It’s ye olde buyers/sellers waiting room continued thread…

[ibelieveinmirrorballs]

The nail-biting wait continues….

Hey, long time lurker here and after nearly 6 months of this process our seller has voluntarily repossessed the property 😭

We were literally ready to exchange and complete next week so am gutted! hoping to speak to someone on Monday and see if the bank will still sell to us but literally have no idea how long this will take and don’t want to risk losing our chain free buyers, any advice or experience of this is welcome right now :(

What does that mean @NorthernStar09 ?! What a nightmare!

Welcome to new joiners.

I’m at the “wtf did I think I was doing trying to add buying and selling a house and moving on top of everything else I’m dealing with in life?” stage and contemplating pulling out of my sale. Amount of goodwill currently left in the tank towards my buyers - ZERO.

@ibelieveinmirrorballs thank you! And sorry to hear it’s been a nightmare for you too :( it honestly is the most stressful thing but keeping my fingers crossed for you all!!

in short it means the mortgage hasn’t been paid for some time and an eviction notice/repossession order has been served for next month. I’m shocked that he went down that route when we had an imminent sale and I’ve done so much googling myself to work out why but just baffles me even more. Praying for some positive news on Monday!!

@ibelieveinmirrorballs we've said that if the buyers at the bottom don't give us an actual update confirmed by both their solicitors (theirs and the mortgage) then we're pulling out.

Every week they say it'll be sorted that day and then the buyers and the solicitors go radio silent.

Our estate agent has stopped talking to us, we did get quite annoyed at them the other day, but pretty unprofessional on their part! She said that she is finding it very frustrating too, it's her job!!!

@NorthernStar09 that sounds so annoying. Hopefully it'll all still go through. If they haven't paid their mortgage surely the bank will still continue with the repossession?!

@EmilyMay89 sorry my explanation wasn’t very clear, yeah so he’s now voluntarily repossessed it so handing keys back to the bank without just letting us exchange and complete next week.

I guess if the bank let us go ahead with the sale we’ll have to go by their timelines so have no idea!

Our seller did the same, went radio silent for weeks at a time and let it come to this. One less thing to deal with I guess if this goes how we want it too

@NorthernStar09 what a strange thing to do then!! I hope it doesn't mess anything up for you! We were meant to complete mid December, then the buyers had trouble with their funding but didn't tell anyone until everyone gave permission to exchange. So any patience I had is long gone now!!

@NorthernStar09 so your seller put the house on the market, didn't pay the mortgage while you're going through conveyancing and then just handed keys back to bank for them to repossess? Wow. I hope the bank will now allow the sale to go through!

That’s horrendous for you @NorthernStar09 but I also wonder what ‘voluntarily’ means in this case - it must be the only way the bank would have been able to recoup the missed payments. I imagine there was threat of legal action if he did not comply. I very much hope the bank will want to sell asap to you and not jeopardise the sale.

@NorthernStar09
Is it me or is their something fishy going on here?
Not sure what but the seller would have had any amount of evidence a sale was imminent. So the mortgage company would be aware this was a problem already solved. And handing back the keys means if there is any equity left after the mortgage won't the seller have kissed that goodbye? It just seems this isn't the whole story from the seller. And is a stark example of the hassles a buyer can have when debt is connected to the address they just bought.
I really hope it can be resolved for you and soon

We are in a chain of 5 properties it is taking forever....so long in fact two of the chain have had to reapply for our mortgages (including us 😭) as it's been over 6 months. We had one link drop out and had to find a new buyer which delayed things. Good luck 🤞

@neonleopard gosh 6 months! We’ve only been in this current chain since just before Christmas after we lost previous buyers. It just feels such a slog and so hard to track what is going on. We struggled with our last buyer and that was a short chain! I’m struggling to stay optimistic as it feels like there are far too many variables that could happen. Good luck to you too! 😊

Hi all, I've been lurking for a while but didn't wanted to tempt fate by commenting! We originally accepted an offer in August but our FTB pulled out in October due to 'a change of financial circumstances'. We sadly lost the house that we were due to purchase.

We finally got another offer in November (just 5k less) and the same day had our offer accepted on a more expensive property (30k more) but can definitely see us there long term so it will have hopefully worked out for the best! Anyways, surveys have been done on both ends (ours and buyers) vendor is going renting nearer family. Searches have taken place so just final enquiries now for the purchase. There's a bit of radio silence re. The sale as sols can't get hold of EA or buyers sols! Hopefully this resolves and isn't a bad sign! I'm still slightly hopeful for a move in Feb/March! It's been a long slog so far so it'll happen when it happens I suppose 🙈

Wonder if you're in our chain it's 5 long and had a member drop out. We're hampered by one property being shared ownership too I think

We've some people coming to view the house tomorrow, they arent on the market yet, but at least they are viewing it...

What a selfish prick!

@startingoveragainagain that was us 3 weeks ago! Viewed and wasn't yet on market, went on the market the week after and now have accepted an offer on ours and will make an offer on the one we viewed.

Had to take some time away from the forum, but back now and catching up with everyone's stories- can't believe we're not still all done! Although congrats to those who are.

Our purchase is ready to go, and our sellers have confirmed they just have a couple of enquiries outstanding. Our buyers have gone very quiet when trying to find out if they're ready, which is worrying. Feels like we'll either be done in a couple of weeks, or it'll all fall apart. Haven't slept in about a month!

Good luck to everyone this week!

Just had a call from our surveyor who has advised us not to proceed with purchase 😫 hope our buyers are happy to wait for us to find somewhere else. Good luck to everyone else!

Hello - the agent just msg'd to say the people from yesterday want to come back for a 2nd viewing this weekend (they still aren't on the market).

Oh no @dinnermoneyready they must have round something really severe to recommend pulling out!! What a shame.

We are not closer to exchange it seems. Still "outstanding queries" further down the chain 15 months since our house went on the market

Thank you for all the responses, it really is so baffling but I'm hoping we are still able to purchase the property. We did look at another on Saturday, I think more to keep us busy as it felt like the longest weekend ever, but still trying to stay positive. Firm believer now in what will be will be.

Hope you all get some positive updates too this week :)

Hi All. I’m terrified for the valuation tomorrow. Been cleaning mould off wall under front window and some by front door 😫 And my washing machine has decided to die! But my offer has been accepted. But if this valuation doesn’t come in I’m screwed 😢

Mention washing machine as I put all the covers on to wash and they’re stuck on a crazy cycle that doesn’t want to end 😫

Jeez! What was the reason? How incredibly frustrating.

I’m due to complete tomorrow and have suddenly become very anxious about something going wrong ?!
I’m chain free and so is my seller so I’m hoping nothing can happen now .