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House purchase dilemma

11 replies

XXhausted · 28/07/2022 13:37

Hi lovelies,
So overwhelmed by this whole house buying malarkey.
We had an offer accepted on a property in early May. I have sorted everything from our side. We are FTB so no chain and vendor is purchasing a no chain cash property.
Vendor is taking ages replying to enquiries but has told us he wants to exchange and complete quickly.
He struggles with paperwork and has used purplebricks for conveyancing so his solicitor is online and he has very little communication with them.
Some of the enquiries are still outstanding, we have to complete within 3 weeks as our mortgage offer expires.
Our solicitor has said they are chasing OP solicitors regularly and they are chasing the vendor. What is the likelihood of completing within 3 weeks with enquiries still outstanding????
I really don't want to reapply for the mortgage due to interest rates etc. Also we are going away on the 9th of September and was hoping to have all this sorted by then.
What can we do?????

OP posts:
SweatyLaBetty · 28/07/2022 14:28

I refuse to enter any chain if it has an online conveyancing solicitor, they're infamous for being awful!

Sadly there's not much you can do apart from putting pressure on from your side.

You could tell your solicitor to let them know that if you don't complete by X date then your offer will reduce to Y amount, due to needing a new mortgage application.

XXhausted · 28/07/2022 15:33

@SweatyLaBetty Thankyou for your reply. I have sent an email to my solicitors advising if we can't complete by the end of August will have to reduce offer amount.
I feel terrible as the vendor is lovely and don't want no hard feelings but I really need them to get things moving. 😫

OP posts:
XXhausted · 29/07/2022 14:05

I have also asked solicitor to request an indemnity policy and she replied stating there isn’t an indemnity policy to cover lack of replies to enquiries unfortunately. There are still a few points outstanding.

What if anything can I possibly do to chase this up???

The vendor is saying he has sent all the paperwork off but his solicitor is saying its incomplete.

So frustrating 😫 😑 😤

OP posts:
mrsed1987 · 29/07/2022 16:03

We are in a chain with a purple bricks seller near the top, it's a pain in the bum.

We are also stuck with enquires further up, this has been ongoing foe about 3 weeks. Thankfully our estate agent is amazing, our solicitor on the other hand is useless.

I have no advice apart from keep on at everyone you can about how urgent this is now.

XXhausted · 08/08/2022 13:34

Hi all quick update no luck with enquiries yet. If we have to reduce offer due to mortgage rate how much do we reduce from the sale price. How would you work it out?
Any advice much appreciated
Thanks

OP posts:
Athomewiththehales89 · 08/08/2022 13:43

Where does their Willy go?
I am just about to start potty training my little boy and I can’t comprehend where his Willy goes in the potty! Is he supposed to stand up and wee in it already?? What about splash back. I’ve potty trained little girls in my old job before but they just sat on it! I’ve tried to sit him on it but his Willy is just hanging out, help!

Athomewiththehales89 · 08/08/2022 13:44

Newbie fail, apologies 😂

MrFirstTimeBuyer · 08/08/2022 23:38

XXhausted · 08/08/2022 13:34

Hi all quick update no luck with enquiries yet. If we have to reduce offer due to mortgage rate how much do we reduce from the sale price. How would you work it out?
Any advice much appreciated
Thanks

Upper range of the reduction = how much extra do you spend on interest during the fixed rate period. To me that's the most you can argue for with a good argument.

So say you're borrowing 100k, for 5 years, and the new rate would be 1 percent higher, then it'd be about 5k less (little less due to the reducing notional but you get the idea).

XXhausted · 09/08/2022 00:33

@MrFirstTimeBuyer many thanks for your reply that gives me a good idea of how to go about it. Many Thanks 😊 xx

OP posts:
Courtjobby · 09/08/2022 00:42

You can try to reduce your offer but they may decide to go with another buyer

XXhausted · 09/08/2022 13:12

@Courtjobby thanks for your reply I totally understand this but the vendors are also aware this is something we would do as a last resort given we have been waiting over 10 weeks for the queries to be answered.

OP posts:
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