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Original poster

Does it sound like we’ll complete on Friday?

20 replies

FedUpOfLighteningCrotch · 15/02/2022 04:52

Long story short; our buyers solicitors have been slow since the beginning (September last year) we offered no chain because our new build is delayed and have been waiting on a potential date to get temporary accommodation.
We eventually took the initiative to rent somewhere from 25th Feb and said that’s when we can be out.

Now the estate agent rang last week and said buyers mortgage offer ends on 20th(Sunday) and it will be a pain for them to renew it- so we spent all this time waiting for a date to get out to now need to rearrange, luckily the person living in the temp rent has gone early and we’re able to go in from this Wednesday with the view to complete on Friday (18th)

I directly messaged our buyers explaining that because their mortgage offer runs out we’ve managed to get somewhere so that we can complete on Friday, they agreed and we both told solicitors this and everyone seemed to be in the same page.

We’ve not had anything other than speaking on the phone to solicitor to confirm well complete on 18th.. and we’re relying on the money from the house sale to pay for our rent for a few months so we can’t afford to delay now as we’ll be paying all our bills and mortgage here, as well as at the rented property.

But everything gone quiet, we’ve chased the solicitor end of last week to get confirmation that it’s all going ahead and his reply was only “I keep chasing!” - nothing else.. what does that even mean.. who is he chasing? He gave nothing 😂 shouldn’t laugh but what?!

I’m going to be really annoyed that we’ve been pushed to get out earlier because of their mortgage offer and then we don’t complete and we’re left paying for two houses.. we can’t afford to! 😣

Does it sound like we will? Or does this sound like the nightmare I’m imagining it to be?

OP posts:
Mayblossominapril · 15/02/2022 05:02

I would tell your solicitor to find out. Also get your estate agent to do some chasing, they often find out more than solicitors.
Are you exchanging and completing on the same day?

Original poster
FedUpOfLighteningCrotch · 15/02/2022 05:09

@Mayblossominapril we’ve signed the contract and hand delivered it back to our solicitor the end of last week, I believe our buyers signed the contract a couple weeks ago but they got covid was wasn’t able to post for 10 days.. so aren’t we technically exchanged now?

I’ve never sold a house before so I’m not 100% what’s meant to really happen.. just that we’ve waited around for a date, gave them a date that we could be out to then be pushed to go earlier which we’ve arranged and now looks like it may not go ahead 😖 who even decides the date of completion as no one asked us and when we asked about it before Christmas we were told their solicitor wasn’t ready to talk about dates yet?

And is it a faff to renew a mortgage offer.. or was that just a bullying tactic to get us out (by an extra 5 days?Hmm)

I’m never moving againGrin

OP posts:
Mumdiva99 · 15/02/2022 05:43

If you were serious about buying a house and your mortgage offer wad about to run out then by hook or by crook the contract would be posted. You need to push on this ASAP. Have you exchanged. If not then no....I don't think it's going to happen.

If the exchange did happen then it sounds more likely. My fingers are crossed for you, this is such a worrying time.

SeasonFinale · 15/02/2022 06:24

If you have exchanged you will have been told by your solicitor that you have and also you would have been told the completion date so it does not sound as though you have exchanged yet.

Some mortgage companies will grant an extension to the original offer (if the product is still available), some may require a new application especially if there have been rate changes (which there have been albeit small).

HettySunshine · 15/02/2022 06:29

You haven't exchanged. Your solicitor has to take your authority to do so and go through the contract with you (over the phone) on the day of exchange to ensure you haven't changed your mind and that you understand the terms of the contract you are committing to.

Have you signed and returned the transfer deed (TR1)? This is a separate document to the contract.

Your solicitor needs to find out (this morning!) if:

  • The buyers have returned all their signed paperwork, including their TR1 and mortgage deed.

  • The buyers have paid their deposit.

  • If the buyer's solicitors have submitted their certificate of title (request for mortgage money).

If all of the above have been done then you may well be able to complete on Friday.

If not the estate agent needs to leap into action and put pressure on the buyer and their solicitor to get a move on. The most important thing is requesting the mortgage funds as most lenders need a few days to release the money.

Good luck op.

Fedupbuyer · 15/02/2022 06:33

If my mortgage offer was due to expire I would be on the phone chasing constantly!

Mayblossominapril · 15/02/2022 06:42

Everything looks like it’s ready to go. You can exchange and complete on the same day. So at 9am get on the phone to the solicitors and then the estate agents.
Some buyers just don’t push. I sold in spring last year buyers wanted to complete verge end of the stamp duty holiday but only did so because I pushed the sale along constantly

TheTeenageYears · 15/02/2022 06:45

You would definitely know about it if you had exchanged and a fixed completion date would be part of that.

whyohwhyohwhyohwhywhy · 15/02/2022 06:50

I'd say it is still possible. Remember you are now the ones desperate to exchange and complete and therefore act accordingly. Ie get on the phone and follow up by email and ring every hour after that for an update
That is your mission for today.

We exchanged at 4pm the day before. No reason at all for it to be left so late, but I wasn't going to let it roll over but they needed to know that. At this point you want them to get it sorted so that you go away.

pilates · 15/02/2022 07:13

You need to find out if the buyers COT has been put in to the lender. It’s the form requesting the mortgage funds.

Get the Agents onboard, they need to earn their commission.

Signing contract does not commit, only when you exchange.

It is still possible.

Livedandlearned · 15/02/2022 07:23

My solicitor didn't call for me for authority to exchange nor did she go over the contract on the phone with me.

I had a letter to say we had exchanged with a completion date on it and an invoice for the final amount (her fee plus stamp duty etc).

HettySunshine · 15/02/2022 07:30

@Livedandlearned

My solicitor didn't call for me for authority to exchange nor did she go over the contract on the phone with me.

I had a letter to say we had exchanged with a completion date on it and an invoice for the final amount (her fee plus stamp duty etc).

From a legal point of you that's pretty shaky. She committed you to a contract without checking you were happy to go ahead!

What if you had just lost your job? Or you had decided you didn't like the house? Or you had won the lottery and decided to buy a mansion?!

You should always be asked for your consent to exchange on the day, even if it means answering the same questions on consecutive days if it takes a few days to go through.

Mumdiva99 · 15/02/2022 08:06

We never spoke to the solicitor on day of exchange. The fact we had returned the contract with the instruction to go ahead was sufficient. So that shouldn't be a red flag.

Livedandlearned · 15/02/2022 09:02

She knew we were happy to go ahead as I had just transferred the deposit and returned the signed contract and paperwork plus we had been in contact discussing the completion dates.

lastqueenofscotland · 15/02/2022 10:05

Have mortgage funds been requested from the lender? This takes ages and if this hasn’t happened yet you likely aren’t completing Friday

SeasonFinale · 15/02/2022 10:36

@Livedandlearned

She knew we were happy to go ahead as I had just transferred the deposit and returned the signed contract and paperwork plus we had been in contact discussing the completion dates.
Yes you had given authority but she did notify you after she had exchanged. The OP hasn't received notification she has exchanged. Also you need to ensure you arrange insurance cover from exchange not completion
Original poster
FedUpOfLighteningCrotch · 15/02/2022 11:47

From this I’d say it’s pretty unlikely then, I don’t think they’ve requested the funds yet.. or not that we’ve heard.

DP has emailed our solicitor directly as his assistant is off with covid so can’t get through by phone Hmm which is also why we’re mostly loading by email rather than post and we’ve been hand delivering all of our documents back.

I’ll ring the estate agent today and see if she can push too.

How annoying 😖

OP posts:
Nerdippy · 15/02/2022 13:24

Was your solicitor agreeable to the original completion date of 25th February? If so, trying to push it through a week early might not be easy for the solicitors/lender to complete their work. It is not usually a problem for buyers to obtain an extension on their mortgage offer. To be honest I'd be inclined to have stuck to the original date (you were doing them a favour anyway), and then the ball would have been in their court to apply for a mortgage extension.

Original poster
FedUpOfLighteningCrotch · 16/02/2022 18:33

To update:
Neither we, our solicitor or the estate agent have heard from our buyers solicitor. So I’ve messaged the buyer today and they’ve said their solicitor have asked for a mortgage declaration for the third time, which the mortgage advisor has now confirmed they have and have sent to their solicitor.

What does this mean? Surely the mortgage declaration should have been sorted ages ago no? What even is it?

OP posts:
SeasonFinale · 16/02/2022 20:36

I suspect they received some money towards the purchase as a gift and whoever gave them the money has been asked to sign a declaration that it is a gift so they can't claim an interest in the property which is quite normal in this case.

The estate agent will not hear from the buyers' solicitors at all. They will be dealing solicitor to solicitor.

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