Seller keeps changing Completion date any options?

petebrit

A quick summary.

Original suggested date for completion 31/10/2008 our buyer was happy with this but the owner of property we are buying is part of some kind of chain on his new house, so could not do that date. His soliciter suggested 14/11/2008 as possible completion date. Found out today they have now suggested 21/11/2008 but cannot be certain yet as a few small problems to resolve on his purchase. Will not know till next Monday-Tuesday. if this is still on.

Main worries are our buyer will pull out although at moment they are sympethetic. But biggest fear is xmas is coming we have had to hold off buying pressies we have 5 children new schools are ready to go but too far to travel until move. Is the seller stringing us on?

If we pull out and sell our property then rent somewhere will we have to pay the seller any money?

If we rent and sell our house how quick can you rent a property?

Thinking of saying to our soliciter if they cannot complete soon we will rent sell ours, but is that cutting our nose to spite the face?

Is it best just to ride it out?

If next week they say we can't do the 21/11 we suggest 28/11 are they just taking the mikey?

Sorry for ramble but its making us ill xmas is normally special with kids in our house as me any my wife had bad xmas experiences so we like to make a fuss for our children. Don't want it ruined...

So to summarise is renting an option? and is it quick to do? We would lose obviously our mortgage survey on his property but could he claim other money.

As far as we know he could feasibly move to another property(girlfriends) but wants to press ahead with completing on his new property at same time.When we viewed property he was dead keen to sell only was there at weekends as worked away in a new area of country so is moving there.

Is he just stalling till next year? Our soliciter says dont know the exact reason he can't complete but says it should be ok.


Any advice greatfully received I know a boring long post. Am made up with man flu!!!

tinkerbell84

Have you exchanged contracts?

petebrit

tinkerbell84 wrote: »

Have you exchanged contracts?

No not yet again soliciters saying they dont want to exchange until certain seller can move..

Incisor

Put aside your feelings about christmas, unless they are really worth more than everything at stake here. Take a look at the rental option and think through whether it would work for you. If it would, then set a deadline on your seller, be perfectly straight, you are going to go to rented if completion is not before a certain date. Then rent and exchange with your buyer.

As an added bonus, tell your seller that you will have a much stronger position as a buyer when you are renting and that you will drop your offer by the cost of 6 months rent if you have to move into rented.

He might even take your cue and sell to you and do the same to his seller. Get moving on this now and you should have a good Christmas.

petebrit

So if I set a deadline and move into renting, will i be liable for any costs to the seller? If i have seen a rentable property is the renting aspect a quick process?

Thanks again.

Sonofa

You have no obligations to your seller until you exchange contracts.

Incisor

You only become liable to the seller when you exchange contracts.

Ideally, the tactic is a bluff which either makes your seller get a move on, or if he sees through it, he then uses it to move the rest of the chain on or carries out the threat himself. If you set out to rent, you can probably start from zero and move in within a fortnight. But you do need to understand the process and understand how much you commit in terms of deposits and fees - and of course understand the timetable of when you become committed and how you switch from becoming committed to buying to becoming committed to renting. Believe me, if you do rent and have a mortgage in the bag, you become a VIP buyer. Plus if you can offset your mortgage and the interest on your equity against the rent. OK, it may cost you, but it beats a bridging loan.

petebrit

Useful information hopefully the seller pulls their finger out and exchanges, but i think weighing up rental options makes sense. I am just a bit of a worrier! We have seen some rental properties in same area at a lower monthly fee than the mortgage we would be paying. As mortgage we went for was fixed rate so might be better off renting for say 6mths property may well be cheaper then..as our mortgage offer we have is at 6.00% for 3 years.. which in light of interest rate cuts is perhaps daft..