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I assume this is part of the fact the agreement is informal - it has to be formally denied and you have to state in writing that it doesn’t exist.
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informal guarantee letter written, signed by all parties, cool
I'm no solicitor, but I'm going to have a guess at saying it's not cool, and could lead to all sorts of problems if things go wrong elsewhere. If you're not doing things through your solicitors, you probably shouldn't be doing them.
NickCJ
NotThamesWater
@notoriousBMT
JFC.
Our vendors want to complete while we are out of country - we are first time buyers, currently renting, there may be some overlap with our last month's rent and first month of mortgage, so vendors made offer of a small lump sum to facilitate earlier completion than we wanted (we wanted to complete when we came back).
Fine.
Solicitor tries to do it as allowance, but broker points out that will take us over 90% LTV so the solicitor says no, can't be done that way. OK. Explain to vendor. Discuss via estate agent. New offer made, informal guarantee letter written, signed by all parties, cool.
But, now an email from our solicitor saying vendor solicitor has emailed them to say they are aware that we no longer wish to proceed with the agreement, can we confirm as this is only thing preventing exchange.
WTF. No. Why are these people telling their solicitor when they surely know they are meant to be doing this on the QT.
All the stress that left my body yesterday has returned... Estate agent for vendors now frantically trying to get vendors to guarantee to us that the agreement does still stand.
Rant over.