Buying a home and don't know how anything works

[kebabking]

We've done the moving stuff in before completion thing before - but it's a proper legal agreement with a deposit, insurances, and conditions, as well as a penalty clause that if we didn't complete within X period all our stuff would become their stuff.

We weren't allowed to stay over night, or bring clothes in - and it was sorted out weeks on advance, not off the fucking cuffover SMS on a Friday morning.

They're fucking deranged.

 

[muscovyduck]

We've done the moving stuff in before completion thing before - but it's a proper legal agreement with a deposit, insurances, and conditions, as well as a penalty clause that if we didn't complete within X period all our stuff would become their stuff.

We weren't allowed to stay over night, or bring clothes in - and it was sorted out weeks on advance, not off the fucking cuffover SMS on a Friday morning.

They're fucking deranged.

So what happened with this one??? Have you said no? Were they planning this and hoping they could trick you into it last minute or something? It takes a while to pack your stuff up into a van

 

[Elpenor]

We've done the moving stuff in before completion thing before - but it's a proper legal agreement with a deposit, insurances, and conditions, as well as a penalty clause that if we didn't complete within X period all our stuff would become their stuff.

We weren't allowed to stay over night, or bring clothes in - and it was sorted out weeks on advance, not off the fucking cuffover SMS on a Friday morning.

They're fucking deranged.

I was wondering why no one is being a cunt so far on my transaction. Looks like you’ve got a double helping

 

[xenon]

Nothing much to report. Lender 1 has not responded to my complaint yet.

Broker advised probably won't be any quicker trying to find another lender, basically didn't want to take it on.

Applied through my own bank this morning.

I know, should just let it go but may as well role all the dice before dropping it.

For reasons obvious and boring, viewing alternative places is trickier for me. Plus as I'm realistically restricted to looking at flats, the same issues could arise anyway.

 

[kebabking]

So what happened with this one??? Have you said no? Were they planning this and hoping they could trick you into it last minute or something? It takes a while to pack your stuff up into a van

We've said 'no'. without an agreement ( a Key Undertaking is the phrase) it's an invitation to squatters, damage that isn't insured, and a world of super-heated shit.

I doubt we'll complete today, but we might exchange. Normal stuff - 10% deposit, and 10 working days to complete otherwise the deposit is forfeited and the contract is annulled.

 

[hash tag]

What started off super fast is now dragging along but tbf everyone has been quite reasonable so far including our solicitors who have been great.

Sounds true to form. They usually start at a rate of knots then lenders, valuers and solicitors get involved.

 

[kebabking]

Well...

After a day of will-they, won't-they - they didn't.

Contracts were exchanged at 3pm for immediate completion.

Our buyers turn up at the house with four removal vans.

Their buyers solicitor can't get hold of their buyer to authorise completion.

Money eventually goes through at 5.05pm, but it's £15k short, and they don't have a spare £15k... Close of business.

Their stuff now has to go into storage for 3+ days.

Chinese takeaway, or pub?

 

[muscovyduck]

Well...

After a day of will-they, won't-they - they didn't.

Contracts were exchanged at 3pm for immediate completion.

Our buyers turn up at the house with four removal vans.

Their buyers solicitor can't get hold of their buyer to authorise completion.

Money eventually goes through at 5.05pm, but it's £15k short, and they don't have a spare £15k... Close of business.

Their stuff now has to go into storage for 3+ days.

Chinese takeaway, or pub?

Why is it 15k short?????

 

[kebabking]

Why is it 15k short?????

There buyer doesn't have the money they say they do or is trying a scam?

There's some reet dodgy solicitors floating around. They shouldn't be exchanging contracts without the cash to hand.

I wouldn't be surprised if the whole thing collapses - they'll forfeit their deposit, or a part of their deposit to cover our costs, and the house will go back on the market.

You know, it's a good thing I'm not a middle-ranking Army Officer in the middle of a major European land war, or I might not have time for this shit....

 

[hash tag]

How the hell do solicitors, and people, let it go right up to completion 15k short
Please tell me they were not trying to pull a fast one.
That's dreadful. Every sympathy.

 

[muscovyduck]

There buyer doesn't have the money they say they do or is trying a scam?

There's some reet dodgy solicitors floating around. They shouldn't be exchanging contracts without the cash to hand.

I wouldn't be surprised if the whole thing collapses - they'll forfeit their deposit, or a part of their deposit to cover our costs, and the house will go back on the market.

You know, it's a good thing I'm not a middle-ranking Army Officer in the middle of a major European land war, or I might not have time for this shit....

Feels like a scam from what you've said, creating a false sense of urgency like that. It would take ages to pack up that much stuff into a van so its not like the buyer can claim this came out of nowhere?

 

[kebabking]

Feels like a scam from what you've said, creating a false sense of urgency like that. It would take ages to pack up that much stuff into a van so its not like the buyer can claim this came out of nowhere?

Yeah, we're taking that view.

There's a thing that I've not put on here that we didn't know till 3.30 that makes us suspicious as fuck. Will be talking to solicitors at 9.01 on Tuesday to explore options.

It's dodgier than a puppy sitting next to a pile of poo.

 

[cesare]

Yeah, we're taking that view.

There's a thing that I've not put on here that we didn't know till 3.30 that makes us suspicious as fuck. Will be talking to solicitors at 9.01 on Tuesday to explore options.

It's dodgier than a puppy sitting next to a pile of poo.

Kinell!

 

[hash tag]

Yeah, we're taking that view.

There's a thing that I've not put on here that we didn't know till 3.30 that makes us suspicious as fuck. Will be talking to solicitors at 9.01 on Tuesday to explore options.

It's dodgier than a puppy sitting next to a pile of poo.

Solicitors. 09.01

 

[Puddy_Tat]

After a day of will-they, won't-they - they didn't.

Chinese takeaway, or pub?

or both?

You know, it's a good thing I'm not a middle-ranking Army Officer in the middle of a major European land war, or I might not have time for this shit....

could you go round with a small tank to have a little chat?

 

[kebabking]

could you go round with a small tank to have a little chat?

Say hello to 50 of my closest, 70 ton friends?

 

[A380]

Yeah, we're taking that view.

There's a thing that I've not put on here that we didn't know till 3.30 that makes us suspicious as fuck. Will be talking to solicitors at 9.01 on Tuesday to explore options.

It's dodgier than a puppy sitting next to a pile of poo.

Putin, it’s a six dimensional chess move to degrade your effectiveness. So blame NATO.

 

[moonsi til]

I’m utterly baffled by this kebabking

Did your buyers sell a property & with the proceeds and/or mortgage buy your place & at completion find they were 15k short & the 15k is because their buyers haven’t transferred full amount?

 

[kebabking]

I’m utterly baffled by this kebabking

Did your buyers sell a property & with the proceeds and/or mortgage buy your place & at completion find they were 15k short & the 15k is because their buyers haven’t transferred full amount?

We're not quite sure...

They were selling a big house which was being bought by a care home company, it should (because I'm a nosy bugger) have been more than enough to cover the cost of MIL's place, but it turns out they took out an equity release mortgage in the period between the searches being done and the completion date, which their solicitor claims to have been unaware of, which is how the day started in such a shit show.

We then think that the care home company (who sound a bit dodgy) have proven their funds to their solicitor, but then removed £15k of that before completion. Or, if their solicitor is equally dodgy, they've simply sent £15k less than they said they would as a last minute haggle.

We don't actually know if our buyers have completed with their buyers - we're not certain if the money went through and was short, or if their buyer told them it would be short before the money was due to be sent.

Trying to ram completion through at 5pm on the Friday before a bank holiday turns out, to the surprise of no one who isn't a solicitor, to be a bit of a silly idea...

 

[moomoo]

kebabking what a nightmare! Hope it gets sorted on Tuesday.

This thread always reminds me that I never want to buy another house as long as I live. It really should not be this difficult or stressful.

 

[hash tag]

They were selling a big house which was being bought by a care home company, it should (because I'm a nosy bugger) have been more than enough to cover the cost of MIL's place, but it turns out they took out an equity release mortgage in the period between the searches being done and the completion date, which their solicitor claims to have been unaware of, which is how the day started in such a shit show.

kebabking I know this doesn't help you and I really hope it is sorted soon but this is incredible. A mortgage would normally take a few weeks to sort out and would also probably need a solicitor to sort.
The normal period between exchange is often either a week or two weeks unless there is a new build involved in which case an exchange with an extended completion is agreed. I know it is not my business
but I can't help feeling a little curious as to how this happened and what the eventual outcome is. Somewhere down the line solicitors should have known about this.
it's just awful.

 

[Epona]

I do start to wonder what the solicitors and agents think they are getting their fees for - this sort of stress should not be laid at the door of sellers and buyers.

 

[A380]

We're not quite sure...

They were selling a big house which was being bought by a care home company, it should (because I'm a nosy bugger) have been more than enough to cover the cost of MIL's place, but it turns out they took out an equity release mortgage in the period between the searches being done and the completion date, which their solicitor claims to have been unaware of, which is how the day started in such a shit show.

We then think that the care home company (who sound a bit dodgy) have proven their funds to their solicitor, but then removed £15k of that before completion. Or, if their solicitor is equally dodgy, they've simply sent £15k less than they said they would as a last minute haggle.

We don't actually know if our buyers have completed with their buyers - we're not certain if the money went through and was short, or if their buyer told them it would be short before the money was due to be sent.

Trying to ram completion through at 5pm on the Friday before a bank holiday turns out, to the surprise of no one who isn't a solicitor, to be a bit of a silly idea...

Taking out an equity release for £15 k after the searches sounds like either they’ve run into cash flow issues, which could be fine if the are selling a BFO house. Or is bent as a bent thing. Hopefully the former. Still all pointless speculation till after the bank holiday ( so perfect for Urban)…

 

[A380]

Land registry question.

So buying a flat. Got a wedge of papers from the solicitors to check - on Friday annoyingly. All seems ok except the Land Registry abstract diagram or whatever it’s called seems wrong. It shows the flat as being the entire front aspect of the block, whereas it should be the end third with both front and rear aspects.

So, is this because they have sent the wrong flat and other floors are laid out differently? Or is it likely someone fucked up the registration?

If the latter, views on where does this sit on the continuum of ‘it just doesn’t matter to complete show stopper?’

And no, I’m not becoming a landlord!

 

[kebabking]

We think they are a) skint, b) staggeringly niave, c) a little duplicitous (they tried to hide the fact that they'd lost their original buyer fairly early on in the process), and d) very poorly advised.

 

[A380]

We think they are a) skint, b) staggeringly niave, c) a little duplicitous (they tried to hide the fact that they'd lost their original buyer fairly early on in the process), and d) very poorly advised.

Naïve liars? Always the best kind…

 

[Leafster]

Land registry question.

So buying a flat. Got a wedge of papers from the solicitors to check - on Friday annoyingly. All seems ok except the Land Registry abstract diagram or whatever it’s called seems wrong. It shows the flat as benign the entire front aspect of the block, whereas it should be the end third with both front and rear aspects.

So, is this because they have sent the wrong flat and other floors are laid out differently? Or is it likely someone fucked up the registration?

If the latter views on where does this sit on the continuum of ‘it just doesn’t matter to complete show stopper?’

And no it’s I’m not becoming a landlord!

A possibility could be that the 'title' deeds you've received are for the freehold which covers more than one flat. There might be something in the details which mentions the granting of a leasehold interest. However, if that's the case then the solicitor should have ordered the title deed for the leasehold interest as well.

 

[A380]

A possibility could be that the 'title' deeds you've received are for the freehold which covers more than one flat. There might be something in the details which mentions the granting of a leasehold interest. However, if that's the case then the solicitor should have ordered the title deed for the leasehold interest as well.

Thanks for this . When we were looking, as part of the estate agents pack, there was a Land Registry diagram abstract that seemed to cover the whole floor, plus the stairwell on the other two floors.

 

[kebabking]

It's done.

After hearing nothing from our buyers yesterday, which seemed a bit odd after it all collapsed in wide eyed panic on Friday night, we have exchanged and completed.

We had a little bit of a wobble mid-morning with some suspected money laundering and organised crime links, but that's all sorted out and done.

That's it, that's the estate all finished and divvied up. Odd feeling...

 

[Thora]

Dodgy power of attorney stuff has been sorted and we are now ready to exchange, hopefully next week