Someone up chain demanding very short completion?

1echidna

We are in a chain of six parties and five properties. We sold our house (STC), at the bottom of the chain, in April, and the chain took sometime to form and for the solicitors to complete their searches. It appears that everyone is now ready to exchange contracts early next week. However someone buying the last house in the chain wants a very early completion (7th August) and is threatening to pull out if they don't get their way. They have an issue apparently with their autistic children and a funeral. We haven't yet been able to get further details. Our preferred date is 28th of August due to my disabled father in law's care. Another relative who lives in France has flights booked to come over and look after him at that time. He lives about two and a half hours drive from us and can only manage a few days on his own. We therefore are away looking after him more often than we are home which makes it difficult for us to sort ourselves out very quickly.

There is the option of someone taking out a bridging loan but don't know how quickly this can be done. We have been told this may cost £1500 in arrangement fees plus interest.

I just wondered what people's reaction to our situation was and whether there are any conventions on disagreements on completion dates? In particular is there a norm of around 28 days and that (unless there are very good reasons indeed) it is very reasonable for us to stick to our guns to get the completion date that suites us?

Doozergirl

I think you need to try and find a date that suits everyone.

If the 7th of August is simply not doable then everyone may have to wait for the next suitable date for them - there will be a next suitable date, they just have to accept that. I doubt they will pull out - I used to get so bored of threats like that; I've personally never received a genuine one. If people are going to pull out, they generally just do it, they don't threaten people with it. Some people just seem to enjoy acting like petulant kids - they feel out of control and throwing their toys out of the pram seems to be their only way of dealing with it. This is a big chain, it was never going to be easy to agree a date.

I wouldn't go to the stress of bridging - it's expensive. If you did then I'd expect them to cough up for the extra costs.

Someone needs to talk to them sensibly about compromise - explaining properly and sending an apology may help. Try not to be confrontational about it.

DVardysShadow

There are no conventions. 28 days is the normal time specified in the contract within which completion is achieved - covering simultaneous exchange and completion right up to 28 days, although contracts can vary.

You have no more and no less rights to have your way over the actual date than the buyers of the top of chain. In your position, I would not be impressed by their hissy fit and would just lay out something like 'no sooner than 14 days', without specifying any closer.

The people having the hissy fit are the ones who would need a bridging loan - and this should not be too difficult if contracts are exchanged - it would not be an 'open' bridging loan because there would be a contract for the sale of their property. No matter how far up or down the chain you are, you should pass the message up that the people requiring their move by the 7th can solve their problem without needing your involvement. What it boils down to is that they are throwing a hissy fit rather than solving their problem with a bridging loan.

PasturesNew

My exchange/completion turned out to be 2 days apart... I wanted 2 weeks but as I couldn't find out what was going on (online conveyancing) I just let them work to the original preferred completion date and be done with it. Just wanted the sale to go ahead.

1echidna

Thanks for your replies. Very useful getting opinions on this. Whilst we appreciate that the party concerned are in all probability making empty threats, it does play on the mind. I think it reasonable that they explain their need for desperate haste a bit more. We are trying to be non confrontational and perhaps we can be a little more flexible and change arrangements a little to meet somewhere half way. The estate agents and lawyers will be discussing things further on Monday and we hope a clearer picture will emerge. This was very much sprung on us yesterday.

pinkdiamonds_2

If any of the chain are having to obtain mortgages then most lenders require a minimum of five clear working days between exchange and completion. This is to ensure time for the completion monies to be transferred. Some require a full week. It may, therefore, be worth asking your estate agent/solicitor if the 7th can even be met even if the chain agreed to this completion date.

Best of luck!

1echidna

Yes some of the chain are obtaining mortgages and our estate agent felt that the 7th was in no way doable from the point of view of the procedures. Thanks for the good luck wishes.

PasturesNew

I think one area that is lacking in house purchase is the lack of visibility of the two dates: exchange and completion. It all is just a big black hole with nobody knowing what's going on.

It's a shame there's no kind of "online calendar" where all involved parties can input yes/no days until matches are found. Then from those matches the final dates could be finalised by the usual (solicitors deciding) methods.

muskoka

Just a thought when it does come to moving day. If father in law needs someone to care for him ( no disrespect, I have no idea how disabled he is -alzeimers,whatever), could you speak to social services & he could go into interim care just or a day or two maybe whilst you move? Only an idea and maybe complete inappropriate.

1echidna

Thanks for the comments muskoka. My father in law is disabled with arthritis and takes a cocktail of painkillers. He is very slow and is a creature of routine but does manage to get slowly around the house but is exhausted after a few days of looking after himself. Whilst he is a fine and selfless man he is very obsessive about how things are done in his home and a nervous condition means he is in further pain with people touching him. Whilst my wife and her sister have tried to introduce people to do housework, meals and some personal care to lighten their load either they have not tolerated him or he has not tolerated them. I think he would rather face the consequences of trying to look after himself for an extended period and failing rather than go into residential care for a short period, even if this could be arranged at very short notice which I doubt. Old people can be a law unto themselves and the consequences of trying to force him to do things he does not wish to do would probably upset everyone and not actually accomplish anything other than perhaps destroying his happiness and dignity.

telfordwhite

pinkdiamonds wrote: »

If any of the chain are having to obtain mortgages then most lenders require a minimum of five clear working days between exchange and completion. This is to ensure time for the completion monies to be transferred. Some require a full week. It may, therefore, be worth asking your estate agent/solicitor if the 7th can even be met even if the chain agreed to this completion date.

Best of luck!

Not true, I have bought and sold 4 times with mortgages and have always exchanged and completed on the same day, with all the stress that goes with it mind....There has always been plenty of notice of the date though.