Wish us luck ! (1 Viewer)

[sedge]

I'm sorry you are having problems.

Well I have to say, after witnessing all the gazumping that went on - when did it start - the 1980s? though fortunately we never got caught up in it, and having bought our house from new when prices were still reasonable (huge to us LOL) there was none of the negative equity debacle that followed the first lot - since then I have ALWAYS thought the system should be 'put X% of your money where your mouth is within so long - else bugger off!' should become the rule.

I mean if you buy a new build that is still a field at the moment, you start off with a plot deposit, always have - dunno how much they run to these days but why not have the same thing when you're buying '2nd hand' ?

 

[Anthea M]

Charlie so sorry to hear your news and your wife's ill health.
Hang in there and stay strong for both of you. Look after yourself too . Why aren't solicitors checking that all buyers and vendors have deposits etc paid much earlier than completion day? So people like you Charlie aren't left in this stressful situation .
If chatting on here helps keep doing it and take care.

 

[DBK]

So sorry to hear of all these problems. I know it is an expensive option but you could consider going into a rented property for six months. Your own house can then sell in its own time and you then become cash buyers for the next one, which puts you in a good position. You only need a small place, excess stuff goes into storage.

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[Charlie]

What went wrong then?

Someone was bullshitting weren't they?

Chris all last week and the week before we were assured everything was just fine.

Our agent and solicitor assured us the chain was strong and motivated. Our agents said it was the strongest chain she had seen in a long time.

Our completion date is still two weeks away. But due to the way things are and encouraged by what we were told I started to pack. The bungalow we were to go into requires much work so our kit was to go into storage so we could get stuck into the renovation without it all in the way. I have booked and paid for the storage.But I asked should I pack and we were positively told it would be fine. Hands up here though I knew that until exchange things can go wrong. I even thought it was tempting fate.

We really did think exchange was going to happen. Then yesterday our solicitor phoned and said the party at the bottom of the chain has not handed in thier signed contract nor had they placed the required deposit or agreed a completion date.

So how the hell did the other solicitors agree the contracts were about to be exchanged. We were ready and stop worrying !!!!

It seems no one is actually able to speak to the party that is vacant just now which leaves me to believe they must have dipped. Either that or there is a catastrophic break down in communication.

But how did we arrive at exchange day with a party not even in the room ?

 

[Chris]

Chris all last week and the week before we were assured everything was just fine.

Our agent and solicitor assured us the chain was strong and motivated. Our agents said it was the strongest chain she had seen in a long time.

Our completion date is still two weeks away. But due to the way things are and encouraged by what we were told I started to pack. The bungalow we were to go into requires much work so our kit was to go into storage so we could get stuck into the renovation without it all in the way. I have booked and paid for the storage.But I asked should I pack and we were positively told it would be fine. Hands up here though I knew that until exchange things can go wrong. I even thought it was tempting fate.

We really did think exchange was going to happen. Then yesterday our solicitor phoned and said the party at the bottom of the chain has not handed in thier signed contract nor had they placed the required deposit or agreed a completion date.

So how the hell did the other solicitors agree the contracts were about to be exchanged. We were ready and stop worrying !!!!

It seems no one is actually able to speak to the party that is vacant just now which leaves me to believe they must have dipped. Either that or there is a catastrophic break down in communication.

But how did we arrive at exchange day with a party not even in the room ?

Sounds like the first time buyers were potentially time wasters.

You never know though it may be that they were struggling with the deposit and need to wait until pay day to hand it over with the signed contract. Keep positive!

 

[Charlie]

So sorry to hear of all these problems. I know it is an expensive option but you could consider going into a rented property for six months. Your own house can then sell in its own time and you then become cash buyers for the next one, which puts you in a good position. You only need a small place, excess stuff goes into storage.

Thanks but that makes no financial sense.. We are mortgage free so renting that in our area would burn about 6K.... Plus all the fees.

If it was the forward moving chain that fell apart I would complete and rent. But this time it's the rearward chain so moving into rented is not really an option. Renting means moving twice and if furnished means at least 6 months storage. Plus house prices are rising fast in our area so could end up loosing out that way as well.

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[Hymie]

Charlie, I know it is all stressful, particularly if suffering from panic attacks, to turn your life upside down, albeit temporarily but, if you sold your house and rented somewhere while you hunt for a bungalow would that not put you in a better, position as a buyer, as you would carry no chain with you?

It won't necessarily eradicate a chain but will reduce it, thereby reducing the chances of failure.

My daughter and her partner are going through the same problems as yourself, after losing their third attempt at buying their dreamhouse her health and that of my granddaughter are both suffering, they are now moving in with us in the next few weeks to leave them chain free.

Just a suggestion, I don't want to add to the pressure you are already under.

Whatever path you choose we all are sending you our best wishes and, as previously said, come on and rant and rave if you need to blow off the pressure, you are both under tremendous stress.

All the best, Hymie.

 

[Charlie]

Sounds like the first time buyers were potentially time wasters.

You never know though it may be that they were struggling with the deposit and need to wait until pay day to hand it over with the signed contract. Keep positive!

I'm trying to Chris..

I can't understand why anyone would pay for searches land registry. Surveys. And solicitors if they were or are time wasters ? I know these things fall apart after coin is spent but why burn money for nothing ?

Today will I hope reveal exactly what the heck is going on. Much as I'm trying to stay positive three exchange days have come and gone with the real reason coming to the surface only yesterday. By that I mean a party having done nothing. The reason for that might get explained today. Or not as the case may be.

 

[BMStewart2004]

Good luck today - estate agents and so)icitors just seem to say what they want without concern for the heartache it causes

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[scousebird]

We have just dealt with a similar situation at work. Our buyers were first time so bottom of the chain. It was all meant to exchange & complete by end of April, that came & went. Our buyers were the problem - they wre telling us everything we wanted to hear which is what they were being told by their mortgage advisor. The survey and searches had been done and everyone was ready to go. Unfortunately the mortage advisor wasn't being completely straight with his clients! They eventually contacted their lender themselves & got it all sorted, they were extremely embarresed. We exchanged on 20th May & completed 24th May after the top of the chain had emigrated to Australia and left it all hanging! Our buyers are my new neighbours.

Hang in there it may still happen.

 

[scousebird]

Good luck today - estate agents and so)icitors just seem to say what they want without concern for the heartache it causes

Please see my previous post.
Estate agents can only go with what we are told by buyers. You wouldn't believe some of the tales we are told especially the ones who are cash buyers when you agree a sale then suddenly need a mortgage. We can ask for evidence of funds but no one has to show us. A deposit on agreeing a sale would help but that's not likely to happen any time soon.

 

[Chris]

I'm trying to Chris..

I can't understand why anyone would pay for searches land registry. Surveys. And solicitors if they were or are time wasters ? I know these things fall apart after coin is spent but why burn money for nothing ?

Today will I hope reveal exactly what the heck is going on. Much as I'm trying to stay positive three exchange days have come and gone with the real reason coming to the surface only yesterday. By that I mean a party having done nothing. The reason for that might get explained today. Or not as the case may be.

It's beyond me too, but it happens a lot.

People work to their own agendas unfortunately. For all you or I know something else might have come on the market that has caught the eye of the first time buyers.

I would get the estate agents onto it badgering everyone to try to get to the truth.

Good luck today.

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[Charlie]

Please see my previous post.
Estate agents can only go with what we are told by buyers. You wouldn't believe some of the tales we are told especially the ones who are cash buyers when you agree a sale then suddenly need a mortgage. We can ask for evidence of funds but no one has to show us. A deposit on agreeing a sale would help but that's not likely to happen any time soon.

The system is ridiculously flawed. It just is.

I can appreciate that deposit upon agreement may not be under current consume law be allowed.

But people should be able to at least get recompense for the expenses laid out and laid out upon an agreement made ..

Look at it another way.

We agree to buy a car and place a deposit.

Under current consumer law we can change our minds and the retailer must return that deposit..

So why place a deposit in the first place ?

Well if the retailer spends money on preparation of the vehicle like for instance the customer wants extras fitted or maybe that expensive paint protection the retailer can deduct the amount they spend from the deposit.

In this house buying game we have zero safeguards in place.

Our buyers and us have spent a lot of money. I can't bring myself to add it up right now but it's way above 3K. That money is potentially lost and completely unrecoverable.

How on earth can this be allowed ?

For us it's not about the bloody money though ! We have invested so much time and emotion in this and in this case sacrificed in a way health. That is my real grievance.

For 5 plus months our life has been on hold. The very thing we did to try to make things better for my wife is and at the moment continues to be very destructive.

I really do wonder what we have done to deserve this..

 

[gus-lopez]

I mean if you buy a new build that is still a field at the moment, you start off with a plot deposit, always have - dunno how much they run to these days but why not have the same thing when you're buying '2nd hand' ?

£500 or 1000. Reserves an off plan.

So how the hell did the other solicitors agree the contracts were about to be exchanged. We were ready and stop worrying !!!!

It seems no one is actually able to speak to the party that is vacant just now which leaves me to believe they must have dipped. Either that or there is a catastrophic break down in communication.

But how did we arrive at exchange day with a party not even in the room ?

Basically telling people what they want to hear in the hope that it all turns out as it should. It is a shambles of a situation.
It is bad enough to deal with when you are in good health & when everything goes as it should.
As @scousebird said about 'cash buyers ' . I've actually had one on every UK house we sold.
Friend of mine put his house in Devon up in summer 2012 & took it off later in the year, having not sold. I was over in 2013 when it went back on the market. If he had one buyer he had 6 or 7 that fell through for various reasons although all those buying still wanted his property. They where fortunate in that they did not need to buy again & early on let the estate agent do all viewings , even going out or sitting in the motorhome whilst potential buyers were about. Eventually sold last November to a couple who had wanted to by it in 2013 but had had to drop out due to their chain collapsing .
I certainly hope that it all works out for you & will keep fingers crossed .

 

[bellabee]

Charlie, I hope that sharing your problem on here is of help to you.

What particularly strikes me, is that you say that you are used to being the strong one in your family, and the one that others turn to and rely on. I know, from experience, that that can be hard road to tread.
From the outside, looking in on your problem, your situation doesn't seem intractable - but that's from the outside. I understand that it must feel very different to you, who are experiencing it, and feeling that you should be the one to provide the solutions, while you are trapped in a system over which you have no control.

You have now shared your problem, and are receiving some good advice, - including advice from people who are professionally involved in the minefield world of house sale and purchase. Maybe this will help to start looking forward to your next steps.

And on a positive note, you say that the housing market is buoyant in your area. I may be wrong, but I would have thought that first-time-buyer properties were at a premium, and that the vendors of that property might not have too much difficulty in finding a new purchaser. All may not yet be lost.
I wish you all the luck in the world!

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[Anthea M]

Charlie don't feel that you have done something to deserve this( as you said earlier) it is not you it is others and the system . Try not to get down as you must look after yourself for both you and your wife. Good luck today and stay positive if possible we are all here for you both.

 

[Debs]

@Charlie I've just read all through and really feel for you & your wife while you're on this rollercoaster - it's the lack of having any control over the situation & having to rely on 3rd hand communication. Very, very stressful.

We moved a few times early on in our marriage & through luck & naivety, all went through fairly smoothly. We've both said we'd hate to have to go through it thesedays. It seems very common for sales to fall through.

Hopefully the 1st time buyers will pull their fingers out & the chain will hold strong. Communication is the key but that's easier said than done, on our last move we were chasing all and sundry to try & keep things on track.

With regard to getting away in the mh - when my Pa was so poorly, I found that even 1 night, within an hours drive (mostly britstops) still gave us that necessary 'break' from the stress & pressure, always felt we'd been away longer.

Hoping for good news for you both.

 

[BMStewart2004]

We have bought and sold in both the Scottish and English systems. Got to say England is just a nightmare. In Scotland a deal is a deal and once done the buyer becomes accountable for costs should they pull out. A friend of mine did just that a number of years ago and had to foot all costs plus the difference between what he agreed and the lower sum that the house went for. It was and extremely painful experience for him and cost a five figure sum. It does ensure that buyers are much more serious about commitments. Out last house in Scotland was bought by sealed bid from the bank and we had the keys within a fortnight. In England it took us 5 months+
It doesn't make things easier for you Charlie and it could be so much easier but you are not alone in being hacked off at the "system" which allows folk to mess everyone around.
Thoughts are with you both.
Bill

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[Charlie]

We have bought and sold in both the Scottish and English systems. Got to say England is just a nightmare. In Scotland a deal is a deal and once done the buyer becomes accountable for costs should they pull out. A friend of mine did just that a number of years ago and had to foot all costs plus the difference between what he agreed and the lower sum that the house went for. It was and extremely painful experience for him and cost a five figure sum. It does ensure that buyers are much more serious about commitments. Out last house in Scotland was bought by sealed bid from the bank and we had the keys within a fortnight. In England it took us 5 months+
It doesn't make things easier for you Charlie and it could be so much easier but you are not alone in being hacked off at the "system" which allows folk to mess everyone around.
Thoughts are with you both.
Bill

Bill we too have bought and sold in Scotland. Up till the point missives are exchange which is the equivalent of contracts here everything is the same. Anyone can just walk at any point.

Here in England a 10 percent deposit must be placed at or before exchange. That does not happen in Scotland.

While we can feel reasonably safe here therefore that a defaulting party is going to cop it in Scotland that is not the case.

It's all very well having a contractual agreement within or forming part of the missives. But in the case of default you would have to sue to get it. Brilliant and safe provided the person being sued has money. If not it would be a nightmare.

Consider this.

A person selling in Scotland under Scottish law will not get a physical deposit. If they are buying in England they will have had to pay that deposit.

So if the buyer I'm Scotland does the unthinkable the seller is left holding the baby.

Been there done that one have the grey hair to prove it..

It used to be in Scotland the nod of the head and shake of the hand forged an agreement.... Sorry my friend that is not the case anymore just like it isn't here.

 

[BMStewart2004]

Bill we too have bought and sold in Scotland. Up till the point missives are exchange which is the equivalent of contracts here everything is the same. Anyone can just walk at any point.

Here in England a 10 percent deposit must be placed at or before exchange. That does not happen in Scotland.

While we can feel reasonably safe here therefore that a defaulting party is going to cop it in Scotland that is not the case.

It's all very well having a contractual agreement within or forming part of the missives. But in the case of default you would have to sue to get it. Brilliant and safe provided the person being sued has money. If not it would be a nightmare.

Consider this.

A person selling in Scotland under Scottish law will not get a physical deposit. If they are buying in England they will have had to pay that deposit.

So if the buyer I'm Scotland does the unthinkable the seller is left holding the baby.

Been there done that one have the grey hair to prove it..

It used to be in Scotland the nod of the head and shake of the hand forged an agreement.... Sorry my friend that is not the case anymore just like it isn't here.

Sorry then Charlie, showing my age! The one we bought last was four and a half years ago was from the Bank and prior to that was in 2000.
Looks like Scotland has gone backwards...

 

[Charlie]

Charlie, I hope that sharing your problem on here is of help to you.

What particularly strikes me, is that you say that you are used to being the strong one in your family, and the one that others turn to and rely on. I know, from experience, that that can be hard road to tread.
From the outside, looking in on your problem, your situation doesn't seem intractable - but that's from the outside. I understand that it must feel very different to you, who are experiencing it, and feeling that you should be the one to provide the solutions, while you are trapped in a system over which you have no control.

You have now shared your problem, and are receiving some good advice, - including advice from people who are professionally involved in the minefield world of house sale and purchase. Maybe this will help to start looking forward to your next steps.

And on a positive note, you say that the housing market is buoyant in your area. I may be wrong, but I would have thought that first-time-buyer properties were at a premium, and that the vendors of that property might not have too much difficulty in finding a new purchaser. All may not yet be lost.
I wish you all the luck in the world!

Thank you .

At this point we are no further forward.
The communication is poor and no matter what I do nothing is happening.

I had a conversation with the chap who we are supposed to buying off and he is about ready to throw in the towel.

So we have a buyers buyer who is not even in the room and a vendor who may leave shortly...

Less than ideal .

This is having a huge detrimental effect on my wife and I feel going on much longer could prove costly .

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[Charlie]

Sorry then Charlie, showing my age! The one we bought last was four and a half years ago was from the Bank and prior to that was in 2000.
Looks like Scotland has gone backwards...

There is in my opinion a stronger ethic in Scotland. It used to a fixed price meant fixed end of.. That no longer is the case and I know this from experience.

 

[lorger]

Sorry to hear of the house falling through, hope it all works out for you and Mrs Charlie.
Best of luck

 

[Anthea M]

Charlie I hope you are feeling ok after the last few days and things are looking better on the home front. I hope Mrs C is ok too. Look after yourself and stay positive.

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[pyro]

I really do wish you both the best with this problem.

No consolation, but in my experience (and I've hit a few very rough patches at times that I won't go into here), the final outcome outweighs all the hard work and worry.

 

[Carol]

Hi @Charlie fingers crossed that you have had some answers, hope Mrs Charlie is coping.

 

[Keef]

Good Luck, Charlie

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[DavidG58]

You say you are mortgage free, heres a thought, get a buy to let mortgage yourselves and buy the bottom house in the chain

We had similar in a chain some years ago, a builder at the top of the chain bought the bottom house to stop it collapsing

The BTL property would give you an income as well, possibly some capital gain in a few years, possibly win win

 

[Charlie]

You say you are mortgage free, heres a thought, get a buy to let mortgage yourselves and buy the bottom house in the chain

We had similar in a chain some years ago, a builder at the top of the chain bought the bottom house to stop it collapsing

The BTL property would give you an income as well, possibly some capital gain in a few years, possibly win win

This has been considered. However the bottom house is 210K and I cant come up with that ammount of money.. A builder may be able to get that sort of money together but I cant...

We have had some news today that explains what has happened.

The big problem has been the complete and utter zero communication from the party and the solicitor for that party all week.

We now have a solid explanation as to why this has happened. I think to state it here might not be a great idea but we have been assured things are now back on track and hope for a resolution next week.

All I can say is one person has one bloody hell of a lot to answer for !

 

[Charlie]

I would like to say that the comments and support I've had here this week have been exceptionally brilliant ! I have in the past said there are some argumentative sods on this forum and there are. But these few are outnumbered by those who are just proper down to earth and lovely people.

Thank you !

I tell you what if I had not had some one to converse with this week even if I have bent all you ears I think I would have screamed ! By the nature of my wife's problems I have to try and contain my feelings and emotions and if I'm honest I haven't done well on that front. .

So thanks again

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