Infuriating, illogical reason for not wanting to exchange contracts

wolvesman89

A bit of a background. Myself and my partner, FTB's and currently renting, are buying a property, had offer accepted in mid-March, everything going smoothly, once chain was closed 5 weeks ago with 5 in the chain, ourselves and our vendors made it clear that we wanted to complete by May 24th. We are now 2 weeks away from this date. Our vendor's vendor gave their word at time of vendors offer being accepted (means little in this business I know) that they'd be willing to chain break and move out to make sure we could complete on 24th if they hadnt found a property.

Spoke to solicitor 2 weeks ago, contracts all signed, all ready to exchange. Comes to today, I get a call from my vendor to say that the 2 at the top of the chain are going on holiday in mid-June and don't want to complete until early July! Obviously this isn't good enough for us as we are also going on holiday in mid-June but want to be in and settled before going away for a de-stress and also will cost us more to wait longer due to rental payments. So I call my sols and the estate agent to make it absolutely clear that it must be 24th May or I would expect some form of compensation (I.e rent paid weekly between 24th and completion date) from the people holding it up. But they flatly refuse with no budge.

I'm totally frustrated and angry at this, we're being expected to continue to fork out for rent all because its a little inconvenient for these people to move 3 weeks before they're due to go on holiday! Not only that, but nobody was ever told about this holiday and if we had in fact known, we could have completed sooner to accommodate! My vendor had even started packing bits up and was just as happy to complete 24th as its their only daughters first birthday in the first week of June and they wanted to be in to celebrate in their new house.

Has anyone got any suggestions as to how I can go forward with this. As I see it, and as the estate agent seeing it, we hold the cards, not them, and if we want to complete in 2 weeks time then we should have the leverage to do so. I've already said "24th or compensate me" and that didnt work, so do I go all out and say "24th or never"? I don't see why we should compromise when we're the ones who've done everything on time, and the way myself and partner feel about this now is that we'd be willing to carry out the never scenario and pull out unless they agreed.

G_M

wolvesman89 wrote: »

A bit of a background. Myself and my partner, FTB's and currently renting, are buying a property, had offer accepted in mid-March, everything going smoothly, once chain was closed 5 weeks ago with 5 in the chain, ourselves and our vendors made it clear that we wanted to complete by May 24th. We are now 2 weeks away from this date. Our vendor's vendor gave their word at time of vendors offer being accepted (means little in this business I know) that they'd be willing to chain break and move out to make sure we could complete on 24th if they hadnt found a property.
No Exchange or Completion date can be guaranteed till Exchange has taken place.

Spoke to solicitor 2 weeks ago, contracts all signed, all ready to exchange. Comes to today, I get a call from my vendor to say that the 2 at the top of the chain are going on holiday in mid-June and don't want to complete until early July!
That is their choice
Obviously this isn't good enough for us
but it's not just about you, is it?
as we are also going on holiday in mid-June but want to be in and settled before going away for a de-stress and also will cost us more to wait longer due to rental payments.
no. You'll save on mortgage payments (or earn more on interest if paying cash)
So I call my sols and the estate agent to make it absolutely clear that it must be 24th May or I would expect some form of compensation
:rotfl::rotfl::rotfl:
(I.e rent paid weekly between 24th and completion date) from the people holding it up. But they flatly refuse with no budge.

I'm totally frustrated and angry at this, we're being expected to continue to fork out for rent all because its a little inconvenient for these people to move 3 weeks before they're due to go on holiday! Not only that, but nobody was ever told about this holiday and if we had in fact known, we could have completed sooner to accommodate! My vendor had even started packing bits up and was just as happy to complete 24th as its their only daughters first birthday in the first week of June and they wanted to be in to celebrate in their new house.

Has anyone got any suggestions as to how I can go forward with this. As I see it, and as the estate agent seeing it, we hold the cards, not them,
how so...?
and if we want to complete in 2 weeks time then we should have the leverage to do so. I've already said "24th or compensate me" and that didnt work, so do I go all out and say "24th or never"? I don't see why we should compromise when we're the ones who've done everything on time, and the way myself and partner feel about this now is that we'd be willing to carry out the never scenario and pull out unless they agreed.

so your options are
* to pull out,
* insist on the date you want (and risk being told no),
* or negotiate the date

outdoorcjc

As frustrating as it is to be delayed moving if you pull out it will be even longer and you certainly won't be moved in before you head off on holiday.

Whilst rent is an additional cost for the delayed period pulling out at this stage will mean throwing away the legal costs, survey costs etc that you've paid, also if you don't find somewhere else before you're mortgage offer expires you may incur fees from the mortgage lender.

I would have thought at this point negotiating around a completion date and getting contracts exchanged would be the most appealing option.

I had the same situation, i wanted to move this week after exchanging two weeks ago but the vendor was going away last week and wanted longer to pack etc after returning from holiday so completion was agreed for the 22nd, which as it turns out is just as well as I have done shockingly little packing.

My advice, unless you are really serious about walking away, and happy to say goodbye to what you have spend so far don't threaten to do it, negotiate and accept that this needs to be mutually agreed by everyone, one person seldom 'holds all the cards'

wolvesman89

G_M - instead of being condescending and making inane comments, how about actually helping a FTB and giving constructive advice without being arrogant and an a*sehole!? Yes I will save on mortgage payments, but you don't know my situation which is I have an industry defying interest rate of 0.5% which means my mortgage interest payments are £45 a month in comparison to £425 in rent. Now do you see why it will cost me money!?

It's all well and good saying what you've said, all of which I'm fully aware of, but my point is this person has known we wanted to complete on 24th May weeks ago, obviously they knew they were going on holiday and yet leave it until now to drop the delay bomb on us and leave us out of pocket if we don't complete at this point! How is this reasonable or logical, as you'd think completing would have priority over a holiday (we'd be prepared to cancel our holiday to make sure the purchase went through).

Dan-Dan

Dont worry about GM , it`s well known on here that as helpful as he no doubt is, tact isnt his strong point

reformedEffortmaker

I was in a similar situation in 2007, where I got a buyer sooner than I expected, and so wanted to delay completion to avoid paying an Early Redemption Penalty. The buyer wasnt keen to hang on another 10 weeks, and the estate agent was near enough useless so I contacted the buyer direct and offered another £3000 off the asking price which was enough to persuade the buyer to hang on.

To be honest, I think the seller is taking the mickey, if I were in your shoes, I would also be angry and also be considering pulling out. Either they want to sell their house or they dont.How much would it cost you if you did? (valuation fees, solicitors, will the mortgage rate still be valid on another property etc etc).....definitely worth considering.

arbrighton

wolvesman89 wrote: »

G_M - instead of being condescending and making inane comments, how about actually helping a FTB and giving constructive advice without being arrogant and an a*sehole!? Yes I will save on mortgage payments, but you don't know my situation which is I have an industry defying interest rate of 0.5% which means my mortgage interest payments are £45 a month in comparison to £425 in rent. Now do you see why it will cost me money.

And you're not being arrogant saying 'compensate me'? Or insulting someone as you don't like what they've said. Everything G_M said was valid, but perhaps blunt.
Why are you only going to pay interest?
How can we know your situation in you don't tell us?

mrginge

wolvesman89 wrote: »

G_M - instead of being condescending and making inane comments, how about actually helping a FTB and giving constructive advice without being arrogant and an a*sehole!? Yes I will save on mortgage payments, but you don't know my situation which is I have an industry defying interest rate of 0.5% which means my mortgage interest payments are £45 a month in comparison to £425 in rent. Now do you see why it will cost me money!?

It's all well and good saying what you've said, all of which I'm fully aware of, but my point is this person has known we wanted to complete on 24th May weeks ago, obviously they knew they were going on holiday and yet leave it until now to drop the delay bomb on us and leave us out of pocket if we don't complete at this point! How is this reasonable or logical, as you'd think completing would have priority over a holiday (we'd be prepared to cancel our holiday to make sure the purchase went through).

Was going to offer an opinion. Don't think I'll bother after that.

geoffky

You are lucky you got a reply from GM His advice is much respected and given totally free...Whether it is what you wanted to to hear is not his concern...But re-read his reply and it makes sense..

richardw

Say you want to exchange next week and complete on the 24th or you'll pull out. Simple.

Windsorcastle

I can understand your frustration but don't act in haste. You have already paid out several hundred pounds by this stage and I think you are better off just swallowing the fact that you may have to pay an extra couple of weeks rent to facilitate the move. It will be a small price to pay in the long run.

If you're prepared to take a chance, then say unequivocally that you will withdraw if completion is not by the date you specify, but you might cut off your nose to spite your face. It's a big gamble.

Could you not move out of your rented place as planned, and then store your stuff with friends and family for a month or so, seeing as you're going on holiday in June anyway? At worst, they'd be putting you up for a couple of weeks just before you move. Could anyone help you out that way?