help! re house purchase nightmare

millie1012

hi
this house move is the worst move i have had ever. it is because my sellers (property developers ...the house was acquired by them as a part exchange) are threatening to pull out because i cant make the deadline they are insisting on. my offer was accepted on 16 th may. they insist on exchanging on 20th june which is 5 weeks later , and completing on 29th june which will be 6 weeks and 2 days after the offer was accepted. at the time i was not happy about the pressured timescale but the solicitors (mine and my buyer's ) thought they could possibly do it.

i now have two problems. my buyer has asked for completion to be delayed by 5 days as his funds might not be ready on 29th june.
also i am still waiting for my mortgage offer and beginning to wonder if nationwide will deliver on time (or at all) i had the mip agreed for £47,000 and applied for £35,000 . the survey was done on 23rd may and that was fine. i have been being told by my broker that i will hear about the offer every day since 6th june. every day i hear new excuses as to why i haven't yet heard.
i don't think in the 3 business days we have left that i have time to start another mortgage application though i have another broker telling me halifax will fast track it and offer on the basis of the survey passing. i am miffed about the money paid to nationwide for the arrangement fee, survey,and the money paid to the broker that i will probably lose...around £800.

i guess my biggest question is, are my sellers being out of order demanding completion in 6weeks and 2 days. can they be so pushy? we are all trying as hard as we can but it seems impossible to achieve. if my seller pulls out i will have lost around £2000.00 is that just tough?
thanks

Annisele

Assuming you're in England, either party can pull out for any reason whatsoever up until exchange.

So, if the developer decides that you're being too slow because you can't exchange in the next 30 seconds, they can pull out. They may be pretty dozy to do so, but they're allowed to pull out right up until the point of exchange.

However, I suspect that they'll wait. Unless they have another buyer in the wings, waiting for you will probably still be quicker than selling to somebody else.

MacMickster

They can either remarket the property, wait however long it takes to receive another acceptable offer, then another 6 or 7 weeks for the new buyer to go through the legal process OR wait just another week or so for your purchase to go through. If you were in their place whicgh option would you prefer?

In reality they are probably just applying pressure to ensure that you are motivated and keep chivvying your lender, solicitor and buyer to complete at the earliest possible opportunity.

I know it feels scary to have them doing this, but unless they have another buyer lined up who can exchange immediately (extremely unlikely in my opinion) then you are not going to lose your house due to the seller pulling out.

pinkcheshirecat

I would suspect if you're buying from a house builder, that their half year or year end is the 30th June, it matters a great deal to them for their figures and is more than likely why they're in such a tizz! That said, if they pull out, no-one else is going to be able to complete by the 30th, and in this market a bird in the hand.......try not to worry.

Pink

terrierlady

pinkcheshirecat wrote: »

I would suspect if you're buying from a house builder, that their half year or year end is the 30th June, it matters a great deal to them for their figures and is more than likely why they're in such a tizz! That said, if they pull out, no-one else is going to be able to complete by the 30th, and in this market a bird in the hand.......try not to worry.

Pink

100% developers year end,they will make this happen if anyone can, they have contacts inside most building socs and will push everyone to ensure it happens sit tight and go with the flow.out of your hands anyway.

Mickygg

Unfortunately you learn the hard way. Completing within 6 weeks is impractical as you can only move as quick as your lawyer and buyers lawyers. I have a person in rented buying my place and I would say the quickest this will complete is 2 months, but more likely 3.

millie1012

yes i am in england and it is the end of their year at the end of june. i will attempt to speak to the director of mortgages tomorrow. would you advise trying another mortgage avenue? i heard on saturday that we will not exchange on wed as my buyer is not ready. the plan is to aim for 29th and hope for the best. i won't know until the day if we are moving or now. how silly the system is......

[Deleted User]

I would stop stressing if you can as the situation is out of your hands. If the sale breaks down, you were going to lose the fees u have paid out as soon as they were paid by you. What u have going in your favour is that as suggested in previous posts, the seller is trying to make the sale happen before the end of their year.., but would be extremely silly to pull out of the sale if the completion is going to take a few days/week or two longer (as they will be unlikely to get another completion in the few days etc extra it will take).

Its out of your hands.., all your people know u want the purchase to happen as quickly as possible.., stop stressing. At this point in the purchase, it serves no useful purpose.., although u have my complete sympathies.

wildfrog

I'm in a very similar situation where we are buying from developers who are pushing for the 28/29th.The house was part exchanged by the current owners for a new build. Our Buyer can't move on these days and wants to do either 26th or 3rd July. But the New build isn't available until 28th. Persimmon are insistant it's got to be 28/29 because year end. Just got to sit tight. I'm sure they will pull out all the stops to make it happen in time and if not, they aren't going to pull out at the 11th hour and have to wait at least another 6 weeks for another buyer.
x

millie1012

hi
nationwide have not delivered on time. we were to exchange contracts tomorrow but they have not issued the offer yet. it has been agreed and was promised by close of business but they have once again failed to keep their word. i'm now told it will be tomorrow morning. we will see.

millie1012

got my mortgage offer but they put the wrong purchase price on it so it is invalid. told them at 3pm but they were unable to sort it by close of business. hopeless!!!