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

LittleMissAspie

We had a similar problem with someone in our chain, even though we'd stated our possible completion dates right at the beginning. We worked out how much the early completion would cost us and told the EA that we would be perfectly willing to move on that date if our extra costs (about £700) were covered. No-one wanted to pay it, surprise surprise. It then transpired that someone's mortgage offer was about to run out and they'd thought they had to complete before it ran out. When actually you need to exchange before it runs out. So we all exchanged and then completed on the later date.

compertollfree

The latest I've heard is that hubby has offered the 9th. Vendor not happy but is going to think over the weekend. And oh apparently "the rest of the chain" have agreed the 5th!! I suspect this is either a lie or a fairly radical bending of the truth from the vendor - maybe they've provisionally agreed something assuming there are no obstacles, and now vendor trying to present it as a fait accompli. This man is driving me nuts! Is it always this stressful buying a property?

Still I guess we all get to stew on it over the weekend now!

Emmzi

nothing will have been agreed without your date being confirmed. people have "proposed and said it would be acceptale to them" on the 5th.

go out for a nice meal and forget about it until Monday.

Catbells

Am in a very similar situation. Seller wants to exchange Monday and Complete on Friday but thats because they had already exchanged on their new house which was a bit risky. I've agreed to go with them and in the process managed to negotiate a few more k off the asking price (to be fair this also was on the back of a survey).

I'm happy to go along with it so long as all the searches are back in my solicitor's hands but like you I have to give a month notice on the house I'm renting so I'm going to lose a few bob there as there's an overlap of 3 weeks. Thought this was useful so I can go into the new house and get floors, decorating etc started in advance of the move. Good luck.

DVardysShadow

compertollfree wrote: »

The latest I've heard is that hubby has offered the 9th. Vendor not happy but is going to think over the weekend. And oh apparently "the rest of the chain" have agreed the 5th!! I suspect this is either a lie or a fairly radical bending of the truth from the vendor - maybe they've provisionally agreed something assuming there are no obstacles, and now vendor trying to present it as a fait accompli. This man is driving me nuts! Is it always this stressful buying a property?

Still I guess we all get to stew on it over the weekend now!

Wouldn't play their game. If he says the rest of the chain has agreed, he should at least have the courtesy to provide contact details so you can have your input.

compertollfree

Doubt he understands the concept of courtesy! Problem is, I think stuff like that is meant to encourage us to tow the line or feel intimidated into agreeing, but the lack of respect just winds me up!

Am tempted to come back with a completion date of end of November, which is what I'd go for if I was taking no one else's view into account (including hubby ). At least it would be amusing to make the estate agent propose it to the vendor!:D

Of course I'm not serious, but always good to vent - and leave a cool calm head for actually speaking to estate agents/solicitors/vendor.

Definitely going to take the advice to forget it for now and have a relaxing weekend!

melmo

stand your ground. You hold all the cards and are going to bear all the extra expense.
We had the same situation a couple of years ago as FTB. As we were renting we couldn't our months notice until we were ready to exchange but we were told that we had to exchange and complete on the same day as someone new build up the chain was ready then or would be delayed for 3 months.
We said we couldn't afford to pay rent and mortgage but had no problem waiting the 3 months and low and behold the rest of the chain came up with the rent between them

missile

It seems vendor is being unreasonable and I would play hardball. I would tell him the completion date December 12th.

If it is so important to him, tell him you will complete earlier if he pays the balance of the rent you are due.

It is only stressful if you let it be. You are in a strong position and should not be exposed to this hassle a decent solicitor would argue your case.

clutton_2

it has been the norm for decades that the period between exchange and completion is one month - dont be bullied

nomoneytoday

How do you get on in the end?
The 12th of Nov has passed, and an exchange now would look to complete at around the end of your rental period