Will they exchange and complete? (+)

[Yongala35]

I am at the top of a small chain. I have movers booked and deposit paid for next week. I own property I am moving into so no need for this chain to fall because of any issues with my onward sale. I have signed all paperwork for selling my house. All that needs to be done is solicitor to date my forms. Everything is supposed to be done and dusted next week.
Crickets from the rest of chain. Silence is deafening. Estate agent is chasing on a daily basis. If my buyer tries to gazunder I have decided my answer will be original agreed valuation or back on market. Issue appears to be with first time buyer at bottom of chain. All have known final date since late August.
I am frustrated with all of this. My health is not good. My new home remains a bit of a building site with renovation to be completed so I am going to be living in middle of renovation which I did not want. I have arranged for lunch for movers on Monday. Builders included in lunch. C'est la vie. I am trying not to get in a pickle about this

I hate to tell you this but we were in the exact same position a few weeks ago. We waited 5 weeks whilst the buyer at the bottom of the chain stalled. It turned out that he wasnt able to get his deposit together (we found this out on the day we were meat to exchange). He was trying to remortgage and in the end he couldnt so pulled out at the 11th hour. 5 weeks wasted at the end of a 5 month process.
Start getting tough and demanding answers - they could be stalling for time for worrying reasons.

Both my estate agent and solicitor are chasing on a daily basis.
Issues is my buyer’s buyer. Start of chain. No sign of "exchange" - date all agreed last week but nothing has been exchanged. This is disappointing. I am in process of arranging empty and unoccupied house insurance

It was the buyers buyer that was the issue with us. He ghosted the solicitor for weeks until we found out he was trying to remortgage to release funds to place his deposit. He had to pull out eventually. I hope it sorts itself out for you. Its horrible when it collapses at the very last hurdle.

I'm exasperated. I have spent 2 days moving to my new home.My house is now empty and unoccupied. Renovation of my new home is 90% complete but some major tasks and snagging remain. Move was smooth but challenging despite having 6 removal staff. No sign of exchange. Nothing. I believe it is possible to exchange and complete on the same day. Estate agents are trying to enable a sale. If exchange hasn't taken place by 20th October I am putting the house back on market. Any advice?

You can only hold their feet to the fire and insist on an exchange / completion date. You need to hold firm and go through with your threat of remarketing your old home if it doesn’t happen by this date.
It mirrors my experience - sounds like they are holding off to get their money together. A committed buyer will be keen to see the process through. These sound flaky.

And.... exchange yesterday with completion today. I am relieved it is over. I am very surprised the house sale went through.
I don't think the house sale process is fair to either seller or purchaser. Time for a refundable deposit of approx £10k to be paid into an account by both sides at beginning of sale agreement/process. I haven't thought this through but something to focus minds on not messing about?

Congratulations! So pleased it finally happened 😁

I agree with you! It would also make sure the ‚cash buyers‘ who invariable turn out not to be cash buyers and delay to get a mortgage stop fibbing. £10k is a lot though. I think people would even be more careful if it’s a lot less than that.

Congratulations on your completion. I agree there should be more accountability. We have sold a house in Scotland earlier in the year, there seemed to be more checks at the outset and of course the seller get the Home Report done before marketing. It’s not foolproof, but it took 8 weeks once the buyer offered, to completion. Hose was only on the market 10 days.
Now we’ve been waiting to complete on our onward purchase for 8 weeks of virtual silence and yet another week has rolled by. The vendor obviously has a problem with their onward purchase, but no one is saying what. If we weren’t in the dark, we might be able to make a helpful suggestion.
Still that’s the way it is, enjoy your new home at last.

Oops house*