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Original poster

I was supposed to exchange today

44 replies

Amyelle1 · 14/03/2022 17:28

I was supposed to exchange today but it didn't happen as my solicitors could not get hold of my buyers solicitors to give the go ahead. We have a deadline of tomorrow or the chain will collapse. Has anyone had this happen to them? I don't understand what the reason could be.

OP posts:

LemonViolet · 16/03/2022 15:36

They’ll be released very very soon though if not today. Where in the chain are these builders that want to let the whole thing collapse if it’s not completed today? Can no one reason with them to wait another day?

We had this, solicitors can’t request the mortgage funds too early because if they’re not used within 5 days they get sent back. That happened to us because our vendors messed about and weren’t ready (for the date they set and we had been completely flexible about!) and then they had to wait for our mortgage funds to be re-released before we could exchange/complete on same day.

Eastie77Returns · 16/03/2022 15:41

As others have said, your vendor will only require mortgage funds for Completion. They will be required to send the deposit to their solicitor in order to Exchange (usually 10% of sale price) so perhaps the issue is they cannot get the deposit together.

Why is your entire chain going to collapse because of a builder's availability?

If you've tried to exchange every day for the last few days - not sure if I read that correctly - then something is seriously amiss. I think you need to contact your solicitor and try to get a full explanation.

Mildura · 16/03/2022 15:45

Lemon, it's exchange that seems to be the critical event here, not completion. It is expected there will be around 4 weeks between exchange and completion.

Original poster

Amyelle1 · 16/03/2022 15:45

Builder is top of the chain and has already extended this exchange deadline, so this was the last chance.

Yes me and my buyer have been ready to exchange for nearly a week now but it's not happened and it seems to be to do with my vendor.

OP posts:

Mildura · 16/03/2022 15:53

In my experience builders/developers are very unlikely to pull the plug on a sale if they are offered an exchange, even if it is after their deadline. The alternative is beginning the whole process again with someone else, which will take weeks and weeks.

What is the agent acting for your vendor saying about all of this? There is definitely something happening which doesn't completely make sense.

Barton10 · 16/03/2022 15:59

Your vendors solicitors would not be requesting mortgage funds unless you are due to complete. It may be that they are waiting for the vendors to top up the deposit and have only just asked for it or there may be something else outstanding. Solicitors don't delay matters on purpose and often the story about why there is a delay is totally incorrect. I have been doing conveyancing for over 20 years and it is extremely unlikely the builders will pull out at this late stage. Hope it happens tomorrow.

Original poster

Amyelle1 · 16/03/2022 16:03

The EA dealing with my sale and my vendors sale are the same ones.

This is the second exchange deadline that we have been given by the developers and both now missed so I'm not hopeful they will allow us another few days.

The most frustrating thing is that the EA nor my solicitors seem to know exactly what the delay is - just that it's something to do with my vendors requesting funds from the lender.

OP posts:

Mildura · 16/03/2022 16:07

The EA dealing with my sale and my vendors sale are the same ones

That's a good thing, they'll be pretty motivated to make sure it happens.

I'm not hopeful they will allow us another few days

They will. Developers are only interested in what's best for them commercially and if there's a possibility of exchanging on Friday then commercially that's almost certain to be the best option for them.

it's something to do with my vendors requesting funds from the lender

That's the bit that really isn't making sense. Perhaps ask your solicitor to make contact with the vendor's solicitor and find out exactly what's happening.

Original poster

Amyelle1 · 16/03/2022 16:49

The developers put the plot back on the market after the first exchange deadline was missed and refused to take it off. They gave us a second exchange deadline even though the plot was still for sale - and now this one has been missed too. Which is why I'm doubtful they will extend any more times.

My solicitor spoke to my vendors solicitor this morning as were told they were still waiting for my sellers lender for the funds.

OP posts:

carefullycourageous · 16/03/2022 16:54

Oh I feel really sorry for you

It is such a bloody awful process.

Frazzled2207 · 16/03/2022 17:08

Sympathise we are supposed to be exchanging tomorrow but won’t be. We have a delay with the lender- in our case it’s because the name on the contract has my middle name and the name on the mortgage has a middle initial. Apparently it can take two days to sort this out but it doesn’t mean the money won’t be there

Original poster

Amyelle1 · 16/03/2022 18:24

And what's even worse is I've had no calls from either EA or solicitors to let me know why we didn't exchange, and when I've rung them I've been told I'll be called back and I haven't!

OP posts:

Roselilly36 · 17/03/2022 06:37

Oh no how awful. You must be so stressed. Deep breath’s. Surely builder will see sense depending on the news today brings, he is not going to get anyone to exchange or complete quicker is he? Good luck.

HomeHomeInTheRange · 17/03/2022 07:38

Well… it still seems likely that your exchange will / can happen faster than any new buyer’s deal…

LemonViolet · 17/03/2022 08:05

Fingers crossed for you OP. Sounds like whatever is going on, it is out of your/your solicitor’s hands, all you can do is keep calling the estate agent and wait to see what happens. It does sound like the builder would be cutting their nose off if they’re not willing to wait another day or so, unless it turns out that your vendor simply doesn’t actually have the deposit money. In which case it’s all their fault for lying at some stage (or one of the professionals for not asking for proof of deposit before progressing things), but was never going to happen.

Fingers crossed for you!

Original poster

Amyelle1 · 17/03/2022 08:05

@HomeHomeInTheRange It does! But there have been so many 'excuses' as to why it's not happened I'm not sure it will at all. This week has just been beyond ridiculous!

OP posts:

HomeHomeInTheRange · 17/03/2022 08:59

It is SO stressful.

I was in the middle of a similar stress last year and I really feel for you.

Original poster

Amyelle1 · 17/03/2022 09:06

@LemonViolet I'm wondering the same about my vendors deposit! They weren't truthful about something else earlier down the line either.

OP posts:

CornyAsACornyThing · 21/03/2022 11:21

@Amyelle1 - I keep looking to see if there's any update from you on this. Have you managed to exchange?

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