Should I stay or should I go?

roubaix

Hi everyone,

I am hoping someone can give me some advice!

I am a FTB. I made an offer on a property about 7 weeks ago. At the time of putting the offer in I said that I was putting in the offer based on a quick turn around (6 weeks to exchange, 8 weeks to completion) was agreed. I explained at that time that I was moving to the new area was just sleeping on a friends sofa and putting my stuff in their garage hence why I needed it to be quick.

Over the past 3 weeks they have changed their mind over exchange/completion time on around 4 occasions - with the earliest time now offered being in october. When they started doing this I suspended my solicitor from continuing with searches until there was some clarification and agreement on entry dates. I have compromised saying I will meet them half way so entry end of september(that is then compromising less than a month and me compromising by more than one month) They take forever to give any answer over the past 3 weeks - I guess thinking if they drag out the time I will eventually just accept their preferred date as so much time will have passed.

The have moved the goalposts so much already that I do not trust them at all. After discussion with my solicitor I said earlier this week that my final offer is that I compromise one further week (taking us into october) but that I wanted an assurance written into the contract that for every full week past that date that I will deduct £1k from the price I am paying them.

They have said they will accept that date but wont agree to the assurance being written in to the contract. As I said I do not trust them anymore and fear that if I take them at their word that when I have paid much more money on further searches etc. and deposit for exchange that they will move the date again knowing I will have little choice but to put up with it. If they are so sure they can move that date then the clause should not offer any threat to them anyway as my preference is to pay them the full price and have a home to live in!

Does anyone have any bright ideas as to anything else I should be doing? Should I stand firm?

Sorry for the length but I feel unsure what my next move should be.

Thanks for your help

R

JingleJangle

I don't think you are in a position to be calling all the shots to be honest, chains don't work like that. They need somewhere else to move to, and these things take time to organise, particularly if they want to buy, and they have not struggled to sell their property. I certainly wouldn't accept a clause like that from a buyer of my property. You all have to work together in a chain.

JingleJangle

And in the overall scheme of moving, searches cost peanuts.

roubaix

Thanks for taking the time to reply it is good to hear all perspectives.

I dont really feel I am calling all the shots given I will be the one compromising 7 weeks on the condition under which I put the offer down. I would never have offered if I had known it would be this long as I am not after a dream home just somewhere to live and therefore I would have offered on another place that could have moved faster if the sellers had explained their position to me when I explained mine. It is all very confusing!

JingleJangle

Sadly it is how it works. You can either walk away, or they can.

Procrastinator333

My advice is to a) turn it round, start stringing them along, get them to agree as early as possible, but then just play along. But don't have your solicitor do any more work. b) Start looking for somewhere else. Ideally try to find a no onward chain sale - that way it will be quick. c) See what comes up first, either they get their act together, or you find a new place and only once you have another offer accepted drop this one.

And if you do find somewhere else, why not have a punt on getting a price drop on the first house, tell them you want a 5% discount or you walk away. They agree, fine, they decline, walk away to the other property.

roubaix

Thanks procrastinator - my only concern is that if I was in their position I would feel really upset if someone done that though I would not behave in the way they have so I guess they are doing what is best for them and so should I.

evoke

FTB: as others have reminded you, you can't dictate the time that a purchase will take (to a large extent). Hiccups along the way may extend exchange and completion dates by MONTHS. What if your own searches find something that you're not happy with? What are you going to do then?

You can put pressure on the seller via your solicitor but make sure you don't miss a danger sign in your haste to complete.

Also, you need to understand a few things about buying a property. Once contracts are exchanged (at which point a completion date is agreed), then if either party causes a delay beyond the completion then a penalty clause, which is written into the contracts, comes into effect.

But have a Plan B as most property deals don't go smoothly.

roubaix

Thanks evoke I appreciate you taking the time to reply.

I am not sure if it is fair to say I am dictating the time. It was agreed when I put in the offer mutually regarding time. I made my position clear and I gave them time to think about it before they agreed with it. I have since compromised by moving the date later. Therefore to me it seems that the only person calling the shots is them and it is not even that they are moving it for any valid reason(not that they have given me anyway and I have asked). If they would just meet me half way I would be ecstatic as obviously I understand as with everything in life compromise is important.

Thanks for the info on the penalty clause I will have a chat with my solicitor about the finer details of that tomorrow.