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Can vendor move out AFTER completion date?

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  • dimbo61
    dimbo61 Posts: 13,716 Forumite
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    So what is stopping the exchange from taking place on the 23th ?
    Can the vendor you are buying from move into rented if he wants to sell ? ( or a hotel for a few days)
    £1460 is a lot of money to pay in TAX when you dont need to.
    Get on the phone to the EA and solictor and tell them the deal is off if not completed by the 23rd
    SEE WHAT HAPPENS !!!
  • Strapped
    Strapped Posts: 8,158 Forumite
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    Just put pressure on the vendor to complete by the 23rd. Hint that you may not be able to afford the purchase if it doesn't happen by then.

    We had a similar situation involving early redemption fees on a ported mortgage which meant we had to complete by a certain date, or lose about £4k. We ended up paying the vendor £1k to move into rented for a couple of weeks. But in your case, £1.5k is less to play with.
    They deem him their worst enemy who tells them the truth. -- Plato
  • Yorkie1
    Yorkie1 Posts: 11,555 Forumite
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    kozera wrote: »
    Spoke with the solicitor - still no info as to at what stage the vendor is with their purchase or they preferred completion date but was told that he will aim to make the vendor pay the stamp duty. Looking at some posts in here reg. this- it does not look like it will be easy to achieve. :o I also mentioned I would like to re-negotiate the price if completion does not take place on 23rd but was advised to speak with the EA...

    Ask your solicitor to advise you about related transactions / gifted deposit rules.

    If the seller is paying part of the transaction, I believe it a) has to be reported to the lender, and b) is relevant for tax purposes.
  • caeler
    caeler Posts: 2,605 Forumite
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    I appreciate at the time you were not aware of the stamp duty holiday but I'd be furious if the EA and/or the solicitor had not been looking at this on my behalf. I think quite rightly you would expect to have been fine with a 5 month period to exchange and complete in so had no reason to consider it a big risk. Time to be a stubborn buyer perhaps?
  • steve1980
    steve1980 Posts: 2,334 Forumite
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    caeler wrote: »
    I appreciate at the time you were not aware of the stamp duty holiday but I'd be furious if the EA and/or the solicitor had not been looking at this on my behalf. I think quite rightly you would expect to have been fine with a 5 month period to exchange and complete in so had no reason to consider it a big risk. Time to be a stubborn buyer perhaps?

    The agent is not at fault. They have done their job finding a buyer. All sales chasing is essentially carried out free of charge by the EA.

    Any change or adjustment in the price should be confirmed and passed by the solicitor, not the agent. That's a cop out from your solicitor.
    Estate Agent, Web Designer & All Round Geek!
  • terryw
    terryw Posts: 4,396 Forumite
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    steve1980 wrote: »
    The agent is not at fault. They have done their job finding a buyer. All sales chasing is essentially carried out free of charge by the EA.

    Any change or adjustment in the price should be confirmed and passed by the solicitor, not the agent. That's a cop out from your solicitor.

    A matter of opinion Steve. The agents have not found a "buyer". They have found, at best a "potential buyer".

    The expectation of completion by a certain date as specified by the seller should have been made perfectly clear to the potential buyer when the offer was put forward to the seller.
    "If you can bear to hear the truth you've spoken
    Twisted by knaves to make a trap for fools"
    Extract from "If" by Rudyard Kipling
  • steve1980
    steve1980 Posts: 2,334 Forumite
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    Was an end date even mentioned?
    Estate Agent, Web Designer & All Round Geek!
  • sabretoothtigger
    sabretoothtigger Posts: 10,035 Forumite
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    Buy the house vacant, get the keys. Let them back in as your house guests :D Have them sign some sort of agreement for rent of the time needed, you can decide if you want to refund that back also as goodwill
  • eddddy
    eddddy Posts: 16,442 Forumite
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    steve1980 wrote: »
    The agent is not at fault. They have done their job finding a buyer. All sales chasing is essentially carried out free of charge by the EA.

    Any change or adjustment in the price should be confirmed and passed by the solicitor, not the agent. That's a cop out from your solicitor.

    Steve - are you really an EA like it suggests in your sig?

    Of course it's part of the EA's job to chase the sale through. That's a big piece of what you pay them for. I would not touch an EA with a bargepole who suggested otherwise.


    (It's also a good reason to be very wary of low cost, fixed price, web based EAs. They have no incentive to chase the sale through. "No sale, no fee" works as a great incentive for the EA.)

    Also, I don't think a solicitor is the right person to conduct a price negotation. They are lawyers, not negotiators. And they tend to charge £200+ per hour for their time.
  • steve1980
    steve1980 Posts: 2,334 Forumite
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    eddddy wrote: »
    Steve - are you really an EA like it suggests in your sig?

    Of course it's part of the EA's job to chase the sale through. That's a big piece of what you pay them for. I would not touch an EA with a bargepole who suggested otherwise.

    (It's also a good reason to be very wary of low cost, fixed price, web based EAs. They have no incentive to chase the sale through. "No sale, no fee" works as a great incentive for the EA.)

    Also, I don't think a solicitor is the right person to conduct a price negotation. They are lawyers, not negotiators. And they tend to charge £200+ per hour for their time.

    12 years. Check an agents contract. The fee becomes payable on exchange of a buyer who has proceeded through the agency. You will actually find no mention of sales chasing. Yes an agent does it BUT you actually pay your solicitor to run the sale, not the agent.

    It always make me laugh when people phone up and ask what's going on. I always ask them if they've spoken to their solicitor as that's who I get the updates from.
    Estate Agent, Web Designer & All Round Geek!
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