weeks in. We've given them 48 hours to produce it but we've been asking for this since 6 Jan though not sure when message got through or indeed if it had. Our EA says just wait and all will be fine but we need to sell and he has seen no proof of anything nor have our buyers and their agents are Purplebricks.

Obviously we hope to see evidence tomorrow but realistically I don't think there is any. Would you remarket? We are not buying anything but need a transaction to complete by end June to reclaim £10k in stamp duty as we bought this house before selling other one. Thanks

I'd be concerned about the lack of proof of financing along with them using Purple Bricks. Surely the financing isn't hard to prove?

We are also in a stalemate with our buyers over things not moving ahead. It's very frustrating.

Thanks very much and sorry you are having issues too. Yes if it were me I would get proof of financing back by return e-mail. So no reply makes me think there isn't any but its also hard to know as its going via Purplebrick's online conveyancer, having said that they have been fast in replying to us but this isn't a normal finance question route. It also appears a very complex, high risk financing route.

I would put it back on the market. They don't sound worth waiting for.

It is more common than you realise. When we bought our current property we obtained what was called a let to buy mortgage (rather than buy to let ie. we let current property and buy new). The only complication is that they need to establish a limited company and give personal guarantees in respect of the new limited company.

It is by no means unusual nor an onerous matter and they should be able to provide this more swiftly they appear to have done so far.

Definiotely giev an ultimatum and if need be put it back on the market. You can always say that you will be happy to take it back off as soon as they are ready to proceed.

I would be very reluctant to buy from anybody using purplebricks. I don't know if I'd put it back on the market yet. I dont think there's many people looking at the moment. Give it a few more weeks unless you feel they will be pulling out.

Thanks very much. Were originally told it was a normal mortgage which had been approved though when I queried that our EA said oh I don't know if its signed off but survey done and fine and searches back. I asked him to check but he never got back to me but as that transaction was 5 weeks ahead of ours and passed survey and searches I wasn't too concerned.

Then we get told we'll exchange just before Xmas. It then gets delayed to first week of Jan due to outstanding query on our sale which is an odd delay as query has been answered and is straightforward but all appears fine. Then on 6th Jan or so we hear there is a problem with buyers-buyers and then after another week its established they are doing a transfer of flat they live it to a limited company (and been told since mortgage company are now asking questions to mgmt company of their apartment block) to make it buy-to-let. So its either a let-to-buy or a normal purchase of property of our buyers and buy-to-let of buyers-buyers flat to reduce taxation rates from higher rate to 19%. We query why that is holding everyone up and are told it maybe as it releases equity in flat. But no-one has seen any proof of anything so we ask for proof but still waiting.

We have been told the hold up is the transfer as the mortgage lender is asking lots of questions to the mgmt company of the block but to me this implies they don't have financing in place as why would a mortgage company agree loan then ask questions later but never experienced this type of transaction. The lack of response to proof also makes me think this is the case but its hard to be certain I don't know when message will have got to them - I've been asking since 6th but don't think our EA was passing on message. Earlier this week our buyers told me they had asked their solicitor to get details but no reply yet but its an online conveyencer. Though they have been fast dealing with my solicitor replying within 24 hours at times though often only parts of questions are asked. Think we will give it to mid next week or so and if not heard re-market. Our EA isn't keen on remarketing, think laziness more than anything else as market is still very good there.

Season Do you remember how long your let-to-buy mortgage took to approve roughly. 18 weeks just seems so long though think being a flat is causing issues. Thanks.

It definitely didn't take that long at all. To me it seems as though perhaps your purchaser changed their mind part way throuhg the process and started all the bu to let stuff at a later stage. If the mortgage company is still making enquiries of the management company then it definitely is not yet in place. However, perhaps they have a mortgage in principle ie. based on their equity in the property and subject to satisfactory answers to enquiries but obviously this is not guaranteed.

It shouldn't be taking as long as it has.

I would set a date in you head as to when you would go back on the market (eg. next Friday 29th) and if no movement by then inform them then that is what you are doing.

Thanks very much - that's useful to know. I suspect there's been a change of plan too as seems very late in the day though as buyers-buyers we have no details of them so can't check if they were trying to sell flat before.

All we know and that's just assuming buyers-buyer is being honest is that they have 2 solicitors one for the purchase of our buyers house and one for the transfer of their flat into buy-to-let. They live in the flat and will live in our buyers house. They work as a GP and have a new job starting soon in the area of house they are buying from our buyers. At least a GP should be the lowest risk of redundancy out there though we only have their word for that.

It's like Chinese whispers though going from buyers-buyer often via buyer to their estate agent (Purplebricks) to our estate agent to us and both estate agents don't seem to check things, well ours checked our deal but not one below.

Forget trying to use estate agents for any form of info and get your solicitor to ask instead

Thanks - I didn't realise we could ask questions down the chain via our solicitor. Never been in a chain before and we are just selling.

Had update today via buyers saying solicitors have confirmed both transactions are are at ready to exchange stage and financing is in place and we are waiting for buyers-buyer to transfer their flat into a limited company. It said their mortgage is dependent on this but made it sound like its just going through legalities rather than a financing issue so a delay hopefully.

In the end we exchanged and completed yesterday so got there in the end.