help

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.

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

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!

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

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

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

Germanshepherdsmum

Don’t hold your breath!

i agree !!

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

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

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

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

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.

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}

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.

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

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.

Don’t hold your breath!

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

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.

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.

Hope not

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

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.

midgey

Take a deep breath and have a cup of tea (or something stronger!)

I think i need something stronger or some sleeping pills!! i just wish the bank knew the stress it is causing i'm too old for this

i only called 4 times that day because i couldn't get to speak to anyone i normally call once a day iv'e done my call for today but got no where even by asking to speak to a supervisor i really don't think anyone can do anymore i kept telling my solicitor for 2 months to check the lower mortgage but he kept saying we nearly ready to talk about dates i told him about the damp he kept saying no one has told me about it lets just keep quiet i kept on telling him to check but he didn't