The nervous wait to exchange....

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jonneymendoza said:
wtf!!!

why did the vendor pull out?
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The lady is quite old and she is in poor heath — they’ve decided that she’s too poorly to move house. Which I can understand to a degree, but don’t wait until a few days before exchange to make that decision.

In a way, it doesn’t really matter what the reason is (or if it’s even true), the system is ridiculous when you can get that far down the line and everything can still fall apart. That’s two families now completely screwed over, and if my friends’ buyers hadn’t already exchanged on their place, the effects would be impacting even more people down the chain.

I’m so gutted and angry for them. I can’t imagine how they’re feeling right now.

koolpc said:
Life is not a bed of roses. Poo happens.
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Indeed.
 
Skillmister said:
It's perfectly reasonable for solicitors to be waiting for the calculators to be updated before returning funds or asking for reduced amounts. Solicitors have the liability for submitting the stamp duty return correctly and paying the correct amount. Bigger companies do this automatically and are either integrated to the gov.uk calculator or have their own version in their case management.

Sure for a company that does a handful of completions a day it's not an issue to manually reduce a few and refund, but the previous place I worked would have 1000+ completions some days. It's not feasible to do it all manually either for the time spent or the risk of underpaying and having a claim out of their own pockets. HMRC mess up allocating payments sometimes and end up sending late payment fines as it is without the risk of actually underpaying.
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I used a local small market town solicitors to avoid any inefficiency in the process.
 
Irish_Tom said:
The lady is quite old and she is in poor heath — they’ve decided that she’s too poorly to move house. Which I can understand to a degree, but don’t wait until a few days before exchange to make that decision.

In a way, it doesn’t really matter what the reason is (or if it’s even true), the system is ridiculous when you can get that far down the line and everything can still fall apart. That’s two families now completely screwed over, and if my friends’ buyers hadn’t already exchanged on their place, the effects would be impacting even more people down the chain.

I’m so gutted and angry for them. I can’t imagine how they’re feeling right now.



Indeed.
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I’ve had this happen to me in the past. 2 days before we were due to exchange contracts. Luckily we were not in a chain but still it sucked that we were so close and had paid thousands to get surveys done.



In other news I received my mortgage offer through the post so am happy.
I thankfully opted for a 5yr fixed deal (albeit the interest rate was still pretty high @ 4.28%) but with the rates rising anyway I though the longer the better.
 
Irish_Tom said:
The lady is quite old and she is in poor heath — they’ve decided that she’s too poorly to move house. Which I can understand to a degree, but don’t wait until a few days before exchange to make that decision.

In a way, it doesn’t really matter what the reason is (or if it’s even true), the system is ridiculous when you can get that far down the line and everything can still fall apart. That’s two families now completely screwed over, and if my friends’ buyers hadn’t already exchanged on their place, the effects would be impacting even more people down the chain.

I’m so gutted and angry for them. I can’t imagine how they’re feeling right now.



Indeed.
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The house i am purchasing, the lady has already moved out to a retirement home and her son is dealing with selling the property to us.

If this falls through for me, I’m pretty much ******!!!

My mortgage offer runs out at the end of November and even if i was to find a new place and put down a offer and it was accepted today, there is no chance i will complete by end of nov…
 
Strange r.e the stamp duty.. I used a small firm.. Well they have three offices in local towns to me so not small but not huge. They didn't want my stamp duty or any money until exchange... As in when everything else got paid.
Apart from the retainer fee I paid them at the start of the process.

EDIT, without digging my conveyance agreement out, I basically paid them about £400 up front, the rest of the balance of thier fees (fixed cost) payable on exchange. If the sale fell through I wouldn't have to pay them any more but they keep the £400 to compensate for some of the work they did, searches, admin etc.
 
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Had an update that the final searches are due back October 16th and then we can crack on and actually get closer to exchanging.

Can't believe it will have taken 2 months to get the local search sorted, it's the only one were still waiting on.

Fingers crossed.
 
jonneymendoza said:
The house i am purchasing, the lady has already moved out to a retirement home and her son is dealing with selling the property to us.

If this falls through for me, I’m pretty much ******!!!

My mortgage offer runs out at the end of November and even if i was to find a new place and put down a offer and it was accepted today, there is no chance i will complete by end of nov…
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Yeah, that's the other thing — their mortgage offer at the old lower rate is now effectively a write-off.

So even if they find somewhere else (or their vendor has another change of heart), they're going to be paying more for the same house…
 
Irish_Tom said:
Yeah, that's the other thing — their mortgage offer at the old lower rate is now effectively a write-off.

So even if they find somewhere else (or their vendor has another change of heart), they're going to be paying more for the same house…
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Their? Who are you implying to? Their as in me?

The vendor im dealing with is selling up because the mum is old and in a care home already.

It's not in a chain
 
so I have booked another viewing in the place im buying as I need to get tradies in to measure up. It's impossible to find anyone to do it and or anyone to respond. Looks like me and the kids (part time) are going to be living in an unfinished empty shell for the foreseeable.
 
Liquid_Entity said:
so I have booked another viewing in the place im buying as I need to get tradies in to measure up. It's impossible to find anyone to do it and or anyone to respond. Looks like me and the kids (part time) are going to be living in an unfinished empty shell for the foreseeable.
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Wait a bit and many may cancel due to the rise of living costs
 
Liquid_Entity said:
so I have booked another viewing in the place im buying as I need to get tradies in to measure up. It's impossible to find anyone to do it and or anyone to respond. Looks like me and the kids (part time) are going to be living in an unfinished empty shell for the foreseeable.
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What state is it in/how much work is needed?
 
I think the market is slowing, well around here it is. Quite a few have been reduced in my local area and I see the same ones coming back on the market with different agents.
 
Same thing happens every year at this time chaps. Some real bargains crop up between now and February and then it picks up again. No one wants to move in the cold it seems. Our local removal firm all have winter jobs to account for the slow down.
 
Liquid_Entity said:
so I have booked another viewing in the place im buying as I need to get tradies in to measure up. It's impossible to find anyone to do it and or anyone to respond. Looks like me and the kids (part time) are going to be living in an unfinished empty shell for the foreseeable.
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All part of the sport IMO. Buy some rads and extension leads and make the sacrifice.
 
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