Im ready to exchange but the vedor isnt.

FTB129

Hi All

Finally at the point of exchanging and just been told by my solicitor the seller is still in the process of buying her next property and still has outstanding queries so I cant get a date yet.

Can I insist on a date I want to be complete by?
And is it worth speaking to the estate agent and ask them to ask the vendor if she will move out and rent or stay with family?

Really keen to get this moving ASAP and get a date.

Any help/advice will be greatly appreciated

Thanks

agrinnall

You can't insist on a date, other than by threatening to withdraw if they don't agree. And you can ask the seller to move out before they buy, but the risk then is that if they aren't desperate to sell they may simply decide to put the house back on the market to see if they can get a buyer who will wait to fit their timescales.

vuvuzela

You can certainly ask your solicitor to specify a date you require completion by. Speaking to the estate agent won't hurt.
However you are bound by the whims of the vendor - ultimately you might have to say to them, 'We want to move in by xx.xx.2013' and threaten to pull out if they are not ready.

Grimbal

Worth a go, but is there a pressing reason that you want to complete by a certain date ? I'm assuming you're a first time buyer - are you able to hang on in your current place to help out the timing with your vendor ?

I realise that you're itching to get the keys to your new home, but speaking as someone in the same position as your vendor, a buyer pushing you to exchange/complete when (as in my case) there isn't much the vendor can do to hurry things along is unspeakably stressful.

If you can hang on a for a bit, your vendor will be so grateful !

Conrad

One day when you come to sell you might well be in the position your seller is today. Would you move twice to accommodate a buyer? What if your mortgage is withdrawn because your credit score drops on that first move?

Richard_Webster

Is your seller's purchase the top of the chain? If not, then even when your sellers are ready their sellers may not be ... and so on...

This is a continuing problem - estate agents tend to give out of date and half true information and solicitors haven't the time to check all the details of a chain.

FTB129

Grimbal wrote: »

Worth a go, but is there a pressing reason that you want to complete by a certain date ? I'm assuming you're a first time buyer - are you able to hang on in your current place to help out the timing with your vendor ?

I realise that you're itching to get the keys to your new home, but speaking as someone in the same position as your vendor, a buyer pushing you to exchange/complete when (as in my case) there isn't much the vendor can do to hurry things along is unspeakably stressful.

If you can hang on a for a bit, your vendor will be so grateful !

Thank you, Yes a FTB. I'm just so nervous that she might pull out or something might go wrong (after so many problems already, with mortgage broker and valuation)
We already said to the EA in the beginning we're in no real rush and willing to help the vendor out if necessary as long as keeps us updated - its just the whole uncertainty I wish we could all sign something to secure it but that's living in a dream world.

FTB129

Conrad wrote: »

One day when you come to sell you might well be in the position your seller is today. Would you move twice to accommodate a buyer? What if your mortgage is withdrawn because your credit score drops on that first move?

Oh i completely understand the situation, as a FTB im not sure on whats right and wrong and its all a learning curve for me this time round. Just appreciate any advice going, Thanks

DRP

FTB129 wrote: »

Thank you, Yes a FTB. I'm just so nervous that she might pull out or something might go wrong (after so many problems already, with mortgage broker and valuation)
We already said to the EA in the beginning we're in no real rush and willing to help the vendor out if necessary as long as keeps us updated - its just the whole uncertainty I wish we could all sign something to secure it but that's living in a dream world.

because our own purchase is taking a little longer than expected, our first-time buyer's have asked us to exchange next week, with a long completion date (December). They want to do this so they have the security of knowing they have the house.

When our sellers sort themselves out (hopefully in the next week or so), we will exchange with them and then the plan is to renegotiate the dates between the 3 parties for a much sooner completion date.

We are willing to do this because:
a) we have got a decent price for our place.
b) we have somewhere to move to if things go t*ts up with our sellers.

OP, If your seller has nowhere to go there seems little point in applying too much pressure. No harm in inquiring though...

T_W

I've just been in this position as the seller. Our first time buyers were ready to move in faster than we were ready to move out through no fault of our own. This was compounded by the EA not giving them accurate information about our move.

We had enough stress getting our own purchase sorted, so when our buyers started pressuring us for an exchange date, all it did was annoy us, since the delay was completely out of our control.

My advice is don't insist on a date, but do ask for regular updates on the seller's progress, and just remind them that you're ready to exchange as soon as they are.

hazyjo

As above - please don't! It's stressful enough. They'll be pulling their hair out keen to move too. Once someone starts threatening to pull out, or force them to be homeless, it can tip some over the edge! Let it take as long as it needs to. Average is 12 weeks. Where are you in that timescale?

It's unlikely everyone will be ready on the same day. They're probably not far behind you so just try to be patient.

If they're having any doubts, you pushing is far more likely to make them pull out!

Jx