Made great offer - accepted - now seller making us wait until mid-2009!

Legacy_user

Made an offer on house 5K below asking over 2 months ago.

Have paid surveyor & solicitor fees totalling to £500 (and another £600 over the next few weeks for searches etc.)

Just received initial paperwork from sellers solicitors (which took 6 weeks for them to complete!) & they have stated that they do not want to move out until mid 2009!

Since making offer house prices have fallen even further. Am worried because if they improve next year the seller has oppotunity to bail out or renegotiate price, and we're stuck with over £1000 fees.

We don't mind waiting, as it will give us an opportunity to save up some more for the deposit. We just want to ensure sale is finalised so they cannot back out. But the sellers seem to be taking things very slowly. They have also gone with a no-sale no-fee solicitor.

What can we do?

Datasafe_2

What would I do? Instruct my solicitor that I want completion within 6 weeks or I will pull out. Waiting untill mid 2009 is clearly taking the pee, and by then you will have lost a lot more than the 1k you have put in so far.

PasturesNew

What if prices fall in that time by £50k?

domcastro

pull out and put offer in in February

huntersc

With that kind of attitude I would demand a £30k drop and pull out until I'm offered it. Don't let them play this game when you're the one in the good position.

mizzbiz

Exactly as Datasafe said.

Perhaps they are hoping the market will rise and will gazump you but until they know which direction it's going, you are their security deposit. If they put it on the market next year, then they'd probably have to take an awful lot less if things continue to slide. Thanks to you, they don't have to worry about that.

6 weeks or no deal, or £1k off for every week you have to wait to move in thereafter :-)

Why didn't they mention this little clause whn you made the offer, or even before? If i'm honest, I would run, run run if I were you and thank yourself lucky you lost a grand only!

olly300

Get in touch with your solicitor on Monday and tell them that the sale should be completed within 6 weeks or you will pull out. Tell your solicitor the other side have until Thursday at 5pm to come back to you with their decision otherwise you are pulling out.

I would also contact their estate agent on Monday as well. Tell them the sale is not going through because the other side are delaying completion for 6 months, and you can't wait that long so you need to start viewing more properties. While the estate agent works for the vendor they only get paid 2-3 months after the property purchase is completed. They will get in touch with the vendor as this means they won't get paid.

Cat695

I have to say what a prat the seller is.....just walk away

This credit crunch/ house price drop is really sending people dolally

ManAtHome

You've paid for surveys etc and are in no rush to move, so just leave it on hold - nothing to stop you revising your offer or walking away when it comes to the crunch.

teabelly

Have they said why they don't want to move until mid June? Is there a good reason why they can't rent for 6 months instead? I'd find out the answers to the above questions first then decide what to do from there. You could suggest they either complete by mid december or you will offer less if they wish to defer completion until mid June. Also your mortgage offer if you are not porting your existing one will have expired by next year and I'd imagine the lender could want another valuation too if the gap between negotation and completion is so long. I don't know whether you could or should insist on exchanging now to lock in the price you agreed. If they won't do this then they are probably hoping to get more so walk away. It may be a useful way to see what is in their mind. If they agree to it then there is probably a genuine reason why they don't wish to move out until June but whether you should commit yourself is another matter.

Have a look around and see what else is available at the price you were considering paying. If there is plenty of choice then have a look at a few others before making a decision. If not then it might be hobson's if you really want to move.

hethmar

What a bloody cheek. Did they not mention this until now!!