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Original poster

Been trying to buy/sell for 12 MONTHS now...

52 replies

Dansgoproadventures · 05/09/2023 18:08

Hello everyone

Long time reader, first time poster. Although I'm not a mum I find this site very helpful for advice in our position and want to share our story and gain some hope/support.

We were first time buyers 4 years ago, mid terrace 1970s build, very exciting times. However the walla are paper thin and its been four years of absolute pain from one neighbour.

Weve renovated the whole house and gained considerable equity so last September we decided to market the house as our work would allow us to simply port our mortgage to a semi detached.

Here's where the fun starts.

We had an open day last September, 10 viewings 2 offers, 1 5k over asking (cash buyer) and one at asking. We took the cash buyer.

We found our onwards purchase for a great price and things ticked along nicely. We signed the contract to buy, had all searches and survey undertaken but things got fishy in December. No one could contact our buyer.

After Xmas, the buyer pulled out stating he had to relocate to Birmingham for work (!). We then lost our ongoing purchase. Devastating.

We remarketed in January and got another offer at asking. Great. We then managed to get an offer accepted on another house in April and the chain was back together.

However in July, our buyers had to pull out as the people buying thier flat decided against it. 3 months of wasted time.

Luckily our vendor held on and we accepted another offer at asking in July. Problem here is that the buyer is a Russian National and has taken ages for them to secure a mortgage - 6 weeks in fact.

In addition to this, his conveyancers are STILL doing AML checks some 7 weeks after the memo of sale was issued. I cant see the problem as the mortgage company have managed to sort that in less time.

This seems to be taking way to long and we're fearful of losing ANOTHER house. I must add that the EA hasn't been the best and has provided the buyer with the conveyancer.

Someone please tell me that all will work out. We're doing our heads in on a daily basis and are desperate to move after 12 months of terrible luck.

Dan

OP posts:
Palmasailor · 08/09/2023 07:40

DepartureLounge · 08/09/2023 01:09

Well, that changes things. Sad

Next time you’ve got nothing to think about imagine what it would be like to be stuck in a foreign country and have all your money cut off despite the fact you’ve done nothing wrong. Just because you’re politically out of favour.

Then decide if you really want them to eliminate cash.

Jackydaytona · 08/09/2023 07:57

Dansgoproadventures · 07/09/2023 13:12

Wow that sounds an absolute nightmare! How can your own solicitor stitch you up so late in the process?!!

Our buyer sold a property in Russia 6 months ago which is where I believe his deposit is coming from hence the AML checks. However this guy seems solid, has been in UK working and paying taxes for 10 years now and has a UK bank account. I get it that his conveyancers may have to translate some documents/statements but 7 WEEKS?!!

I have an awful worry that these conveyancers, after 7 or 8 weeks are going to turn around and say to our buyer 'sorry mate, can't represent you, you don't fit our criteria'.

And THEN we lose our onwards purchase due to the delays our EA essentially would've caused by passing our buyer to that conveyancer.

Please tell me im wrong.....

You aren't getting that money

Look for another buyer, sorry

Original poster
Dansgoproadventures · 08/09/2023 12:34

The money isn't blocked, it's in a UK bank account. They just have to check it's not dirty money that's all.

OP posts:
CrashyTime · 08/09/2023 12:48

DepartureLounge · 06/09/2023 18:16

Hey, and a third piece of advice: I have a mantra for when - if - you lose your purchase. There's always another house. Always.

Good mantra, and in this market it will be cheaper than when you last viewed it, win win really?

KievLoverTwo · 08/09/2023 15:02

Dansgoproadventures · 08/09/2023 12:34

The money isn't blocked, it's in a UK bank account. They just have to check it's not dirty money that's all.

Phew. Hopefully it's just a case of overly zealous/slow conveyancers then. Keep us updated?

wisbech · 08/09/2023 16:13

? The Russian needs a mortgage, so nothing to with cash. Plus rocking up to buy a house with 50 pound notes would never work for the last 30 years at least

Palmasailor · 08/09/2023 19:37

KievLoverTwo · 08/09/2023 15:02

Phew. Hopefully it's just a case of overly zealous/slow conveyancers then. Keep us updated?

Show quote history

Yes. If the house sale was in Russia, how did the money get here when the official routes are closed.
Thats the problem.

unknow123 · 08/09/2023 20:17

> Yes. If the house sale was in Russia, how did the money get here when the official routes are closed.

Why do you say so? Swift transfers still go. It's much more expensive on russian side, but it's official and working

Original poster
Dansgoproadventures · 18/09/2023 16:54

Bit of an update...

Tomorrow is 9 WEEKS since the memo of sale was issued and the conveyancers our estate agents pushed our buyer onto are STILL doing AML checks (I've been told they're close to sign off). We haven't recieved initial enquiries yet and the conveyancer is hard to get hold of (although our conveyancer HAS had a conversation with them last week).

Our buyer is gold, he's chasing as much as I am but I'm angry at how slow the process is taking. I want to pull it all and start afresh but we can risk losing our onwards purchase.

If you've all read my opening post, the nightmare continues :(

OP posts:
KievLoverTwo · 18/09/2023 16:59

@Dansgoproadventures it's almost like the lenders don't want to lend to him because he is Russian, but equally they don't want to tell anyone that, so they're hoping the chain will fall apart instead.

Deep breaths. You'll get there.

Original poster
Dansgoproadventures · 18/09/2023 18:33

His mortgage is fine, it's the conveyancers dragging thier feet.

I really do hope we get there and our vendor doesn't lose patience.

OP posts:
Palmasailor · 18/09/2023 19:31

I’ve told you, the deposit has come from Russia, and no one is going to sign that off.

DepartureLounge · 18/09/2023 21:36

Dansgoproadventures · 08/09/2023 12:34

The money isn't blocked, it's in a UK bank account. They just have to check it's not dirty money that's all.

Based on what the pp is saying, do you think that "just" checking it's not dirty money may actually be quite a lengthy undertaking? I mean, I don't know, but it does seem to me that in the present circumstances it would be.

Littlewiseone · 21/09/2023 08:27

Sorry to hear you are going through this OP. You are not alone. We've been in a buy/sell situation since December 2021. We are currently on our 7th buyer and 5th onward - it's without doubt been the most stressful and heartbreaking time of our lives, and we had a baby in the middle of it all. It's an awful time to be buying and selling.

Things I've learned:

  1. Be that person your solicitor never wants to see again after this, keep the pressure on always. Unless you are ready to exchange you won't be a priority. You bring yourself to the top by keeping pressure on. Politely.
  2. Learn to let go and manage emotions. Take everything one day at a time but don't lose hope, motivation and drive.
  3. Don't assume anything. Chase your solicitor, chase your EA. Never stop until you get to where you want to be.

Also, get a new buyer. Sorry.

I wish you all the best of luck and I mean that truly!

Original poster
Dansgoproadventures · 21/09/2023 11:40

Update...

Buyer passed his AML checks yesterday! Conveyancers are talking to each other and enquiries being raised along with searches purchased. Still not happy that it took this long.

Hoping we can exchange/complete within 6 weeks as 50% is done as our onwards is all sorted.

Very stressful time but things are moving at last.

OP posts:
Original poster
Dansgoproadventures · 01/10/2023 11:12

Further update - contract is being prepared for the sale of our property, we've completed all paperwork for our onward purchase so we and the buyer are discussing potential exchange and completion dates. I've been told that searches have come back already (pinch of salt with that one). Taken a while bit looks like we ll get it done by end of October (fingers crossed).

OP posts:
Original poster
Dansgoproadventures · 05/10/2023 13:51

Exchange next week, pick up keys following week.

At last!!!

OP posts:
nalakitty · 05/10/2023 14:59

Great news! Congrats!

Finteq · 05/10/2023 17:03

Excellent news!

WaystarRoy · 06/10/2023 14:14

Good news at last!

Twiglets1 · 06/10/2023 14:49

Congratulations @Dansgoproadventures glad it worked out for you eventually!

Original poster
Dansgoproadventures · 17/10/2023 08:20

We exchanged last Friday and complete this Friday! Russian buyer came through after all!

OP posts:
LindaDawn · 17/10/2023 08:27

Fabulous news!! Thanks for updating us.

Twiglets1 · 17/10/2023 08:34

Thanks for the update @Dansgoproadventures - hope removals day goes smoothly 😀

StiggyZardust · 17/10/2023 08:40

I've been trying to sell a retirement flat for 4 years. Not a single offer. We've reduced the price and changed agents - nothing.