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

[JoyfulSpring]

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

@Feelingstrange2 and @NoWordForFluffy
The buyer has offered to go round etc.
Uncle is point blank refusing.
Wont say why. Happy to go in person etc but it does sound suss doesnt it?
Already problematic as he was initially a cash buyer with everything in savings account - so where have they gone???

Yes, very strange.

If he was a cash buyer the agent should have had sight of the monies. My son has quite a big deposit and he had to show evidence of it all (plus mortgage in principle for the rest) before the agent would take the place he is buying off the market as SSTC.

That is the thing. He DOES have that money in the bank!
It is all getting very strange and everything is verging on collpse

So if the money is in his bank account where does the uncles ID come into it?

I'm assuming now that he's got, say, £200k in his account but £50k was deposited fairly recently as a gift from the uncle so, as a result, he needs checking out for ID purposes too? Tracing source of funds and crossing all professional requirements? ...... which I'm sure is exactly the same rules any conveyancer would have!

Nope. From what I can gather he has the entirety of the sum in his various accounts and showed that initially as proof of funds. Some of that (about 20k) he cant show the trace of as its recent cash. Uncle was filling the shortfall and now wont do ID. Wont explain why either. Its defo something suss isnt it?

I'd say having £20k deposited recently that you can't show where you got it from is more suss! I could understand if it was older, but it should be much easier to have records for new deposits.

It's all really bizarre. I wonder what's really going on there?!

I feel like there should be some sort of workaround to this as it's only £20K and the buyer has the money.

AML regs are really strict. There is no workaround for money that new. He has to be able to show the source, or he can't use it.

Property transactions are massively high risk for money laundering, so the conveyancer has to be sure they know where it's from.

I was supposed to exchange few weeks ago on the Friday, we were all supposed to be ready to go until my solicitor found out the buyers hadn't deposited their money so we didn't exchange and paused until the Monday. On the Monday the money was deposited but then my sellers declined to exchange and he had been made redundant ! Two weeks they asked for to find another job and have since gone radio silent. I'm beyond broken right now.

@Notadream lots of people might disagree with me but i do believe that things happen for a reason . I was in your position last time we bought a house our chain fell through and we found the one we are in now . I was devastated at the time but Looking back now that house would be so inconvenient for us it had only street parking and we would go on to have two children which would be so hard without a driveway and getting things in the house . I know it seems like the worst thing but you never know how things will plan out !

@Notadream oh no!

Should we send this email to solicitor and cc ea this morning ? Or wait until tomorow ?

I hope this message finds you well.
We find ourselves in a challenging position due to the delays caused by the buyer's solicitors. The primary reason for our intended move was the availability of a place at a local school. However, due to the ongoing delays, only one spot remains at the preferred school near the property, and we are uncertain whether we will be able to secure it. As a result, we are now likely to be offered places at a different school 20 drive mins from the property which is adding significant stress to the situation.
Additionally, we would require a two-week notice period to facilitate the transfer to the new school. If the exchange takes place at the last minute, we may be forced to drive our children to their old school which is 40 mins away
Given these circumstances, should we not receive any response from the buyer’s solicitors by tomorrow, we would instruct you to refrain from proceeding with the exchange.
Thank you for your understanding and support.

When you say 'should we not receive any response', what do you mean by that? I think if you are issuing an ultimatum (understandable in the circumstances), you need to be a absolutely clear on your expectation and 100% committed to walking away. So when you say 'refrain from proceeding with exchange', do you mean you are withdrawing from the sale?

If the expectation is that you want to exchange tomorrow or you are walking away, you absolutely need to say that.

'Given these circumstances, if we don't receive a response from the buyer’s solicitors by tomorrow (Tuesday, 4 March), we instruct you to withdraw from the sale.'

I have spent part of the week drafting my own similar email to the EA and lawyers. I imagine there are a few of us with similar drafts.

Yes we will walk ! Should i say pull out from the sale ? We basically want an indication of when they can exchange and it needs to be early this week ! They agreed to the completion date last week and buyers send their contracts on Thursday ! Our lawyers asked our vendors and the buyers if they are ready to exchange on Thursday but they have not responded or answer calls on Friday
Last time it took almost a month to get them to answer yes to the completion date .
Enquiries were satisfied by alll parties on the 27th of January

I would give a deadline for the actual exchange, not just for the comms. Otherwise, it's unlikely to actually get this over the line. Solicitors and buyers can find reasons to stall right up until the point of exchange so there will always be something and it will continue to drift. I saw it with my own eyes last week. Some people don't seem to be able to act until they have a critical deadline.

Thanks @Gekko21 i ll say if we do not exchange by Wednesday then we will withdraw from the sale
I am 100 percent ready to walk away tbh this is causing me too much stress . I wont even put it on the market right away

Anyone waiting on exchange today again.

I think nerves are getting pretty factious. My lovely buyers showed up at our house on Saturday as my EA literally has not been responding!! Ahhhgg they didn't know we were due to be exchanging today. They are pretty frustrated and frankly so am I.

Actually rather grateful they came over because at least we could align on dates objectives etc. We are so bloody close.

My solicitor literally had to reword a document my vendor's solicitors created because it was in a word document and had to be in the correct form for land registry. All my vendor has to do is sign and as long as she's happy to sign we will exchange and make it a condition of sale.

To the buyer that's relocating for schools. Do you have the vendors telephone- can you speak to them as see if they will let you use the new address while the whole muddle is going on. I certainly would be if I was in their shoes tbh.

Hopefully some of us today do get to exchange. Close to tears atm tbh

@hotandpermi i dint think we can do that if we don't live there is considered fraud ? I am not sure but the council needs exchange of contracts as a proof

@hotandpermi hope you get it done today 🤞🤞🤞

@movingtoreading I'm not sure on the logistics but if you are indeed moving to that house it wouldn't be fraud I don't think (she says with no legal training)

Could you call the school and ask ? Or at least speak to the vendor ? I would happily write a letter for my vendors that said I'm trying to get this sale done as quickly as we can but xyz has happened and I can confirm my buyers are buying my house address x - that could be passed on to the school ? As long as you were clear and honest and not being deceptive with all parties I don't know what harm it would do.

I'm sure my friends did this when she was moving and the school accepted it and her child got a place.

Either way wait lists do move, I didn't get a place on my child's preferred school and was 6th on the list - next week got call and a place at first choice and boom she was in.

It's bloody hideous so I'm crossing my fingers either way !

@hotandpermi i will ask but i highly doubt it this council is very strict with requirements for schools !
Message was send 😱😱😱!
Whatever happens happens at this point i give up 😅

You absolutely have to have proof of exchange before the school will accept your application unfortunately. I've been begging for them do speed up so I could get this by the cut off of 28th Feb for my son but we missed it and not heard a peep yet today. It's national offer day and of course we've been offered no schools. I want to pull out but it won't help the situation at this point. If the school team could confidently tell me we'll be offered a place on 17th March if we exchange today I'll be fine but they can't do that. They can't even guess.

I want to tell them all to fuck off now.

There's so many of us in awful situations, I'm sorry to everyone going through this hideous time.

I'm throwing mud everywhere in the hopes it sticks so I'm crossing my fingers for you !!!

What's bonkers is that as I found out my buyers by chance hadn't even been kept in the loop this weekend by chance and I have been calling daily.

Losing my bloody mind ! Don't give up your nearly there !!

@JoyfulSpring so sorry is so crap ! I do hope there is still hope for you i am not sure how secondary admissions work.