how long would you wait to exchange?

verytricky69

We signed the contract on our purchase 3 weeks ago, the vendor hasnt signed- she is saying she hasnt found anywhere decent to rent yet. The situation is a couple who have split (alarm bells ringing?) The ex signed straight away.

I'm worried this could go on for a while and am not sure if the vendor actually wants to sell- perhaps she has no other choice as she cant afford to by the ex out. How long is a reasonable amount of time to wait for her to sign so we can exchange? (she may genuinely not be able to find somewhere as there arent many decent rental properties around her at the mo).

If the vendor cant afford to buy the ex out are they forced to sell?

I wish I knew what was going on as the waitng is driving me mad!

verytricky69

any opinions?

azkaban420

Hi there, when did you place your offer and what's happened in between, can you please give a bit more info?

Az

verytricky69

offer put forward on the 20th may at 10% less than asking and accepted over 2 weeks later- It was our 'best and final'. We are chain free buyers. they seemed keen that we could move quickly (or so the EA said) so we pushed our solicitor to a quick exchange. they have previously lost 2 buyers due to chain breaking down (or so we were told- i'm not really trusting EA's at the mo) I thought this would make them be keen to sell- or maybe she assumed it could fall through again so didnt take finding a rental place seriously until we had signed.

I'm just feeling frustrated as i feel 50-50 as to whether this sale is going to happen or not and wondered how quick the usual sign to exchange turnaround was? (sorry if this doesnt make sense- i've had a few fri night glasses of wine )

azkaban420

Could it be that the sales fell through because seller didn't move and faffed around last time too? In the grand scheme of things if you offered in May, I'd say it takes around 12 weeks min to exchange/complete...I'm on a similar timeline (accepted offer early June) and still waiting to exchange and am told we should be ready to beg-mid Aug.

Perhaps you need to get your solicitor to push harder for some answers - are you willing to give them an ultimatum of when to move out? If so, get the solicitor to relay this to them, but then you need to be prepared to walk away. In this day and age, to have a proceedable buyer is a godsend, so the seller is really chancing their luck - I'd be willing to move in with family, temporary accom and allsorts not to lose my buyer, but that's just me!

If you can wait, then sit tight a bit longer and see what happens...not the best of situations to be in, and I do feel for you. If it doesn't look like the seller is showing any signs of budging, then you may have to pull out. Might also be worth starting to hint this - let the EA know you're considering looking at other properties and they might take you a bit more seriously.

Good luck,

Az

verytricky69

thanks for the reply- our thoughts are similar actually. We asked the EA if the real reason the other sales fell through was because of dithering but of course he denied this.

We could do the ultimatum thing- but if this is what she wants then this could backfire- I think if it goes on for another couple of weeks we will have to though

I agree with the having a good buyer thing totally- in fact we had a very good buyer for our place and so have moved in with family (hense the extra frustration at not moving forward)

we are keeping a look out for other properties just in case- but havent seen anything we like as much.

This waiting game is frustrating!

poppysarah

Ask your solicitor for advice.
I'd look at setting a deadline for it though and after that formally withdrawing or lowering your offer.

Swipe

azkaban420 wrote: »

I'd say it takes around 12 weeks min to exchange/complete...I'm on a similar timeline (accepted offer early June) and still waiting to exchange and am told we should be ready to beg-mid Aug.

I was in a chain free purchase/sale and exchanged and completed in less than 6 weeks since date of my offer accepted.

Bananamana

6-8 weeks is the average for a "chain free" freehold sale/purchase

Obviously longer if leasehold, mortgage problems, slow solicitors, slow clients, the list goes on...

getmore4less

If they have split who is living in the house?

If contracts were ready three weeks ago then I would start pushing them HARD(with a withdraw date). via the solicitor and the ex if you have contact. If they come back afetr that date drop the price.

The gap from contracts to completion is for conveniene and usualy to give time to get the money, can be same day

To back up you are serious start looking for another place.

LadyLawyer

Why don't you suggest exchanging with four weeks or so in between exchnage and completion so the lady has time to find a place to live but you have the certainty of contracts having been exchanged? That's what I would propose to clients in a similar situation in order to show willing but make the point that you will not wait forever. Did you discuss any timescales at the outset with the sellers or the agents?

You could also try asking your solicitor to push their solicitor for an answer as to what the issue is, perhaps making the point that you need to move by say the end of August due to family commitments and will expect to be doing this. Sometimes a formal deadline/ultimatum is counter productive whereas being firm about your requirements can be seen as more helpful by the other party.