Disagreement with vendor about exchange-completion

Stu_Dent

Hey everyone,

Let me start by saying that I know this is a common subject that comes up and I've tried my best to read up on as many threads as possible to avoid posting this separately.

Basically, I had an offer accepted on a property in S. London in November and was eager for the purchase to go ahead as quickly as possible. I'm now ready to exchange but have been asked by the vendor for 6 weeks, as he will have to find a new place to move into. Considering how long they've known they're about to move out for, I think his is slightly excessive, especially as every day having not moved in is costing me.

I was just wondering where I stand on this. Do I have any power at all? He is being stubborn and is saying he won't budge from six weeks so I guess there isn't much I can do?

Thanks in advance,
Stu

pinkteapot

Dates for exchange and completion are simply the result of negotiation between everyone in the chain.

Aside from frustration at how long the process has taken, do you have any reasons for wanting completion to be sooner? (e.g. having to move out of your current place)

If not, if it were me I'd just bite the bullet and agree. We had to wait ages for our house which drove us nuts at the time but as soon as you move in you'll forget all about the delay, especially if it's only a few weeks longer than you'd prefer.

You can try negotiating for a shorter time-scale but if he won't budge there isn't really anything you can do.

Stu_Dent

pinkteapot wrote: »

Dates for exchange and completion are simply the result of negotiation between everyone in the chain.

Aside from frustration at how long the process has taken, do you have any reasons for wanting completion to be sooner? (e.g. having to move out of your current place)

If not, if it were me I'd just bite the bullet and agree. We had to wait ages for our house which drove us nuts at the time but as soon as you move in you'll forget all about the delay, especially if it's only a few weeks longer than you'd prefer.

You can try negotiating for a shorter time-scale but if he won't budge there isn't really anything you can do.

thanks for getting back to me pinkteapot

Other than the frustration as you say, there isn't a great reason for it. Yes, it is costing me weekly for things like storage and other costs which is annoying, but not the end of the world. I originally wanted two weeks and tried to compromise at 4, but they weren't having any of it.

You're completely right and once I'm in it won't matter, but the whole process feels like it's taken years and I just want to get in now!

G_M

There's a reason why house buying is said to be the 2nd most stressful activity after divorce. But ahead of marriage!

Your choices are

1) accept the date offererd
2) negotiate (which you've tried)
3) walk away or
4) start looking for another property but without withdrawing from this one.

If 4), you can still Exchange in 6 weeks if you find nothing else, but if you find something else you like and/or the seller suddenly withdraws in, say, 5 weeks time (always possible!), you won't ne starting from scratch

Stu_Dent

G_M wrote: »

There's a reason why house buying is said to be the 2nd most stressful activity after divorce. But ahead of marriage!

Your choices are

1) accept the date offererd
2) negotiate (which you've tried)
3) walk away or
4) start looking for another property but without withdrawing from this one.

If 4), you can still Exchange in 6 weeks if you find nothing else, but if you find something else you like and/or the seller suddenly withdraws in, say, 5 weeks time (always possible!), you won't ne starting from scratch

Thanks G_M Not married yet, so still got all these lovely stressful experiences to come! :j

I really like the property, so I think it's between options 1 and 2. If I have to I'll just agree to the six weeks, it just seems unreasonable that it's all on their terms and I don't get any say in the decision. Will try to negotiate but will probably just have to end up agreeing to their demands. I know it will come around quickly, but six weeks feels like a lifetime at the moment!

borkid

Stu_Dent wrote: »

Thanks G_M Not married yet, so still got all these lovely stressful experiences to come! :j

I really like the property, so I think it's between options 1 and 2. If I have to I'll just agree to the six weeks, it just seems unreasonable that it's all on their terms and I don't get any say in the decision. Will try to negotiate but will probably just have to end up agreeing to their demands. I know it will come around quickly, but six weeks feels like a lifetime at the moment!

If you are worried the vendors might pull out you could try to get them to agree to exchange now and completion in 6 weeks. This would mean you are as assured as possible of getting the place and they would have to be out in 6 weeks and couldn't try to string it out any longer.

Stu_Dent

borkid wrote: »

If you are worried the vendors might pull out you could try to get them to agree to exchange now and completion in 6 weeks. This would mean you are as assured as possible of getting the place and they would have to be out in 6 weeks and couldn't try to string it out any longer.

The exchange has been the problem. We've both been wanting to exchange, but the vendor has decided not to look for anywhere until we have. That means that now we're close to exchange, he wants at least 6 weeks from then till completion. I don't know why he hasn't been at least looking previously!

InMyDreams

Stu_Dent wrote: »

it just seems unreasonable that it's all on their terms and I don't get any say in the decision.

You do get a say. They don't have to listen. But neither of you can complete until you are both ready. Same if you were the one holding things up.

If there isn't any real pressing reason and your main problem is impatience, then it seems a bit unreasonable to put extra pressure on everyone. House buying/selling is stressful enough, especially if you are trying to do both.

If they are just moving into rented, it doesn't take 6 weeks to find a place, so maybe they have other considerations too (family/work/health...) that make it harder. They know you are not in chain, so can be more flexible. (Which probably made you a more attractive buyer too.)

You say it's costing you because you have stuff in storage. Which implies that you are currently staying somewhere much smaller (so I'm assuming cheaper) than where you are moving to. So is the delay really costing you that much?

Stu_Dent

InMyDreams wrote: »

You do get a say. They don't have to listen. But neither of you can complete until you are both ready. Same if you were the one holding things up.

If there isn't any real pressing reason and your main problem is impatience, then it seems a bit unreasonable to put extra pressure on everyone. House buying/selling is stressful enough, especially if you are trying to do both.

If they are just moving into rented, it doesn't take 6 weeks to find a place, so maybe they have other considerations too (family/work/health...) that make it harder. They know you are not in chain, so can be more flexible. (Which probably made you a more attractive buyer too.)

You say it's costing you because you have stuff in storage. Which implies that you are currently staying somewhere much smaller (so I'm assuming cheaper) than where you are moving to. So is the delay really costing you that much?

I completely agree with what you're saying.

The thing is, by taking longer to agree on a completion date, it's just delaying things more, so we might as well sort it asap. I've tried to compromise (asking for 2 weeks, to asking for 4) but they're sticking to 6. I have things in storage, my rental ran out when we had expected to complete before that, so I've had to move into temporary and more expensive accommodation. Storage costs, parking outside my flat and a few other bits and pieces too. It's not life changing amounts of money, but money I'd rather have!

I appreciate they have their own concerns (eg. family etc) and want to make sure they are comfortable, but I would've thought 4 weeks would be long enough.

Ivana_Tinkle

What a pain. I'd be inclined to agree to completion in 6 weeks but try to insist on exchange now. I'd be worried that if he hasn't started looking yet, there's no chance he'll be ready to exchange on his purchase in 6 weeks, and it'll drag on and on.

Stu_Dent

Ivana_Tinkle wrote: »

What a pain. I'd be inclined to agree to completion in 6 weeks but try to insist on exchange now. I'd be worried that if he hasn't started looking yet, there's no chance he'll be ready to exchange on his purchase in 6 weeks, and it'll drag on and on.

Yeah it's annoying. Not the end of the world, but annoying! We've had two purchases fall through since last March too, so it's been a long process to say the least! He's happy to exchange now, just wants a 6 week gap from when we do till completion.

I'm confident that the purchase will go ahead, it's just dragging on..