Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Property/DIY

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

Flip

Original poster

6 months down the line- when to walk away?

24 replies

Worriedhomemover · 05/02/2021 14:42

Hi!

I was wondering if I could get some advice as I’ve found it really helpful posting on here before.

We are so stressed.

We sold our house around August- to someone who presented themselves as a cash buyer (accepted offer based on this). We put an offer in on our dream house which was accepted and hoped to be able to move ASAP.

A week later we found out they had lied, not just that but we would be 5th in the chain! Due to circumstances (making a chain of 6), assurances that all was well in each part of the chain we reluctantly carried on. We regret that now.

It’s been 6 months, the person at the start of the chain is supposedly having problems with getting their searches back. There’s been barely any communication. We were supposed to complete next week but we have had no word of exchange. They have literally given us 3 dates for when the searches will be back but nothing has materialised, then there was word of an indemnity policy but we have heard nothing.

To make things a lot more complicated, this is a relocation and I am expecting twins in the summer.

We don’t know whether to keep waiting, as the whole thing is just so unstable. We feel so guilty as our vendor has been amazing, they have already moved out and a previous sale has fallen through for them before- I’d hate to let them down. Plus it is an amazing house in a great village- we will never find something as good. At the same time though we have a limited amount of time, and if we have to start again anyway would rather not delay. Then obviously there’s the stamp duty situation!

Is anyone else in a similar situation? Where do we go from here? I knew it would be stressful but we just never imagined this situation!

OP posts:

RainingBatsAndFrogs · 05/02/2021 14:50

The EA and the solicitors should be working to keep the chain going.

I would have a very direct word with your EA and tell them that given your timing, not to mention the Stamp Duty deadline, if they don't get things resolved and exchanged with a completion date before 31 March you will consider pulling out.

EAs don't get paid until there is a sale so this might focus their mind.

They should be checking on what is going on up the chain and giving you updates.

And they should have done better due diligence when they presented these liar-buyers as buyers.

Original poster

Worriedhomemover · 05/02/2021 14:58

Thank you @RainingBatsAndFrogs the estate agent has actually been very good and we have been calling everyday. We were unhappy initially they we got into this situation but to be honest the buyers have been pretty awful so I don’t think it’s entirely her fault. She had tried to organise the whole chain which was going fine until all these issues with the so called searches happened.

Our solicitor has now started emailing down the chain too but we have just heard nothing. How long does it usually take to organise a chain this big? We have only ever been first time buyers to a new build so it’s all new for us!

I think 31st March is a good cut off date, it’s realistic and reasonable.

To think we thought we’d be in by Christmas!
I never ever thought it would take this long or be this complicated.

OP posts:

candlemasbells · 05/02/2021 15:01

I’m really sorry you are going through this. I had liar buyers in the summer just before I had a baby and then had to remarket the house when they finally admitted they couldn’t afford it. Still stuck there and have lost the house I wanted. I’m not that bothered about the house I lost but I’m bloody fuming I’m still stuck there.
I would give them a date no more than a fortnight away for exchange then cut your loses. As you need to move before your twins arrive.

RainingBatsAndFrogs · 05/02/2021 15:19

Searches have been taking a long time - but 6 weeks rather than 3 months. So if they are still waiting now they are either lying or didn't put them in on time.

Is everyone using a proper solicitor?

Original poster

Worriedhomemover · 05/02/2021 15:27

@RainingBatsAndFrogs

Searches have been taking a long time - but 6 weeks rather than 3 months. So if they are still waiting now they are either lying or didn't put them in on time.

Is everyone using a proper solicitor?

Yep so as far as we’ve been told it’s the solicitor who messed up and apparently requested the searches from a third party rather than local authority?

The start of the chain actually fell through so the process would have properly started right at the start of September. We have been told they have given notice on rented accommodation and want to complete before next week but who knows!

I do think they might be lying. I don’t understand how their solicitor can be that hopeless.

Plus I guess I’m worried about all the other purchases after that going through too. It’s so precarious.

OP posts:

GenderApostate19 · 05/02/2021 16:21

Really bad that the agents/solicitors didn’t insist on proof of funds from your ‘cash’ buyer.

My DD had to show the agent an ISA statement to prove her deposit before they would accept the offer.

Coffeefirstthing · 05/02/2021 16:31

When we sold our place in London the local searches took 4 months due to staff shortages. Everyone was chasing them constantly (the EA, my solicitor, the buyer's solicitor, me) and it made no difference.

RainingBatsAndFrogs · 05/02/2021 16:55

@Coffeefirstthing

When was that? I think now they have to respond within a certain time / give a deadline.

Thatsmycupoftea · 05/02/2021 17:28

Our move took longer than expected. I have sold and bought before this too so knew I took ages. Covid slowed things down too. But 3 months max not 6 months ! Absolutely ridiculous. I'd be very firm that if things are not done by such date you are pulling out and make sure they know you mean it.

purpletrees16 · 05/02/2021 17:35

It must happen a lot because most estate agents etc. acted like we were lying because we had a big budget for FTB - until there was an offer in & they saw the proof but refused to look at proof when we were viewing so I felt we weren’t getting recommended. One estate agent we lost out on I went from having to call every week to beg for viewings to calling me instead m, but by the time they’d worked out we were worth chasing we’d moved on & found another property with a different agent.

GU24Mum · 05/02/2021 17:46

@RainingBatsAndFrogs
When was that?
I think now they have to respond within a certain time / give a deadline.
.... you'd have hoped so but sadly not. There's a huge variety. In summer 2019 Camden was then taking at least 50 working days (ie 10 weeks........) and that was way before Covid. One of the London authorities had its IT hacked so said it wouldn't be able to do searches for about three months...........

Coffeefirstthing · 05/02/2021 17:53

[quote GU24Mum]@RainingBatsAndFrogs
When was that?
I think now they have to respond within a certain time / give a deadline.
.... you'd have hoped so but sadly not. There's a huge variety. In summer 2019 Camden was then taking at least 50 working days (ie 10 weeks........) and that was way before Covid. One of the London authorities had its IT hacked so said it wouldn't be able to do searches for about three months...........[/quote]
Haha as it happens we sold in Camden in 2019... it was an absolute nightmare. To make matters worse our buyer was a complete arse and we got bullied into a last minute price reduction as we simply couldn't afford to remarked and restart the process with a new buyer when the searches took so long (we were relocating out of London).
I still get a bit upset when I think about it. Such a stressful time.

organisedmother · 05/02/2021 18:59

Yes me! I am 6months in too and on Monday I decided to call my solicitor and estate agent 3 times a day for updates (oh yes) after 6 months you start to not care! We got our completion date sorted today finally... but on Monday we were planning to give them 7 more days or giving our buyers the option of a 7k price increase if they did not complete in 2 weeks so the ball was in their court. Then we would relist sell our home, move in to rental and snap something up cheap as cash buyers. It’s so hard OP come up with a time plan and stick to it, good luck!

user1471538283 · 05/02/2021 22:17

6 months is awful however, it took me 4 months and there was no chain! All it takes is one rubbish conveyancing solicitor. I would be firm with a deadline and threaten to pull the plug

Silkiechickscat · 06/02/2021 00:25

We had issues with an extra transaction not disclosed being at bottom of chain, it was quite annoying but we did exchange and complete today, chain started mid Sept and we joined end Oct - just selling empty house.

CatAndHisKit · 06/02/2021 02:09

All it takes is one rubbish conveyancing solicitor

or (in most cases) a slippery buyer. I find cash buyers who aer investors hugely difficult. They just expect you to do everything on their timescale as they aer so busy buying up various properties!

And you can't really pressure them as there is always choice for them elsewhere, and you think cash is best - but with the current English system, nothing is 'best', it's all a bit of a nightmare!

CatAndHisKit · 06/02/2021 02:11

...or if not an arrogant investor, then a buyer who can't get a mortgage for the right amount but offers first, then negotiates after weeks of mortgave valuation process.

Original poster

Worriedhomemover · 08/02/2021 12:31

Thanks for your comments!

We have (hopefully) had some progress, it looks like an indemnity policy has been accepted and we are hoping to exchange this week.

I just hope everyone can quickly agree on a completion but as long as it’s happening that’s all we care about!

So so stressful. There is light at the end of the tunnel (although I don’t want to speak too soon). Sorry to anyone who is in the same situation.

OP posts:

Dogsarehairy · 08/02/2021 12:37

I think the term cash buyer is often misused

To me it means someone who has the cash in the bank now to buy but many people think they are a cash buyer if after selling their current house they won't be needing a mortgage. Not the same at all

RainingBatsAndFrogs · 08/02/2021 14:17

@Dogsarehairy

I think the term cash buyer is often misused

To me it means someone who has the cash in the bank now to buy but many people think they are a cash buyer if after selling their current house they won't be needing a mortgage. Not the same at all

I was surprised that the EA recently described me as a cash buyer because I was paying from the proceeds of my sale and did not need a mortgage.

They seemed to categorise me as a cash buyer, but not a chain free buyer.

CatAndHisKit · 09/02/2021 01:37

They seemed to categorise me as a cash buyer, but not a chain free buyer.

Well that's exactly what you are - you will be paying cash with no mortgage, but re not chain-free.
Huge difference between mortgage and cash from poceeds buyers - you don't need approval or valuation from the bank, so fewer things may go wrong and stall the sale. And if you are in a chain of one more - most sellers would prefer that to a mortgage buyer unless they have a large deposit.

CatAndHisKit · 09/02/2021 01:37

*but you are

caringcarer · 09/02/2021 01:48

When I wanted to buy and complete quickly I paid an expediency fee which effectively jumps the queue for searches. I would suggest they did this and give them Valentine's day cut off date. If won't complete by then cut your losses and re-advertise your property for quick sale. Unless your buyer gets on with it you won't make stamp duty deadline but you could still be in before birth of twins who often come early.

Dogsarehairy · 09/02/2021 01:53

@caringcarer

Due to the demand of the 31st March cut off and covid most (possibly all) councils are not doing fast track searches at the moment. The offices are closed to the public as well.

Flip