help

Maddison

Hope not

I meant that the system in Australia is good but can still go wrong.

A good suggestion above that perhaps everyone in the chain sends a letter, or letters from their solicitors, to that bank and the solicitor urging them to expedite this asap or the chain will collapse.

The mortgage will be being processed in a big centre and writing letters will be a total waste of time and postage costs. The bank doesn’t give a toss anyway.

Callistemon21

Maddison

Hope not

I meant that the system in Australia is good but can still go wrong.

A good suggestion above that perhaps everyone in the chain sends a letter, or letters from their solicitors, to that bank and the solicitor urging them to expedite this asap or the chain will collapse.

6 complaints have gone in to the head office of the bank and they have got until the end of the week to reply

Don’t hold your breath!

Callistemon21

Spice101

This is exactly why I like our Australian system. You put in an offer, it is accepted, a deposit is paid and a binding contract including a settlement date (thus ownership) is exchanged. Everyone knows when moving day is and can get on with planning their moves. If the vendor has not bought a new home by the settlement date then they would have to rent or make other arrangements as they must move out on that day unless an agreement is made between them and the buyer.

It doesn't always work, however, because the vendor can claim that the bank has reneged on their loan or that they failed to raise the cash.
Contracts can be exchanged but there is no settlement on the due date.

Not in Victoria. There usually is a time after which the contract becomes binding. EG subject to finance being approved, in most cases this is 14 days. Most people these days have pre approval from their lenders so finance is only rubber stamping. As we were cash buyers we had a clause that our offer was subject to a satisfactory building and pest inspection - I guess much like your Surveyors report - within 14 days.

It is the norm to have an agreed settlement date included in the contract, it would be most unusual for there not to be one.
The settlement date is the date that funds and ownership change hands.

Germanshepherdsmum

Don’t hold your breath!

I won't think i have learned that along the way there's a lot of pressure on the chain now but it's all down to the first mortgage think they have used a strange bank

Callistemon21

Sorry - the purchaser can claim that the bank has reneged on their loan or that they failed to raise the cash.

Yes they can but this is done in a short time after signing the contract - about 14 days is the norm - and before the contract is binding. So the purchaser knows the sale is not going through quickly not hanging around for 7 months waiting and wondering and not able to move on.

I would not touch these companies who offer to buy out your house. They have a very poor reputation and their offer will be significantly less than its market value (the price you have sold it for}

I know you mentioned having to move for health reasons but if at all possible health wise, I’d go away for a couple of weeks while they get on with it and try to relax.

Not a good idea Dolly, everything could suddenly click into place tomorrow and then everyone wants to complete straight away.

Spice101

Callistemon21

Sorry - the purchaser can claim that the bank has reneged on their loan or that they failed to raise the cash.

Yes they can but this is done in a short time after signing the contract - about 14 days is the norm - and before the contract is binding. So the purchaser knows the sale is not going through quickly not hanging around for 7 months waiting and wondering and not able to move on.

the waiting about is the worst we have been ready since May

DollyD

I know you mentioned having to move for health reasons but if at all possible health wise, I’d go away for a couple of weeks while they get on with it and try to relax.

your right thank you We have had a short holiday a longer one and just had a 2 week one and thinking of having another one but we are thinking about it all the time we are away unfortunately

M0nica

I would not touch these companies who offer to buy out your house. They have a very poor reputation and their offer will be significantly less than its market value (the price you have sold it for}

you are right thank you we would end up losing more money we think

Germanshepherdsmum

Don’t hold your breath!

i agree !!

Allsorts

If the stress is too much do what you need to, you have done nothing wrong but you can’t fight the bank without it stressing you even more. I would never go to a house buying company, sell it through an estate agent who have a good reputation.

Thank you

Elizabeth27

You phoning people is not going to speed things up and is only making you more frustrated. Pulling out will only slow things up more and will not affect the bank which is who you are actually angry with.

If you are prepared to back out then you are prepared to either not move or to wait another few months, just wait, it will happen.

You are right it is making me frustrated we will see what tomorrow brings

Germanshepherdsmum

Not a good idea Dolly, everything could suddenly click into place tomorrow and then everyone wants to complete straight away.

Oh i wish it would

It took eight months, stuck in a chain, to move here. If the problem is simple and, hopefully, about to be resolved, I'd just hang on for a few more weeks - rather than start all over again!

Hetty58

It took eight months, stuck in a chain, to move here. If the problem is simple and, hopefully, about to be resolved, I'd just hang on for a few more weeks - rather than start all over again!

good advice but we think they have used an online bank not a large one so to save money and so they are stricter

Our house purchasing system is completely broken. Only the surveyors and lawyers support it to their own benefit. Surveys can be done multiple times on the same property. Ker ching Thank you very much.

Rather than reducing the price of the property at the bottom of the chain it could be better and quicker to get the work done and the guarantee in place.

Seems as if the Mortgage/Bank of buyer at the bottom wants to know the property they are lending against is ready for Re-Sale if they get into a Repossession situation.

So a reduced selling price isn't going to give the Bank the reassurance they are asking for.

With the work done and guarantee in place the buyer at the bottom of the chain and the seller of the property should be in a better position.

Also if the buyer has trouble getting a Mortgage on the bottom of the chain from one leander the property will then (often not always) have "Flag" put on it and other Mortgage Lenders could demand the same provision be put in place.

Mortgage Lenders want to really know 1) if there is a problem with the Borrower being able to pay can they sell the property for enough to cover the "money" they have in it 2) At This Time can the person/people borrowing the money afford to make the payments.

Understanding that Lenders to First Time Buyers are stricter as the Lender will often have very little wriggle room if the Borrower can't keep up the payments and they have to go down the Repossession route may help you understand why I'm suggesting the Damp Work is done and proof /guarantee provided to the leander/Bank might be the quicker way forward.

As it's not your property that needs the work I'm not sure how you will help the sellers at the bottom of the chain move the sale forward but I hope you can.

Good Luck and all the best for you move.

Thank you that's what we can't understand the owners knew about this damp about 7 weeks ago we keep saying why didn't they get it done we would have been moved now the funny thing is they are in the building trade unbelievable

Fernhillnana

Our house purchasing system is completely broken. Only the surveyors and lawyers support it to their own benefit. Surveys can be done multiple times on the same property. Ker ching Thank you very much.

they have had 4 surveys done now and the bank still isn't happy

Using an online company to buy your place means you will be offered alot less for the property.

I know someone who enquired about this. The company has to make its money somehow

House sales normally take on average 5 months to complete. So although yours is taking longer than anticipated, doesn't mean it won't happen soon. If I were you I would stop phoning those responsible as they will contact you when there is positive news. Like others have said, it causes you more stress., but doesn't move things along any quicker. I know these things because I have bought and sold at least 20 tines in my life time for various reasons. Good luck with your move which I'm sure will happen soon.