miss direct
misfungled
I believe so. My person is on leave so I'll check once he's back in.
Buying a home and don't know how anything works
- Thread starter miss direct
- Start date
miss direct
misfungled
No but not really expecting any...had a really busy week so not been able to do much.
miss direct
misfungled
bellaozzydog
rolling turds in glitter
i wouldn’t worry that “your estate agent” is away. There will be a whole office full of them. Your file and communications will be commonly accessible
if you want access just phone them up and ask they will send someone down with the keys, doesn’t have to be a specific estate agent you are dealing with.
miss direct
misfungled
True. I would rather deal with my person though, as she knows all the details and I can get more info about the whole situation from her. I'm not really in any hurry to go to the property just to look at it (it's just an excuse really!)
I've now sorted out a place to stay and work from for the whole of August, so there's not going to be a massive rush to sort out the new place.
hash tag
Books, not bombs
Keep on keeping on. Anyone at the agents can help and should be helping. Just keep chasing your solicitors and the agents. Keep asking what's holding things up.
You could try calling their bluff and asking when you will exchange and saying you will pull out if it doesn't happen. It's a risky call though.
All I can really offer is good luck and everything is crossed for you.
cybershot
Well-Known Member
I doubt she knows anymore than what you already know and she certainly won’t tell you anything negative that might delay this even further as they want that sale money.
miss direct
misfungled
Sure...just want to keep me and this sale on her mind 
Which I suppose it is as she'll finally get her commission when this goes through.
I'm now envisioning spending the Autumn nesting. Never ever thought it would be so long. Oh well.
Which I suppose it is as she'll finally get her commission when this goes through. I'm now envisioning spending the Autumn nesting. Never ever thought it would be so long. Oh well.
cybershot
Well-Known Member
There’s not a whole lot you can do at the moment if you’re waiting for them to pay bills on the 30th.
If you haven’t already the only thing I would stress is that if an exchange or at the very least a proposed date for exchange is not done by 5pm on Tuesday 3rd August (gives 2 working days after the 30th, that’s assuming they haven’t sent cheques which will take days to clear) then you’re out.
this will put the shits up them to get it done and dusted, the agent will panic because it’s another fallen sale and another missed sales forecast.
If you haven’t already the only thing I would stress is that if an exchange or at the very least a proposed date for exchange is not done by 5pm on Tuesday 3rd August (gives 2 working days after the 30th, that’s assuming they haven’t sent cheques which will take days to clear) then you’re out.
this will put the shits up them to get it done and dusted, the agent will panic because it’s another fallen sale and another missed sales forecast.
Elpenor
Dancing as fast as I can
Try and express to agent and solicitor that the vendor should make the payments on 30th first thing with a view to exchange on the same date. If they are paid LWD of month they could have settled these accounts by 10am easily. If they haven’t it makes you question their priorities and frankly they have been far too lackadaisical so far!
The agent should push this for you with the solicitors, and there’s every chance that the estate agents are incentivised by number of exchanges done each month, or exchanges done within X days of sale agreed.
The agent should push this for you with the solicitors, and there’s every chance that the estate agents are incentivised by number of exchanges done each month, or exchanges done within X days of sale agreed.
cybershot
Well-Known Member
Yep. This will be hurting their stats (I used a free tool when listing mine to help compare how quickly houses sold and if they hit asking price etc with the local agents in the area) and has probably been an expected sale for the past two months that hasn’t materialised for their forecasts. They’ll want it done too, but everyone is at the mercy of the sellers here, if they continue to be slack someone needs to deliver the ultimatum.
hash tag
Books, not bombs
On reflection I gather the vendors are loaded in debt so it surprises & saddens me that the sale has not gone through quicker.
They must be desperate to clear everything and the longer it is delayed the more interest charges they rack up.
Also, I seem to remember that you paid some or all of the sale money over to your solicitors a while ago and they have had the
use of it all this time, which is not good.
They must be desperate to clear everything and the longer it is delayed the more interest charges they rack up.
Also, I seem to remember that you paid some or all of the sale money over to your solicitors a while ago and they have had the
use of it all this time, which is not good.
prunus
Tick tock.
Nobody has had the use of the sale monies, unless the solicitors are being very very naughty. It should be sitting in a segregated client monies account, held to MissD’s order (ie it requires specific permission to be used for anything).
equationgirl
Respect my existence or expect my resistance
Depends on what account type the solicitors use. I would expect an account that lets them handle a lot of transactions. The interest rate is fairly pitiful at the moment anyway. Higher interest rates require tying up the cash for a long period of time, with an equally long notice period. That's not practical for this type of transaction.
prunus
Tick tock.
It is theoretically gaining interest, just not very much and possibly effectively none, as interest rates are basically zero. Solicitors have to pay a fair rate of interest on client monies held. Fair currently means ~0% and as monies are usually not held for extended periods, that nets to nothing.
WouldBe
Dislicksick
Wouldn't work as sellers can't afford to clear their debts as they stand. Increasing their debts will just make it harder for them to pay it off.
Winot
I wholeheartedley agree with your viewpoint
Sure, that’s the risk. I’m not necessarily advocating it btw. But if it were me I would be insisting on a direct conversation with the vendors to get a better idea of exactly what the situation is and the relatively chances of it happening by the 30th or drifting for - what? Months? Years?
Right now unless I’ve missed something we are in the dark about this and miss direct is reliant on info being passed on be third parties. It’s not unreasonable to want some clarity for what is the biggest financial transaction of most people’s life.
cybershot
Well-Known Member
The only people who know the true extent of the situation are the sellers and they won’t be divulging any information that’s not necessary. Solicitors will only have discovered stuff as they’ve gone along. This could have all been known months ago and miss direct would have known where she stood and could have sorted accommodation out weeks ago.
If they were up front they would have said at the start ‘oh by the way. This might take a while. We’ve got tons of debt and it’s going to take us 6 months to clear it oh and don’t dare about lowering the price it will just prolong it even further’
Like pretty much anything in life you’re on a need to know basis. You aren’t going to find out anything more until it’s a positive or negative. At the moment she’s stuck in limbo till the 30th. The best she can do is say it’s got to be done by x or forget it. But maybe she’s happy for it to go on even longer if she’s found accommodation, but at some point I would be drawing the line and to ensure my solicitor is instructed to pull the plug at a certain point in time, but again we’re also all on a need to know basis with miss directs situation so it’s up to her how she plays it.
Even If solicitors and agents have been instructed to chase on that day I would be on the phone by 10am to the agent to chase the sellers and to solicitor to chase their solicitor.
If they were up front they would have said at the start ‘oh by the way. This might take a while. We’ve got tons of debt and it’s going to take us 6 months to clear it oh and don’t dare about lowering the price it will just prolong it even further’
Like pretty much anything in life you’re on a need to know basis. You aren’t going to find out anything more until it’s a positive or negative. At the moment she’s stuck in limbo till the 30th. The best she can do is say it’s got to be done by x or forget it. But maybe she’s happy for it to go on even longer if she’s found accommodation, but at some point I would be drawing the line and to ensure my solicitor is instructed to pull the plug at a certain point in time, but again we’re also all on a need to know basis with miss directs situation so it’s up to her how she plays it.
Even If solicitors and agents have been instructed to chase on that day I would be on the phone by 10am to the agent to chase the sellers and to solicitor to chase their solicitor.
miss direct
misfungled
I did think about my money sitting in the solicitors account, but can't really be bothered to go through having them send it back and then have to make 5 separate daily transactions to return it as and when necessary.
I've thought of the 3 possible outcomes on the 30th: 1. It goes through as planned (great - can get on with it) 2. It sort of goes through but needs a few days to clear (ok too although less so) and 3. It doesn't happen. At which point I just don't know. Depends what excuse/story I get given. I am unsure that I can face another 6-12 months of renting/house sharing/house hunting.
I've thought of the 3 possible outcomes on the 30th: 1. It goes through as planned (great - can get on with it) 2. It sort of goes through but needs a few days to clear (ok too although less so) and 3. It doesn't happen. At which point I just don't know. Depends what excuse/story I get given. I am unsure that I can face another 6-12 months of renting/house sharing/house hunting.
Winot
I wholeheartedley agree with your viewpoint
They might change their mind about this if they feel the sale is under threat. I wouldn’t be threatening to pull out but I would be putting pressure on them to speak to me.
hash tag
Books, not bombs
If it were me, I would be setting a deadline for exchange and if it didn't happen, pull out and start again. I know expenses are involved and would be lost, but enough is enough and a line needs to be drawn. From the other side, the owners must be desperate to sell and wouldn't relish looking for new buyers again. A possible alternative for them, which if it hasn't already happened is repossession. This might be one of the complications which has delayed everything.
miss direct
misfungled
Yes...if it doesn't happen on the 30th then they've been lying and stringing me along.
miss direct
misfungled
solicitor got in touch to say seller's solicitors had contacted them and said still planning to complete on the 30th (but also that they hadnt provided details of apportionment figures)
Good sign though.
Good sign though.
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Looby
Well-Known Member
I was wondering about completion on the day they clear the debts. Is this even going to be possible? Surely it depends on whoever they are paying being willing/able to update and agree to remove the charge on the same day. I haven’t worked in mortgages for a long time but I’d want some assurances on processes and timescales.
prunus
Tick tock.
That will be handled by undertakings from the solicitors involved. The charge(s) won't actually be removed on completion day (it takes time - quite a while at the moment, Land Registry is running a bit slow). But all the changes will be queued up, and eventually processed (about 4 weeks at current rate it seems - though it's sometimes randomly faster or slower). None of that need concern you, it's all backed by the (insurance-backed) solicitors' undertakings that it will happen, and it will just slowly grind through the machine.
miss direct
misfungled
I'll ask my solicitor for guidance on that. Estate agent said they were hoping to get it done by 2pm.
Looby
Well-Known Member
I know the charges wouldn’t be removed on the day. Would the owner be paying the outstanding to their solicitor then rather than direct to whoever it is?
