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Seller now wanting to tie in with his purchase
mustang1
Posts: 252 Forumite
I am so annoyed. I am a FTB and everything has been going too smoothly on my flat purchase. It was agreed at the outset that the seller was happy to move into rented whilst he looked for somewhere else to buy as he didn't want to be rushed into buying anything.
We're now about 6 weeks into the process and I've been pushed to exchange ASAP. I transferred deposit money last week and we are now ready to exchange - my signed contract is on its way back to my solicitor. This morning, I've been told that my seller now wants to delay exchange until his purchase is ready. This is the first I've heard of him having found somewhere else and the agent says he only had his offer accepted last week!
My mortgage offer is only valid until the beginning of August and I have to give a month's notice on my current flat which I don't want to do until I have exchanged. This basically only leaves 2-3 weeks for his purchase to get sorted out - very unlikely.
I guess there's not much I can do at the moment although I have expressed my annoyance as I just want to get on with it and do what he agreed in the first place.
Anybody else got any ideas which may help?
We're now about 6 weeks into the process and I've been pushed to exchange ASAP. I transferred deposit money last week and we are now ready to exchange - my signed contract is on its way back to my solicitor. This morning, I've been told that my seller now wants to delay exchange until his purchase is ready. This is the first I've heard of him having found somewhere else and the agent says he only had his offer accepted last week!
My mortgage offer is only valid until the beginning of August and I have to give a month's notice on my current flat which I don't want to do until I have exchanged. This basically only leaves 2-3 weeks for his purchase to get sorted out - very unlikely.
I guess there's not much I can do at the moment although I have expressed my annoyance as I just want to get on with it and do what he agreed in the first place.
Anybody else got any ideas which may help?
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Comments
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As a FTB you are in the driving seat IMHO.
Let every one know that you have until the end of July say otherwise you will not be able to proceed and the vendor will lose his sale. Keep phoning solicitors to make sure things are moving as fast as poss. Be a (nice!) pain in the rear and they will work like hell to get rid of you !
Can you contact the bank and explain the situation, and maybe ask for a small extension to the mortgage offer ?0 -
I'd ask his EA to point out to him that your mortgage offer is valid until the date in August - knowing how difficult it is to secure a mortgage, he must seriously consider exchanging now with a set completion date nearer to the expiry of the mortgage offer (preferably tying in nicely with the date you need to give notice on your rented place) if he actually wants the guarantee that you will be able to buy his place.Everything that is supposed to be in heaven is already here on earth.
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But don't push it too much. It is normal for a sale and a purchase to go through together, and for a firm offer not to be made in this climate until the sale is proceeding.0
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Thanks for the replies guys.
I know it is normal for a sale and purchase to go through together but was assured at the outset that he would move into rented as he hadn't even worked out what he wanted to buy or started looking at anything!
I guess I can have a word to the bank if need be to extend the offer but I'm slightly worried that rates are going to go up a little bit soon.
Guess I'm just a bit narked as I thought we were nearly there and now he's done a bit of a U turn over the whole thing. I'm going to be quite forceful about it but not too pushy! As long as he doesn't try and gazunder me too!
And there I was thinking it was all going so smoothly - naive FTB I guess :rolleyes:0 -
There's no such thing as a smooth house purchase.
But if you made your offer on the understanding the seller would move out and Exchange Contracts fast I would tell your solicitor to tell the seller's solicitor your offer is good till end of June.
So, Exchange by end of June, Complete end of July (one month notice on your rental + still within your mortgage period), or you will either withdraw and/or reduce your offer.
If he does not want to lose you as a buyer (he's found a house himself now? Keen to go ahead?) he'll negotiate.0 -
Its perfectaly doable with a good soliceter for you to be in before your mortgage offer expires. However is that the end of the chain? Is the property he is buying chain free, or are those vendors buying on, and so on?
I would ask for exchange now, with a completion in August, he can still tie in the sale, if hes quick.Pawpurrs x0
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