Buyers won't exchange till they have tenants!

gringo80

Hi

I've posted here before regarding my buyers wanting to shown potential tenants round while we are still living in our house. Though not happy with it we organised two different dates, first time their tenant didn't show and second time the esate agent didn't get back to confirm it so we were out when they turned up with 3 lots of tenants!

Anyway, to cut a long story short, we were due to exchange yesterday and now our buyers are saying they won't exchange until they have tenants! I'm really really furoius about this. This was never a condition of the sale. We have delayed completion 3 times now, i've had to arrange three lots of removals, time off work etc - i'm sure you know how stressful this is.

Just wondering if anyone has any advice regarding the best course of action? I've told my solicitor we won't show tenants till the contracts are exchanged but have heard nothing and am starting to worry!

Cheers!

bikerqueen

Tell them it goes back on the market unless they complete.

plane_boy2000

I understand that they are trying to protect themselves from voids, but there is no way I would accept that. I wouldnt even have allowed them to show tennats around - its your home until they pay for it.

I would give them a deadline to complete by (say next friday) and make it clear that you will be putting the house back on the market if they do not complete to your deadline. This may or may not work, but the reality s you could be showing prospective tennants around for 6 months if they are asking an unrealistic rent which is totaly out of your control.

It sounds as though you have been really messed about already so dont allow them to do it to you anymore - remember they will lose all their fees to if it falls through so they have a reason to complete to.

Jorgan_2

They've really got you over a barrell with this one. If you threaten to withdraw from the sale then you must be prepared to do so if the time comes. You will then be faced with re-marketing the property & possibly loosing the property you want to buy. If the purchaser can't secure a tenant for a month your chain may not wait that long so you end up loosing the property you want to buy.

Don't be messed around anymore, give them a deadline & stick to it. They will have spent money out on this & may not want to be out of pocket.

gringo80

thanks for all your replies

i think we've finally got to the end of our tether with this and we are prepared to put the property back on the market. I know we risk losing our new property but i have spoken to our sellers and they are in no rush and are happy to wait for the time being, which is really lucky.

I feel we've given in to everything our buyers have wanted so far and this has lead them to believe we don't have the guts to be firm on this, but they are wrong!!

Dead_Eye_Jones

plenty more fish in the sea, they are taking the pss, move on. Who knows you might shock em into completion...

gl

lynzpower

I completely agree. Personally Id tell them to F**k off -preferably when theyve brought thier precious tenants round

Muppets

dougk_2

I agree too. Tell them to get knotted - they should have built an intial void into their costings. I certainly wouldn't agree to tenants viewing until you have exchanged contracts. You could meet them half way by setting a aperiod of 2 or 3 weeks between exchange and completion which is more than enough to find tenants if they are offering the house at a reasonable rent! Perhaps the buyers are now worried that they won't get tenants for the rates they expected?

Funny_Mummy

We are going through the dreaded waiting to exchange limbo scenario so totally sympathise. Buyers sound like complete chancers wanting the the profit without the risk, obviously aren't emotionally involved taking advantage at every step especially willing to risk all at this fraught time. Your vendors sound decent and hopefully what will be, will be in your favour..

irnbru_2

gringo80 wrote:

Anyway, to cut a long story short, we were due to exchange yesterday and now our buyers are saying they won't exchange until they have tenants!

Consider that any prospective tenant will probably have a maximum of one or two months notice to serve before they can take residence. Added to the fact that you posted previous, IIRC, that prospective tenants were due to be shown around. So in that whole time they haven't found a tenant. Their completion is now depedent on a 3rd non-existant party.

It's now or never.

Good Luck.

clutton_2

what a blinking cheek !!!!!! i agree with everyone else, tell em complete next wednesday, or beggar off !!!!!!!!!!!!!