The all new buyers/sellers waiting room (x 7!) thread

[JoyfulSpring]

Starting a new thread so we can continue the conversation...

Isn't it @Tupster ? They don't seem to realise or care that we are trying to manage a ton of dependencies and putting our lives on hold for this. They can be so flippant in their responses, like it's nothing. But they've led the upper half of the chain to believe we were ready to exchange so we've all been teeing up removals, rentals, insurance - and then they pull this stunt.

Mine has all gone tits up & I have been in tears tonight. Bottom of the chain needs to delay by another 6-8 weeks which might mean our buyer or our seller pull out 😥.

Oh no @Offredismysister, that's awful. What's the reason for the delay? Were you close to exchanging?

We were v close to exchanging.
The person at the bottom is self employed & needs an extra years accounts apparently. They’ll have them after the start of April. I’m just not convinced, I’ve been awake since 3 & have a splitting headache.

That’s terrible! If it’s needed for a mortgage surely that should have been asked for ages ago! Fingers crossed for you that sounds extremely unexpected given the stage you are at

9 months since offer accepted here. Alternating between begging/ threatening our snail like solicitor to try and get some progress or even a weekly update. Constantly getting admonished for asking what has been done and told “If I gave you an update that’s time taken away I could be working on your transaction”. Never use Switalskis!

Supposedly, they did have the AIP & 2 years accounts but were ‘advised’ if they have 3 years they can get a lower rate which will save them ££££ per month.

Is this true, who knows. All the agents just seem to lie & dont do a thorough job vetting people.

That's shocking @Offredismysister

That would take you past the stamp duty deadline if you have to wait until April and thar in turn shafts the entire chain. Horrendous position to be placed in, no wonder you have a headache. 😥

I think that's incredibly disingenuous of them to wait until just before exchange. I also wouldn't trust the situation. Could it be that the mortgage they've obtained is suddenly unaffordable as their work has dried up somewhat? If so, there's no guarantee they will get the mortgage approval at a lower rate? So annoying how the bottom of the chain can hold everyone to ransom in these situations.

My DP is self employed and has more recently only needed two years of SA302s but it did used to be 3 years. There's no doubt that they would have known this before now. Perhaps he has earned more this year which will change the affordability calculation which, in turn, might affect interest rates.

If he's newly self employed i.e. just coming up to 3 years, then it might be true. The more accounts he provides, the less risk averse the lender becomes.

Us & our buyer can afford the stamp duty increase luckily. Our EA advised us all to sleep on it, which is laughable.

So, our options are:

1. to trust what they say & wait
2. our buyers to go back on the market
3. us to go back on the market
4. completely pull out

I’m veering towards 4, I’ve had enough. I think our buyers may say the same today aswell.

Could you re market in the meantime hedging your bets and therefore nor wasting time?

Hmm, even if true I don't think this is reasonable. They really need to just suck up the rate they've been offered and remortgage at a later date when they have the financial history they need for the better rate they'd like to get. I'm self-employed, and if I get the mortgage offer I'm currently on tenterhooks about it won't be a very good interest rate at all, but I'm very, very keen to buy the house I've found and that's the price of admission.

I think their seller, or the agent if any good, needs to tell them to pull their finger out or the property will be remarketed. Might focus their mind. It's not OK to jeopardise a whole chain and cost other people thousands in extra stamp duty for what's literally a timewasting exercise, especially one without a guaranteed outcome.

I'm really sorry this is happening to you @Offredismysister, so stressful and upsetting.

That sucks about the SA302 situation.
I am self employed and we are using one year company accounts, two years personal.

So good news and bad!!! The sellars of the place we are buying have finally come back to us and agreed to reduce 10k off the asking price off the house woo!!! So once new mortgage comes through and new contracts we are ready to exchange. If not for the issues with our sale!!!

Our sale has been ongoing since october and a cash buyer so you would think smooth sailing.

Anyway, we have a document from management company oustanding but also one of the people gifting money to our buyer is refusing point blank to use their open banking up to prove source of funds. he wants to attach statements via email or post them and buyers solictor wont allow that. Stale mate.

So we have accepted 15k under asking price as they were ftb and we found a property and we thought we could get this done before the April changes
Their lawyers are dragging their feet not replying to just say yes to the completion date proposed (we know the buyers are fine with it ) . We have been waiting for more than 2 weeks on this . They promised they will send the email accepting on friday still nothing .
In the meantime the house opposite us has gone on the market for 25k more than what we listed ours for so 40k more than what they are buying ours for .
Is it unreasonable to say that if we do not complete by April they will either need to pay the extra stamp duty or we will relist ?

@movingtoreading we are in a position where we can move quickly. Had our mortgage agreed and survey completed within two weeks of agreed sale. Our sellers (or the solicitors) have been dragging their feet. We have said if we are not completed by the April changes we will expect them to pay the stamp duty difference. (they were chain free when we agreed sale, but have no entered a chain) Things seem to be moving a lot quicker since we made that suggestion.

@movingtoreading I think it is as it's the solicitors who can progress this as quick as needed if your buyers are happy with completing by then.

We are part exchanging after losing our buyer in January and I've asked can we talk exchange/completion dates this week as enquiries have been done and we have signed every piece of paperwork required and sent back, I think the developer had their searches due back last week so hoping there are no more enquiries from them.

We have made it V clear we have to be in latest mid March due to us redeeming a help to buy loan upon sale and our help to buy valuation report will expire by then and we are not wanting the stress and cost of trying to extend it to also then need to complete but the end of March due to the stamp duty increase that we have not factored in, I hate the silence. My solicitor is fantastic and really responsive and proactive but they themself have to wait for the developers solicitor to respond and annoyingly they are being slow!! Despite them telling us we have an exchange deadline!!!

@closedbook2 we know the buyers are happy with the date since the 11th of February. their lawyers just need to say that in writing to our lawyers . this is all that we have been waiting for 2 weeks now, a god damn email saying yes 14th is ok 🤦🏻‍♀️
@Hoolahoophop i think we will also give that ultimatum if they don't reply today . Tbh is them who are paying for this incompetent firm just to save some money and its them that need to push them

Our chain is now on life support. Vendors at top of chain issued an ultimatum this morning saying if we don't exchange today, they are pulling out.

We are in pieces and powerless to do anything. We are waiting for the two solicitors at the bottom of the chain to resolve a query on a related sale. Our buyers are chasing to get it resolved and our EA is calling just about everyone.

It's a total car crash that was entirely avoidable, if only people had acted rather than let things drift. I really don't understand how chains are allowed to collapse for want of some basic communication.

Sorry for all those having issues, sounds a nightmare!

@movingtoreading Do you mean you are going to ask them to pay your stamp duty? Does sound like they are getting a bargain to be honest. Sounds like they are not actively hurrying things along either.

Can I ask a q as we have never moved from a house before. Thinking ahead I know........with things like council tax, utilities eg water, gas, electric do you inform them about moving once you have exchanged?

@WimbyAce yes we will say that if we do not complete we expect them to pay the 3k difference we have to pay for the stamp duty or we relist ! we have been waiting on them for so long ! They just send a new memorandum of sale with a new contact 🤦🏻‍♀️ i hope this new one answers their phone and their emails !

@WimbyAce yes once you have exchange you can do that .