Confused...

kellye14

We have put an offer on a house before Christmas and got accepted. It is 9% down from the asking price.
The seller has put an offer on their next house but their exchange/completion date is in July and they want our exchange/completion date to be four weeks after theirs which will be in Aug.
We have already got our mortgage sorted with the bank and can move things quite quickly on our end as we are renting at the moment.
The only problem with their date is we want to put our son in a waiting list for a school and the application form requires proof of address. Since the seller has refused to exchange earlier.
Should I just not bother with this house and carry on our house search in the mean time? Do you think the seller was just trying to see whether they can have better offer and see us as a backup option?
This is our first time buying a house so quite naive on this field. Do people normally wait that long before exchange?

Thank you very much in advance.

chris_m

Sounds a loooong time to me.

kellye14 wrote: »

Do you think the seller was just trying to see whether they can have better offer and see us as a backup option?
.

I think in that situation, unless I'd already shelled out for surveys, etc. I'd be looking elsewhere and seeing that house as the backup option, irrespective of whether or not the sellers might be doing likewise.

G_M

You have various options:

* insist on an earlier Completion date. They might back down and agree, they might not
* walk away now
* agree to their date

The biggest risk is hat they agree, you carry on, but then find them delaying, delaying, and... suddenly it is nearly August!

Not much you can do except be prepared to walk away in, say, Feb, if noting is happening. And meanwhile maybe keep lloking so that IF that happens, you might have an alternative property in mind...

Bazshawkins

Others will know more than me, but I can't see the benefit of waiting that long to exchange, for either party.

If they are serious about selling to you, then why not exchange asap with a later date set for completion? At least that way both you and they have security in knowing that the property is sold, they have the gaurantee of the money from the sale, and you know where you'll be living and when.

If they are putting off exchanging, then to me it sounds like they're holding out for a better offer, and in the meantime they're jeapordising their chances of being able to buy somewhere themselves.

dotdash79

I wouldn't leave too long between exchanging and completing, as once you have exchanged you have agreed to buy. In that time the house could be burnt down, stripped completely or whatever and you are in a legal mess then.

We are currently waiting to exchange so that we can get a place for the OH son at a school they have said they are willing to accept proof of exchange as proof of address.

Yorkie1

OP, when does your mortgage offer expire? August is a very long time away, and I suspect it might expire before then.

Do not exchange at an early date if your mortgage offer expires before completion. You could end up being committed to buy the property and yet unable to do so financially (very worst case scenario - unlikely but needs to be flagged).

hazyjo

Are they buying a new build? What if it's delayed (as they often are this far ahead).

Average purchase takes around 3 months - with around 2 weeks between exchange and completion (AVERAGES - could exchange/complete on same day, could leave it weeks/months).

If they want to complete in August, I'd be counting those 3 months back and wondering if my offer would be the same in June as it would have been in December. Are prices sticking, increasing, dropping? I would not like to agree a price in December for something I'm buying in August (or later) this year.

Jx

tom9980

kellye14 wrote: »

We have put an offer on a house before Christmas and got accepted. It is 9% down from the asking price.
The seller has put an offer on their next house but their exchange/completion date is in July and they want our exchange/completion date to be four weeks after theirs which will be in Aug.
We have already got our mortgage sorted with the bank and can move things quite quickly on our end as we are renting at the moment.
The only problem with their date is we want to put our son in a waiting list for a school and the application form requires proof of address. Since the seller has refused to exchange earlier.
Should I just not bother with this house and carry on our house search in the mean time? Do you think the seller was just trying to see whether they can have better offer and see us as a backup option?
This is our first time buying a house so quite naive on this field. Do people normally wait that long before exchange?

Thank you very much in advance.

I would walk on their demands either they exchange and complete by end of feb or else walk. What if they dont exchange and complete in july? too much risk for you, they should move to rented for 6 months simple solution to their problem.

RedfordML

Bazshawkins wrote: »

Others will know more than me, but I can't see the benefit of waiting that long to exchange, for either party.

If they are serious about selling to you, then why not exchange asap with a later date set for completion? At least that way both you and they have security in knowing that the property is sold, they have the gaurantee of the money from the sale, and you know where you'll be living and when.

If they are putting off exchanging, then to me it sounds like they're holding out for a better offer, and in the meantime they're jeapordising their chances of being able to buy somewhere themselves.

I would echo this! Great bit of advice!

kingstreet

I think hj is on the right track.

I suspect there's a newbuild somewhere in the chain.

getmore4less

I would stop all progress on this property and look for something else.

Don't tell them anything, if they ask just waffle, there is plenty of time you want exchange in July, looking for a better motgage deal etc.

Monitor prices closely for any signs of price reductions on real sales of similar properties and asking prices.

If you find something better progress that and when it get close withdraw on this one.