What to do next

[jubi]

Hi I hope somebody can help me with this query. I was left land 12 years ago and 6 months ago a neighbour said they were interested in buying it. Deposit paid and then they stated that finances were in place. They asked could they get on and clear land and we allowed them to as an act of faith. We were informed everything progressing and now we have found out one of the buyers needs to still get loan from bank for their half and is awaiting confirmation from bank. I am wondering if there is anything i can do bearing in mind we know them on a personal level. Any advice would be welcome.
Thanks

 

[mf1]

"I am wondering if there is anything i can do bearing in mind we know them on a personal level."

Tell them that you would really like to finalise the deal, that you have a concern about them dealing with the land when they have not paid for it and that you would prefer them to leave the land until the deal is done and the money is in your account.

It is cheeky in the extreme for a purchaser to cajole their way onto land when their finances are not in place. If their funds are all but ready to go this will be a temporary blip for them. If there is a real issue, then better that they have to focus on it now than that the situation drags on and ultimately collapses.

mf

 

[johnnyg]

what kind of work are they doing on the land, if the deal collapses you could be held liable for the cost of the work as it is still your land, I would have my worries about the neighbour, it doesn't take 6 months to get your finaces organised, also be careful that they are not making money from the land while it is still yours...if it does collapse, then they have made money and you'll incur loss, get your solicitor to write stating that you want the deal closed within the next 4 weeks and that all work on the land is to stop, until contracts are signed and loan approval has been got...i know you said that you know them on a personal level, but they seem to be taking you for a ride...hope it works out

 

[jubi]

Thanks for your reply. I have decided to speak to them on Thursday. I keep thinking they are going to pull out of sale but then i think if they were going to, they would tell me. I suppose i just will have to wait and see. Thanks once again.