Buyer refusing to exchange in advance

[Pusheen467]

Our buyer has used a bridging loan and they have been an absolute nightmare. We accepted their offer last summer and every time we thought they were ready to exchange their lender came up with another query.

We agreed completion on the 22nd and we made it clear we wanted to exchange prior to that since they've messed us around so much. They kept pushing it back and back and not responding and they are now saying they will not exchange until confirmation of funds release which their lender is refusing to give. We even suggested exchange today with completion next week but the lender still says no. They will only do simultaneous exchange and completion.

WWYD? We hate where we live so much and we've spent so much on surveys etc but I don't want to pack.up my entire house into a van and have to pay nearly 1k removal only for something else to come up. I can't take this anymore, I never would have accepted their offer if I'd known how difficult they'd be.

What does your solicitor make to it all? If they are genuinely having a nightmare with funding, you can surely see their hands are tied? Can you come to an arrangement that in response to allowing simultaneous exchange and completion, you are allowed a 5 day period after completion as "tenants", in order to pack up and leave? They probably won't like that idea, but you've got to come to a risk sharing agreement somehow. Alternatively, would they pay up front for your removal coats, which would be refunded (i.e. knocked off the purchase price) if they actually complete on the day they say they will?

What does your solicitor think? Same days can work but they are dangerous. A family member of mine had it all fall through as they were travelling to the new house. Then someone pulled out due to the stress of it all and it was very emotional being back in the house they had said goodbye to. So definitely see what your solicitor says as they must have encountered this situation before.

Sending hugs as this house buying stuff is so hard.

@FluffMagnet Thank you for those suggestions, I've asked my solicitor if they'd be possible. I understand their position but they don't seem to understand ours.

They have more to lose than you - so perhaps they do understand your position but (quite rightly) think they have the bigger risk. No solicitor would advise a buyer to exchange (and be financially committed to complete) without confirmation of release of funds. They stand to lose much moe than £1k if they exchange and then can't complete.

Hey just wondered how you got on with this? In exactly the same situation, meant to be completing on Thursday, still no confirmation of funds from my buyer and no exchange, asked yesterday for same day exchange and completion, I can’t find a removal company who has availability

Sorry i just saw this. Their lender refused to allow us to stay another day so in the end we decided to take the chance it all went through very smoothly! Hope it went well for you too.