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

[Suitcasesuitcase]

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.

This has been a rollercoaster read! Congratulations @Suitcasesuitcase !

I honestly can’t believe it - yesterday, I thought for sure it wouldn’t happen!

Yay🍾🎉

🥂🥳🥂

Fantastic news. Glad your pushing jolted everyone into action.

Brilliant news 🎉🎉

Well done! I'm so pleased for you.

Is one supposed to cancel the direct debit for the mortgage, just to make sure that it isn't taken on 1st June by mistake?

Fantastic! 🎉

Amazing news so glad you got it sorted 🍾

Brilliant news!

This has been so stressful for you. Gallons of 🍷definitely needed now.😄

Amazing!! Great news 🥳 congrats!!

Brilliant news ! congratulations 🎉

Your property has probably increased substantially in value during this lengthy process. I would consider dumping present buyer and relisting for a higher price. Too bad on the slow buyer but good for you.

@Suitcasesuitcase well done so pleased this worked our for you.

Soooooo happy for you!!!!!

This is so good to read! Also currently in a waiting for exchange nightmare although ours hasn't been going on quite so long.

Wonderful news!!!

Brilliant!

That's brilliant news @Suitcasesuitcase, it's been such a rollercoaster for you!

We tried to sell to a first time buyer, and their bank was refusing to lend the money because they'd run out of the lending pot!

Is there an issue with your property for example, is it unmortgageable?

I have copied this text from this site:

Reasons a buyer might struggle to get a mortgage
To solve a problem, you often have to go back to basics and address the root of the issue. A successful property sale can only take place if all parties are on the same page, and ready at the same time.
Financial background – Most often, when trying to purchase a first home, buyers may struggle with getting a mortgage because of their own personal or financial background.
Debts and credit records obviously play a big part.
The property itself – However, the property’s condition, location, land registry issues, planning permissions and future developments in the area can all affect the risk taken by the lender.