Vendor wants super-speedy completion after exchange - we're not ready!

compertollfree

We're first time buyers having problems with our vendor who wants to complete too quickly for us after exchange. Would be great to get people's opinions on this - Are we being unreasonable? (obviously I don't think so!); how long is normal between exchange and completion? Do chains really collapse over a week or two's delay?

Current position: we haven't exchanged yet, there are a few outstanding issues. If resolved quickly we may exchange next week.

Vendor wants to complete next Friday and will not budge. We want to complete around 12th November (3 weeks from now - and remember we haven't exchanged yet!)

Our reasons:
1) We're paying rent until 12th December, so our 12 November date is already a compromise requiring us to double rent + mortgage for a month
2) We need to order major items e.g. white goods so wouldn't be able to comfortably live in our new place so quickly anyway (and surely everyone needs a bit of time to organise removals etc)

I saw the vendor a couple of weeks ago when there were a lot more legal outstanding issues. We discussed our position with rent and he made understanding noises at the time. We also joked that we'd all be unhappy if we hadn't moved by Christmas. So this inflexible urgency seems pretty new and ill-founded.

I understand the vendor wants to move quickly (as do we, within reasonable limits) - which is why we offered a completion date of nearly a month sooner than is ideal from our financial point of view. He seems to have seen this as a sign that we're a soft touch rather than us trying to be reasonable and find concensus.

The estate agent has made unspecified vague threats of possible chain collapse. This seems highly unlikely over a week or two in the overall process of house buying! I'm assuming he either just wants his commission in October, or is just trying to spook us on the vendor's behalf.

Ultimately is there anything the vendor can do if we just insist on delay (other than pull out thus really causing the chain to collapse and costing himself as well as everyone else a lot of money and time which would truly be cutting off his nose to his spite face)

All opinions gratefully received!

poppysarah

Why the vendor rushing so much?

Is it cos his house is about to get repo'd?

The last EA that told me owners were in a rush to sell meant before it got repo'd two weeks later.

compertollfree

Repo seems unlikely - they're moving to a bigger place nearby (and I don't get a funny feeling that we're not being told something!)

I don't know why he's in quite such a rush. I know he'd already found the property he's buying when he accepted our offer, so maybe a bit of pressure from higher up the chain. However I know he's always been keen to complete ASAP and he does seem to be slightly the kind of person where the world revolves around him (it took several weeks to get into the property to measure up because it wasn't convenient for him - including one completely missed appointment - that kind of thing). We;ve not been given any specific reason (after all, if he had a particularly good one, it might make us more inclined to hurry up!)

UnderPressure

I would simply hand all this over to your solicitor with the instruction that unless the vendor is willing to either:

a/ cough something up towards your "extra" rent/mortgage payment or
b/ give you a dam good truthful reason for the rush

then sorry 12th of November is the earliest, you have already compromised and are not willing to accomodate him any further.

I would leave this to your solicitor to deal with TBH but would also be ready to reconsider if the vendor comes back saying something about reposession.

White goods can generally be delivered very quickly if bought over the net or you could even turn up at comet or wherever and take there and then out of stock so this need not be an issue really.

Tread carefully but make it plain that if you are to reconsider you need to know what the rush is all about, if it comes down to the vendor saving money in some way then tell him where to go as in the long run it is going to cost you more.

You never know peoples motives behind this type of thing establishing the true circumstances would help.

ALl the best and enjoy your new home

Doozergirl

Could you compromise and agree to exchange and complete next week (if the legals are ready) in return for re-imbursement for the extra rent/mortgage? The physical cost to you won't be more than a couple of hundred pounds, so if they want to move that quickly, I think they'd be open to it. Even someone else up the chain, if they are pushing.

You obviously have some flexibility in dates as you don't actually have to move until you're ready, so is the only point just the fact that you aren't physically prepared? If you don't lose anything financially then I think it might almost be preferable!

I'd send a polite message back, explaining that you have rent payable to the 12th december and can't afford this for any longer than you have to. That you would consider a prompt completion if they could contribute towards the extra rent... If not, then it's their own decision.

But if they do, then it's great for you as you will have a bit of financial help and be able to receive deliveries whenever, get your internet etc set up in plenty of time for moving in. Bonus, I say!

pararct

You are in a pretty strong position in the chain as you are first being FTB. As far as that goes your only concern is about what occurs between you and your vendor, not further up.

Stick to your guns re your November 12th date. The only compelling reason I can foresee you having to go sooner if is the house was about to be repo'd. Even then an earlier exchange with a contracted completion date of 12th November should stop this this in its tracks.

First time buyers in this market are rarer than a rare thing. The estate agent will not want to be losing you.....

Emmzi

Agree if he covers the additional month's rent?

otherwise what's he gonna do - pull out and start all over again? seems unlikely...

compertollfree

Thanks for all the above advice - making me feel a lot more confident about our position!

We've already said to the vendor we could bring completion forward if he would contribute to our rent costs but he's just reiterated he wants to complete next week. But I do think the onus is on him if he wants to move quicker. As Emmzi said - what's he gonna do?

nomoneytoday

If you pulled out, it's very unlikely for him to sell and complete by 12th November with someone else...

compertollfree

I agree! Poor hubby is actually dealing with estate agents and he's getting v stressed. Apparently after moaning to the estate agents that we were messing him around over just a couple of hundred quid (when actually if you add the month we're already paying for it's more like £900) he flatly refused to make any contribution himself. Seems just a couple of hundred to us is out of the question for him.

He's also stated that he only accepted our offer (below asking price) because we said we wanted to move quickly and didn't have a house to sell. My view is, he accepted our offer as a strong one because it was! We had no house to sell, therefore no chain and possible months and months of delay. What he perceives as delays are actually the normal legal process for buying/selling a house - frustrating for everyone, but not our fault (and we're not blaming him for them either!). He knew full well our rental situation several weeks ago and it didn't seem to be an issue then. Just trying to throw his weight around I think. Unfortunately types like him often get their own way just by stressing everyone else out so much they opt for a quieter life...

Aberdeenangarse

compertollfree wrote: »

Current position: we haven't exchanged yet, there are a few outstanding issues. If resolved quickly we may exchange next week.

Vendor wants to complete next Friday and will not budge. We want to complete around 12th November (3 weeks from now - and remember we haven't exchanged yet!)

Tough for the vendor, you hold all the cards, not him and he's hardly likely to want to start the process all over again if he's that rushed! The easy way is to get your Solicitors to drag out your 'outstanding issues' for a couple of weeks. You're first time buyers, with the current market, if he don't like it, tell him to stuff it!