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Was supposed to be moving house last Friday only for the buyer of my house not being able to come up with the funds. Turns out his lender wanted additional information prior to releasing the funds. Due to this i was unable to move into my new house and am now having to stay at my mothers house with 2 young kids. All of our posessions were in the removal van and waiting to unload only for them to be stood down with everything now in storage. Pretty much only thing i have just now is my car and the clothes i was wearing.
Knock on effect as well as the owner of the house we were buying can't leave either. Turned into a total nightmare through no fault of our own and we don't know when things will be sorted.
Anybody else had a similar experience to this before?
This is the main reason why moving house is one thing that scares me witless and probably why I've been in the same house for 13 years!
Sounds like a nightmare situation, hope it's sorted soon.
In the vast majority of cases, I'm sure it all works out in the end. Hold tight fella, best of luck.
Yes, when we moved five years ago my wife had taken a month off between finishing one job and starting her new one so we would have time to move. Suffice to say it didn't work like that due to the executors of the bankruptcy of the person buying ours being on holiday; the person buying hers had a load of builders on standby to start renovation work on our last possible completion date.
End result - wife starts new job living at her parents (and phoning me in tears because of this) and I had to get a last minute extension on the digs I was renting during the week.
Wife talking about moving again. I am not keen.
I recently stayed in Las Vegas with a friend of mine who is a realtor there. Their system is more expensive - he said it costs around 7% of the house price to move - but it makes so much more sense. The realtor is responsible not only for the sale/purchase of a property, but all the legal/financial aspects too. Basically they do everything that an estate agent/solicitor do for you in one go. The best thing of all is that they don't get paid until the sale is successful and everyone has moved in, so it's in their interest to make things as quick and simple as possible for everyone.
I understand there has to be problems in the USA with their system and they won't think it's perfect but it seems light years better than our system.
What I don't understand is how it got to the moving point in the first place. I thought the buyers Solicitor should have had the mortgage offer with them ready to go before contracts are even exchanged.
This has made me double check the finances for my impending move!
DM52, that's correct. I guess there were just other issues that popped up.
[Edit} Hang in there OP! Might be worth looking round again before you eventually move. I got my keys and exitedly opened the door......to find a puddle where the roof has been leaking. £2000 worth of work that the surveyor missed.
Very unusual but does happen occasionally unfortunately.
Your contract of sale will contain some pretty harsh financial penalties for them missing completion though in all likelihood - speak with your solicitor.
Cheers
Danny B
Does it mean your buyer is now in breach of contract and you could go after compensation?
Does it mean your buyer is now in breach of contract and you could go after compensation?
We can claim back costs for removal but we were advised not to run up a bill of thousands as the buyer might not be able to pay therefore scuppering the whole deal. I don't care what the solicitor says though, i will be putting in a claim!!!
What I don't understand is how it got to the moving point in the first place. I thought the buyers Solicitor should have had the mortgage offer with them ready to go before contracts are even exchanged.
Nothing to do with his solicitor, it's his lender that is holding things up but i agree - why all this additional information couldn't have been sorted earlier is beyond me. Would have prevented all this hassle.