Vendors too slow, advice on how to proceed...

1echidna

lelole wrote: »

Maybe I have miunderstood the norm, but I thought that taking 6 weeks to find somewhere when you have agreed to find somewhere quickly, or rent is a bit unreasonable? My buyer has set the timescale but I don't feel that was unreasonable as they were clear upfront, and if we had not found this house we would on the way to exchange and into rented with no arguments.

Opinions are all different on these things and I appreciate hearing what you all have to say.

Thanks
lelole

I have to say that six weeks to find somewhere, survey, solicitors work, exchange and complete if that is what you are saying, sounds very tight to me although I suppose some people might take it on.

lelole

Hi 1echidna, why would I be impatient with you? You took the time out of your evening to tell me your thoughts on things to help me with my problems, and I appreciate it.

To be honest I just want some advice as to how to protect our interests. We know we have to complete at end of November. As cash buyer has minimal outlay, if we haven't exchanged when they need to, they are likely to just pull out.

I stated in my op that my instinct was to throw
my toys out, but I am not suggesting I do that. My intention when starting this thread was to get some ideas that lie somewhere between my instinct of throw inga paddy and tell them to stick it, and sitting here waiting for things to sort themselves out... Something productive and honest.

Thanks

lelole

lelole

sorry if I haven't made things clear, 6 weeks is the length of time they have been looking for somewhere to buy, at the moment they have not had an offer accepted on a house, so no complete chain yet. We offered at end of aug and we want to complete in November so not that tight really...

1echidna

lelole wrote: »

sorry if I haven't made things clear, 6 weeks is the length of time they have been looking for somewhere to buy, at the moment they have not had an offer accepted on a house, so no complete chain yet. We offered at end of aug and we want to complete in November so not that tight really...

Apologies I have just reviewed what you said previously. OK three months is a perhaps on the generous side of an average time but the problem is that unforeseen hitches can occur at any time ranging from someone in the chain not getting finance, survey problems, unsatisfactory searches etc. No one can set a limit on this and if you don't absolutely trust your vendor to abide by his word and go into rented accommodation you must pull out and rethink your approach. Rather than recriminations I think you need a frank discussion with all cards on the table with your vendor to see just what the position is and whether your position is fully recognised by the vendor and you trust him sufficiently even at this stage.

Edit Even if you pretty near absolutely trust your vendor, a plan B would be prudent to prevent the build up of paranoia. I know you said there were reasons why you didn't want to go into rented accommodation, but would it be entirely impossible?

lelole

1echidna wrote: »

Apologies I have just reviewed what you said previously. OK three months is a perhaps on the generous side of an average time but the problem is that unforeseen hitches can occur at any time ranging from someone in the chain not getting finance, survey problems, unsatisfactory searches etc. No one can set a limit on this and if you don't absolutely trust your vendor to abide by his word and go into rented accommodation you must pull out and rethink your approach. Rather than recriminations I think you need a frank discussion with all cards on the table with your vendor to see just what the position is and whether your position is fully recognised by the vendor and you trust him sufficiently even at this stage.

Hi, I agree that there are unforeseen issues in any house purchase process, and so ideally we would like to have allowed more time than required for all of the surveys mortgages etc. Which is why we are so worried now. Frankly we don't trust them to go into rented as they are dragging things out so much - we gave them a generous deadline to choose a house and this has passed.

Like you say it is cards on the table time, but I genuinely did do that last week, And gave them till Monday - but they didn't respond to that. I guess the EA must be a factor in this and whether theyare passing the facts on, or their own version, I am not sure.

lelole

We would obviously only rather move once, however we would gave gone into rented if we hadn't found this house. However we would not be happy to have to go somewhere for a short period of time, it's too much upheaval for us with a young child and with working from home. Also there is Christmas to think of,not to mention the additional cost.

1echidna

lelole wrote: »

Hi, I agree that there are unforeseen issues in any house purchase process, and so ideally we would like to have allowed more time than required for all of the surveys mortgages etc. Which is why we are so worried now. Frankly we don't trust them to go into rented as they are dragging things out so much - we gave them a generous deadline to choose a house and this has passed.

Like you say it is cards on the table time, but I genuinely did do that last week, And gave them till Monday - but they didn't respond to that. I guess the EA must be a factor in this and whether theyare passing the facts on, or their own version, I am not sure.

I can see that the situation must be very worrying and likely to get more so. If I was in your position I would dump my buyer and his deadline and put my house back on the market. These kind of shennanagins are OK if one is at the top of a chain but no good otherwise unless the plan B is an option. But then I have a low stress tolerance level.

lelole

Hi 1echidna,

Thnak you for your continued input:beer:...

However there is no way we are going to dump a cash buyer... we will go into rented and withdraw from the purchase if necessary...

We don't really want this to happen , we'd rather it all just worked out... I will phone again today and find out what is happening, and I guess we just have to roll with it for a little longer. A good nights sleep and some different viewpoints on this forum, has made me think more calmly for the time being at least!.

Thanks again Tek Monkey for your ideas... Will definitely consider using them , but feel like it's not quite time for them...

Lelole

1echidna

Hi lelole, It seems to me you have no leverage, apart from threatening to withdraw, which the vendor may well regard as an empty threat. A lot depends on the psychology and character of the vendor and how his EA fits into the picture. I do think though that essentially you are the supplicant in this scenario and are essentially looking for reassurance that the vendor will keep to his word and go into rented accommodation if he fails to complete by the end of November. It is possible that the vendor has every intention of keeping to his word and that the attempts to get reassurance and impose deadlines are irritating him. He will not want to go to the trouble and expense of moving if he has had difficulty in finding the right house at the right price, and this can be more difficult than one foresees. Perhaps he thinks he has given his word and finds your attempts to impose a schedule on him as none of your business. I know you may feel you need reassurance but in attempting to obtain it and push him along you may be doing more harm than good.

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If you are prepared to walk away, insist on penalty clauses. Too many people offer unrealistic schedules and do not want to move into rented or be faced with those costs.

If I were the vendor and you wanted me out, I'd counter offer asking for some extra cash and I would move into rented, throwing the ball back into your court.