Offer letter - if you were a vendor would this put you off?

Doozergirl

Much better! I'd be fine with that if I read it.

Honestly though, you are potentially setting yourself up for a fall with this target date for completion when there isn't even a full chain at this point.

What happens if one party genuinely can't move until the middle of August because their kids finish school at the end of July and they're heading straight off on their holidays? What do you do then?

That's one way that vendors might have control over the completion date but it isn't exactly fair to make demands on them. The other is simply that conveyancing isn't finished - you nor anyone else in the chain can control that. All you can do is return documents when asked and chase for updates every so often without driving the solicitor insane.

Be mindful that simply because there might be agreement on a date between people, it doesn't mean it will happen because it's not you running the show. And if it doesn't, you can't really start blaming people! You're setting a relatively tight deadline already.

The most sensible thing that someone in rented accommodation can do is go for four weeks between exchange and completion in order to give them time to give proper notice on their property once the sale is formally agreed by form of contract. Rather than making themselves homeless on a specific date because it suited them. If it's delayed, you've put yourselves under un-necessary pressure, not any vendor.

ukmike

That a sold sign is placed at the property within the next 48 hours.

It's not sold till contracts are exchaged so i doubt they will do that.

Hippychick

Thanks, just thinking about it i'm now not sure I even need to put the offer in writing. I only thought of doing it that way to include evidence of the deposit and mortgage, but if we say we'll supply it if the offer is accepted then it may be better over the phone!!

Thanks everyone anyway.

Edit: I am well aware that completion dates quite often don't happen the way you want it to, but surely there is no harm advising them of our preferences at the beginning? Our letting agents are ones that will probably insist we sign a new tenancy agreement rather than letting it roll onto periodic so we need to have a back up plan in place I suppose.

I don't see anything wrong in asking for the house to be taken off the market, surely the sold sign is to indicate it's sold subject to contract.

devon007

ukmike wrote: »

It's not sold till contracts are exchaged so i doubt they will do that.

If you have a look at a SOLD sign they nearly all still bear those tiny letters STC - subject to contract

devon007

Hippychick wrote: »

Thanks, just thinking about it i'm now not sure I even need to put the offer in writing. I only thought of doing it that way to include evidence of the deposit and mortgage, but if we say we'll supply it if the offer is accepted then it may be better over the phone!!

Thanks everyone anyway.

Edit: I am well aware that completion dates quite often don't happen the way you want it to, but surely there is no harm advising them of our preferences at the beginning? Our letting agents are ones that will probably insist we sign a new tenancy agreement rather than letting it roll onto periodic so we need to have a back up plan in place I suppose.

I don't see anything wrong in asking for the house to be taken off the market, surely the sold sign is to indicate it's sold subject to contract.

I can only see it from a seller's point of view and a conveyancer's point of view but I would LOVE IT if a buyer came along like you! Make sure any offer letter is headed Subject To Contract. And I actually think putting your cards on the table ahead of time is a great thing to do as it provides clarity to the chain. If it is not done in a hardnosed way I think most of my clients would welcome the information as it does tend to focus the chain (although having said that you always come across clients who want everything their way, regardless of anyone else's needs in the chain ).

Are you not in touch direct with your Landlord? If you are, can you not explain to him/her and see what he/she thinks about you "holding over" (a month at a time after expiry of notice) on your tenancy IF there are any completion problems. Although rental property seems to be at a premium everywhere I am sure your Landlord would prefer not to lose rent/have an empty property if he/she could help it and if you have been exemplary tenants he/she may be more likely to be amenable than the agents!

Hippychick

devon007 wrote: »

Are you not in touch direct with your Landlord? If you are, can you not explain to him/her and see what he/she thinks about you "holding over" (a month at a time after expiry of notice) on your tenancy IF there are any completion problems. Although rental property seems to be at a premium everywhere I am sure your Landlord would prefer not to lose rent/have an empty property if he/she could help it and if you have been exemplary tenants he/she may be more likely to be amenable than the agents!

Unfortunately our landlord is abroad and is the kind of guy that seems to do everything by the book. I would imagine they may want to remarket it if we rolled onto a periodic and we would have to leave if they find new tenants. It is certainly an avenue we will explore though, alternatively we can put everything in storage and live with the in laws but thats our least favourite option!

Sammy85_2

If i received that letter, i would probably reject it pretty shortly after reading (unless the offer is for alot of £'s!!)..

I think its acceptable to ASK them to stop marketing but demanding is too strong an approach. If you insist on this point, then you should start the survey. This would show that you too are serious about buying. By asking them to remove from the market they are taking all the risk of the chain breaking down. They may lose potential buyers if you back out.

Explain your position, but no need to attach the proof, just offer to provide it if they require confirmation.

If you're making a substantially lower offer than asking price then i'd breifly explain why. (works that need doing, falling market etc etc).

In my experience, the Seller is more likely to be receptive to it if they can sit down, read through the offer and think "yes thats true" or "no its not" to each point.. If you give no reasons they may think you're just a cheeky begger trying it on.

Completion dates and the progression of the chain are something that once started neither parties have a huge amount of control over. You cant guarantee that your bank will lend the amount you offer; they cant guarentee that the chain will work out.

I would start searches as soon as you know that the buyers have the offer on their next property sorted.

They're not particularly expensive in comparision to everything else (ours were £60) and you'll only slow the chain down by hanging about.

Besides, you'll already have appointed your solicitor shortly after offer is accepted. They will already be working on getting vendor paperwork done (fixture/fittings etc) and you'll be liable for (at least part of) their service costs already, so they may as well get on with the searches.

As for your part about renting, any good agent will know that a standard AST falls onto periodic at the end of the fixed period. Again, they may think you're trying it on or being unreasonable.

Rather than this pushy approach, try to make your position clear and appealing "FTB, mortgage in place, can move quickly if required or at the sellers pace"

You can always mention your ideal date for completion, but i wouldnt force the issue at this point.

Whilst many say it is a buyer's market, this is only true if the seller is desperate to sell. Unless you know that your seller is in this position i wouldnt push it, you might shoot yourself in the foot.

Good luck



EDIT: Took me so long to post that there has been loads of posts in between! Your amended letter is better though.

If you dont give notice to quit at your rented house, then you'll fall onto rolling. Your LL will have to give you 2 months notice to get you out, which will give you the breathing space should the completion date on your new house be delayed. As soon as you have a firm-ish date for completion, you can give your 1 months notice.

ellersb

Hippychick wrote: »

I don't see anything wrong in asking for the house to be taken off the market, surely the sold sign is to indicate it's sold subject to contract.

You're right, the agent will put up a SOLD (teeny letter: subject to contract) sign - ours went up same day we accepted.

Strapped

Hippychick wrote: »

Unfortunately our landlord is abroad and is the kind of guy that seems to do everything by the book. I would imagine they may want to remarket it if we rolled onto a periodic and we would have to leave if they find new tenants. It is certainly an avenue we will explore though, alternatively we can put everything in storage and live with the in laws but thats our least favourite option!

I'd say that, in order to put yourselves in the best possible position, I would sort out your tenancy issues ie either decide to pay another 6 months or go periodic and take the risk that you may have to "in-law-it" for a while. In general, having a specific requirement (eg completion before x date) costs you money as people have something to bargain with. I wouldn't mention it, as it's highly unlikely that you will achieve it if you still have to find a property and then the chain complete.

Hippychick

Thanks Sammy, we aren't really interested in making silly offers and messing people about, certainly we are looking at properties north of 200k so are fairly confident that vendors would be interested as we have nothing to sell.

Taking everyones comments on board we will now probably just make an offer over the phone and supply evidence when requested. The searches we can take from the HIP and purchase search indemnity (which I know the lender will accept) so no delay there if we don't do that straight away.

I don't think it is unreasonable to wait for the chain to be completed until we pay for a survey. I don't want to pay £500 then find the vendor has changed their minds about selling because they haven't found anywhere they like! Failing that we may be fortunate and find a vendor with no chain which is ideal.

Our solicitors offer a no move no fee deal and I know them very well so I doubt they will mind if I chase a little, also we won't get charged if it all falls through so no concerns on that point. In fact instructing the solicitors to commence work will certainly show good faith on our part even if it won't cost us anything until we exchange.