Are these delays realistic for contract exchange?

[ADAVIDH]

I accepted an offer on my leasehold flat in September 2018. We were not in any rush to sell as we had tenants. The buyers blamed Brexit for delays in accessing their pension funds then stated they needed a small mortgage (they said they were cash buyers at the time the offer was made). Roll forwards to January 2021, solicitors engaged...they were due to exchange contracts then but said their mortgage expired 31/1/21 so they had to apply for an extension (the reason for not exchanging was due to COVID 19 isolation). This was verbally granted until 31/3/21 and the buyer confirmed with the estate agent that the official approval had been given and he would inform his solicitor. That was last week and the buyer is now saying he cannot get hold of his solicitor. The deal has therefore been 2.5 years in the making and Brexit, COVID lender, solicitor have all been used as excuses as to why they couldn't settle. I have been thinking for a while that they must be trying to buy another property as there's no logical reason why they would engage a solicitor who has said he has all the information he needs to exchange contracts and then he suddenly not available....can anyone shed any light on why the buyer and/or solicitor is just not telling me they no longer want to proceed? The estate agent claims they are serious buyers yet it's the sell side that seem to be doing all the chasing.

 

[Veronica]

Has a down payment been made? If not I put it back on the market with a new agent. Any agent worth their slat would have continued to market it until contracts have been exchanged as these buyers sound like dreamers to me with no real ability to complete on the purchase.

 

[Dora Wi]

I think you should try to confront them, maybe say you will put it back on the market if this doesn't go through soon - maybe then they would be more honest about whether or not they want to proceed? It's possible that they still want it and they are just wasting time, but you are right, this seems like an awfully long time.

 

[ADAVIDH]

Has a down payment been made? If not I put it back on the market with a new agent. Any agent worth their slat would have continued to market it until contracts have been exchanged as these buyers sound like dreamers to me with no real ability to complete on the purchase.

They have paid the deposit and it's sitting in the estate agent's trust account. We just get radio silence from all parties. Their solicitor stated there are no outstanding issues a few weeks ago. Now the buyer is saying their solicitor is not answering their calls so, if we believe them, then it's now the solicitor who is delaying. I can't understand why a solicitor would delay contract exchange if he has all the information required.

 

[Dora Wi]

They have paid the deposit and it's sitting in the estate agent's trust account. We just get radio silence from all parties. Their solicitor stated there are no outstanding issues a few weeks ago. Now the buyer is saying their solicitor is not answering their calls so, if we believe them, then it's now the solicitor who is delaying. I can't understand why a solicitor would delay contract exchange if he has all the information required.

Are there any updates on the situation? Has the sale moved forward since?

 

[ADAVIDH]

Are there any updates on the situation? Has the sale moved forward since?

We pulled out of the sale. Their solicitor didn't seem to understand this upon notification and said they expected official confirmation of the mortgage extension this week (this was after being told by the buyer that they had received it 2 weeks prior).