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Original poster

Almost seven months into a sale - a week after we agreed to exchange - the buyer’s bank have flagged an “issue”

170 replies

Suitcasesuitcase · 21/05/2022 15:12

We accepted this offer almost seven months ago. It has been an endless, tortuous sale with excruciatingly slow back and forth from their solicitor. We have threatened to ditch these buyers twice, but haven’t because of promises that an exchange could happen “next week” if we just hang on (those “next weeks” were months ago).

We finally agreed on a completion date (end of this month). Every day last week we were supposed to exchange.

At 5:30pm on Friday, we discovered exchange won’t happen because the buyer’s solicitor said the lender’s legal department have flagged a problem that the solicitor has answered and now they have to wait for the bank to okay it all. My experience with these buyer’s solicitor says to me that no completion will happen this month.

How is it that the bank - SEVEN MONTHS after we accepted their offer - have JUST flagged an issue?!

And what kind of issue would it be anyway?!

Not completing this month is going to have a bit of a disastrous financial impact for us. I don’t know what on earth to do.

OP posts:
user1471538283 · 21/05/2022 15:15

Hmm this doesnt sound right. I wonder if the bank has reconsidered its mortgage over?

I would tell them that you exchange by next friday or the property goes back on the market. Also get your estate agent to nag.

Original poster
Suitcasesuitcase · 21/05/2022 15:30

Can I insist on completion before the end of May or they’re out?

Or is that gone now? I could cry. These buyers have put us through so much stress.

I have no idea what’s going on with their bank. At one point, the buyers said they might be cash buyers (a lie).

But the info about the bank’s legal department came via our solicitor through theirs, so it’s true - but I don’t know what the issue is.

OP posts:
hippolyta · 21/05/2022 15:33

Don't mortgage offers usually have a six month limit?

LIZS · 21/05/2022 15:33

If it is a formality you can exchange and complete within a few days.

Original poster
Suitcasesuitcase · 21/05/2022 15:37

Perhaps there’s a time limit on their mortgage and it expired?

But they must have seen that coming (their own doing - we wanted to exchange in February! Then March, then April, then early May… all this has been the buyer’s doing) - so why did this happen literally right before exchange?

Our solicitor told us the only way our end of May date could be achieved is if we exchange contracts on Monday.

I’m just not sure if we can insist on anything, as obviously we’re all beholden to their bank. But I really want to!

OP posts:
Marmight · 21/05/2022 16:10

I would call their bluff, for the final time.
Exchange by the end of next week or the deal is off.
And mean it.
Walk away if the exchange doesn't happen.
If they were keen, it would have happened months ago.
For some reason, the buyers are not keen.
Sunk cost fallacy... this is where you are now

Good luck, I know its frustrating but you need to take back control

donquixotedelamancha · 21/05/2022 16:15

Marmight · 21/05/2022 16:10

I would call their bluff, for the final time.
Exchange by the end of next week or the deal is off.
And mean it.
Walk away if the exchange doesn't happen.
If they were keen, it would have happened months ago.
For some reason, the buyers are not keen.
Sunk cost fallacy... this is where you are now

Good luck, I know its frustrating but you need to take back control

Yeah this.

I would also be put it back on the market right now to demonstrate your seriousness, they've taken the piss for so long I suspect they might not believe another deadline.

user1471538283 · 21/05/2022 16:28

You can pull out before exchange. They haven't exchanged yet. By your grace they get another week and then that's it. It might focus them.

Dodgygeezer · 21/05/2022 16:37

The lawyers have reported to the bank prior to exchange. Ive no idea what the issue could be but the timing is relatively normal - acknowledging you've been pissed about for 6 months

Original poster
Suitcasesuitcase · 21/05/2022 17:09

Dodgygeezer · 21/05/2022 16:37

The lawyers have reported to the bank prior to exchange. Ive no idea what the issue could be but the timing is relatively normal - acknowledging you've been pissed about for 6 months

We said we’d exchange last Monday - the 16th - as we all agreed that completion would be May 30.

Apparently, the lender’s legal department flagged an issue that the other solicitor responded to on the 18th. The other solicitor told us of this on Friday (20th) at 5:30pm and that their hands were tied and they wanted to aim for completion on June 10 as a consequence.

Is that normal timings? I think my surprise is that the lender flagged an issue after the agreed exchange date.

I don’t know what the issue is.

Our solicitor has come back to us and said that completion is only possible in May if we exchange on Monday.

For us, it’s imperative that we complete in May. I could cry!

I want to tell them that if we don’t complete in May, we’re out. But can completion in May even happen now?

Thank you for all this info. Yes I really want to take some control back!

OP posts:
hippolyta · 21/05/2022 17:27

Our solicitor has come back to us and said that completion is only possible in May if we exchange on Monday Why is that? It's possible to exchange one day and complete on the next day, or even the same day.

HoyaSaxa · 21/05/2022 17:31

The definition of insanity is doing the same thing over and over again and expecting a different outcome.

first thing Monday morning tell them they have to exchange asap, preferably next week. If that’s not possible, pull out.

They are dangling a June date in front of you. What on earth is stopping that becoming July or August?

Get onto the estate agent and get it back on the market asap.

Original poster
Suitcasesuitcase · 21/05/2022 17:43

hippolyta · 21/05/2022 17:27

Our solicitor has come back to us and said that completion is only possible in May if we exchange on Monday Why is that? It's possible to exchange one day and complete on the next day, or even the same day.

I’m honestly not sure - his last email was:

“In order to complete on 30 May we will need to exchange Contracts on Monday and I will continue to keep you informed of developments.”

I don’t know why?

OP posts:
Original poster
Suitcasesuitcase · 21/05/2022 17:44

HoyaSaxa · 21/05/2022 17:31

The definition of insanity is doing the same thing over and over again and expecting a different outcome.

first thing Monday morning tell them they have to exchange asap, preferably next week. If that’s not possible, pull out.

They are dangling a June date in front of you. What on earth is stopping that becoming July or August?

Get onto the estate agent and get it back on the market asap.

Yes I totally agree with you here. They keep dangling dates in front of us to keep us going and never actually make them happen. It is indeed the definition of insanity!

OP posts:
Original poster
Suitcasesuitcase · 21/05/2022 17:44

Suitcasesuitcase · 21/05/2022 17:43

I’m honestly not sure - his last email was:

“In order to complete on 30 May we will need to exchange Contracts on Monday and I will continue to keep you informed of developments.”

I don’t know why?

Show quote history

I had wondered if that had something to do with the lender releasing the funds? Could that be right?

OP posts:
ChiswickFlo · 21/05/2022 17:54

Their mortgage offer has expired. Obvious, surely?

Back out and mean it.

Sorry, its shit :(

Our buyer did this - single guy, no dc - even booked a holiday last minute after harassing us for an earlier date!

Told him - via his solicitor - to fuck off. And I absolutely meant it. I can still hear the shock in his solicitors voice! Amazingly, we exchanged the next day.

I hated him for what he put us through. And for no other reason than he could.

QueefofSheena · 21/05/2022 17:54

I’d get it back on the market now too, as PP said. If they want it they will race to exchange

user2908143823142536475859708 · 21/05/2022 17:58

That's ridiculous.

Pull out and put it back on the market.

HSKAT · 21/05/2022 18:02

Get it back on the market, advise you need to exchange/complete by x date or it's off.
You need to be very firm now, and mean it.

Lizziekisss · 21/05/2022 18:02

You can exchange and complete on the same day. Not ideal but eldest son did this recently after a long drawn out house sale drama.

doublemonkey · 21/05/2022 18:04

The value of the house has probably gone up 10% in the that time period.

I'd be relisting immediately.

KerryO87x · 21/05/2022 18:06

I'm work in the bank in a mortgage role.
The bank wouldn't have flagged a 'legal issue' unless the solicitor told them about something they had found and the bank need to double check.

Sounds like their offer has expired or they have had the offer pulled.

They are saying exchange by Monday as normally the bank need 5 working days to get everything prepped for funds release and a good solicitor wont request the money until after exchange. Funds can be released within 5 working days of the request but the bank won't guarantee it.

If you don't exchange early next week, pull out. This happened to me and my buyer pulled out last minute 😭😭

Pegasushaswings · 21/05/2022 18:08

Always call the bluff of messers! I’ve had similar and told my solicitor to tell his that I was putting it back on the market, surprise surprise things moved quickly after that. Speak to your estate agent and ask if them to prepare to re market it.

ChiswickFlo · 21/05/2022 18:15

Your house will have gone up in price

Re list immediately

Original poster
Suitcasesuitcase · 21/05/2022 18:34

Our property has definitely gone up in value. Maybe that’ll go some way into paying the excess legal fees we’ve accrued while they’ve messed us around 😭

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