What should we do?

haras_nosirrah · 1 December 2009 at 6:10PM

We got a call from the estate agent today telling us that the people we are buying from have pulled out of their property (the 6th one they have lost/ pulled out of) but that they are prepared to go into rented as they don't want to lose us as buyers. We are first time buyers with no chain but were hoping to exchange asap (we are ready) and complete in the second week of January (we found the property in September)

The vendors now don't want to exchange until the end of January. Apparently their solicitor is moving office and he doesn't want to exchange for that reason.

We are fortunate that we can be flexible with moving in dates but we are concerned about leaving it yet another 2 months to exchange

Should we put our foot down and say we need to exchange soon (we are going on holiday in for 2 weeks on Monday and don't want to worry about it) or should I allow them to delay?

What do you think we should do?

tomstickland · 1 December 2009 at 6:20PM

I'd suggest waiting.

Fire_Fox · 1 December 2009 at 6:21PM

When does your mortgage offer expire? Always a good bargaining tool.

tek-monkey · 1 December 2009 at 6:33PM

Also what is the value? Doesn't stamp duty come back in next year for 125k+ places?

haras_nosirrah · 1 December 2009 at 6:59PM

Thanks for the responses

We are buying at 180k so stamp duty won't affect us, however as we were originally meant to be moving in before Christmas we are going to be hit by the vat and also the property searches run out on 29th december so we will be clobbered by that too. Mortgage offer is valid till May so no problem on that front

Where I am concerned is that the exchange / completion has been put back a few times now and the fact that we are ready to exchange and they want to put it off for 2 months makes me wonder if they are going to try and find something else to buy which puts us back in another chain with another 3 months to go, or alternatively if they don't want to rent will they turn around and go 'we can't find anything so we are staying put.

I may be worrying over nothing but we have invested a lot of time and money into this and I can't bear the thought of me and my partner losing this house. It is the only one we have seen that we like and we started looking in Dec 08.

The only question I have is why can't they exchange with us now and complete in feb if that is what it takes? We don't want to come accross as impatient but I just want to know it is mine so I can allow myself to start planning.

bitsandpieces · 1 December 2009 at 7:14PM

haras_nosirrah wrote: »

The only question I have is why can't they exchange with us now and complete in feb if that is what it takes? We don't want to come accross as impatient but I just want to know it is mine so I can allow myself to start planning.

That's what I was thinking. If they're definitely wanting to complete in Feb, why not exchange ASAP? If their solicitor is not exchanging any contracts for almost two months while moving office, I don't see that as esp impressive :eek:

dander · 1 December 2009 at 7:25PM

How about suggesting the exchange is moved forward so it's before the solicitor moves, rather than after. If nothing else it should give you an idea about whether this is really the cause of the delay or whether the sellers are messing you around.

haras_nosirrah · 1 December 2009 at 7:28PM

This is just the information we have been given by the estate agent. I have asked my solicitor to confirm things tomorrow with the other side.
There is no suggested completion date at the moment. It was January but if they want to find something else then it could be doomsday. My guess is that they don't want to exchange as they would then have to agree a completion. We have already waited 3 months, which I know isn't horrendous by many standards, but it is just that we can't make any plans until we exchange. grrr so frustrating.

Fire_Fox · 1 December 2009 at 7:50PM

haras_nosirrah wrote: »

Thanks for the responses

We are buying at 180k so stamp duty won't affect us, however as we were originally meant to be moving in before Christmas we are going to be hit by the vat and also the property searches run out on 29th december so we will be clobbered by that too. Mortgage offer is valid till May so no problem on that front

Where I am concerned is that the exchange / completion has been put back a few times now and the fact that we are ready to exchange and they want to put it off for 2 months makes me wonder if they are going to try and find something else to buy which puts us back in another chain with another 3 months to go, or alternatively if they don't want to rent will they turn around and go 'we can't find anything so we are staying put.

I may be worrying over nothing but we have invested a lot of time and money into this and I can't bear the thought of me and my partner losing this house. It is the only one we have seen that we like and we started looking in Dec 08.

The only question I have is why can't they exchange with us now and complete in feb if that is what it takes? We don't want to come accross as impatient but I just want to know it is mine so I can allow myself to start planning.

I think you should state in writing to the vendors (hand deliver to estate agents) that you have been very patient to date but that it is completely unacceptable to delay exchange once again. You should suggest that exchange and completion are brought forward to before the end of the year, otherwise you will be reconsidering your position. Point out the extra charges for searches and on stamp duty and say you are unwilling and unable to bear these extra costs.

I don't think that is impatient, I think you are having been given the runaround and you need to get tough. The vendors have incurred costs too, they won't want to lose you. The solicitors must be doing some work whilst they are moving offices, court cases don't just stop, otherwise the vendors can find a new solicitor! Once you have delivered the letter DO NOT chase for a response, the vendors will need a day or two to scrabble around sorting out their solicitor, and you don't want to appear desperate.

haras_nosirrah · 1 December 2009 at 8:37PM

Fire_Fox wrote: »

I think you should state in writing to the vendors (hand deliver to estate agents) that you have been very patient to date but that it is completely unacceptable to delay exchange once again. You should suggest that exchange and completion are brought forward to before the end of the year, otherwise you will be reconsidering your position. Point out the extra charges for searches and on stamp duty and say you are unwilling and unable to bear these extra costs.

We will be definitely requesting that they pay to renew the searches. Judging by the number of properties they have tried to buy they must have stacks of money - we couldn't afford the crazy number of surveys and stuff

It really did seem an odd thing with the solicitor - as most people will be wanting to complete before the end of the year because of stamp duty I wouldn't have thought he would be able to shut down for a month - will see what tomorrow brings. My solicitor didn't know anything about it. We have even sent in the deposit so we were really ready to go.

Should we get the deposit back from sol or leave it there till we know what is happening?

Fire_Fox · 1 December 2009 at 8:45PM

If you request that the vendors pay to renew the searches (a) you are telling them that exchange and completion next year are acceptable and (b) giving them option of declining your request. GET FIRM AND START DICTATING TERMS!

What should we do?

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