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Pressure from agents to complete
MSaxp
Posts: 208 Forumite
Hi all,
We are first time buyers and had an offer accepted 4 weeks ago. We instructed a solicitor the next day (the vendors took a week or so) and got an appointment for a mortgage a week later.
Now 4 weeks on, we have the mortgage agreed, valuation done, we have a copy of the deeds, fixtures and fittings, etc.
The agents have now started putting pressure on us to complete soon and give notice on our current property (currently renting, on a monthly periodic tenancy) as we are delaying the process!
I am not sure what else we could have done, as it feels like we are progressing at a reasonable pace (bearing in mind both solicitors being closed for 10 days in Christmas). Everybody tells us that the expectation for exchange is 8 -12 weeks, so not sure why we are being told we are delaying. I would expect agents having a lot of experience in such transactions and they have properties that after 6 months of having an offer accepted, have not yet completed.
I would not want to give notice before exchanging as that would put us in the mercy of the vendors. I dont see how any other buyer would be in a position to complete quicker than us, unless it was a buy to let, or the buyer lived on a sofa (unlikely for a 4 bed detached). Frankly, I dont see what benefit the vendors would have for pulling out because of the 1 month notice and selling to someone else and I dont see why they cant move out anytime anyway. They are splitting up and renting, so I dont think it makes any difference for them financially (any mortgage payments they will get back anyway), while if i pay rent for another 2 months after moving out, its money down the drain.
Sorry for the long post, I am just getting upset.
Any thoughts welcome.
We are first time buyers and had an offer accepted 4 weeks ago. We instructed a solicitor the next day (the vendors took a week or so) and got an appointment for a mortgage a week later.
Now 4 weeks on, we have the mortgage agreed, valuation done, we have a copy of the deeds, fixtures and fittings, etc.
The agents have now started putting pressure on us to complete soon and give notice on our current property (currently renting, on a monthly periodic tenancy) as we are delaying the process!
I am not sure what else we could have done, as it feels like we are progressing at a reasonable pace (bearing in mind both solicitors being closed for 10 days in Christmas). Everybody tells us that the expectation for exchange is 8 -12 weeks, so not sure why we are being told we are delaying. I would expect agents having a lot of experience in such transactions and they have properties that after 6 months of having an offer accepted, have not yet completed.
I would not want to give notice before exchanging as that would put us in the mercy of the vendors. I dont see how any other buyer would be in a position to complete quicker than us, unless it was a buy to let, or the buyer lived on a sofa (unlikely for a 4 bed detached). Frankly, I dont see what benefit the vendors would have for pulling out because of the 1 month notice and selling to someone else and I dont see why they cant move out anytime anyway. They are splitting up and renting, so I dont think it makes any difference for them financially (any mortgage payments they will get back anyway), while if i pay rent for another 2 months after moving out, its money down the drain.
Sorry for the long post, I am just getting upset.
Any thoughts welcome.
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Comments
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Presumably you mean pressure to exchange, since completion is usually inevitable once exchanged. Assuming you do want to exchange this is not necessarily a bad thing. What is holding up exchange? If it is something your side then chase it up, if it is something on vendors side then tell the EA that is what you are waiting for.0
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It's so they can get the sale on their books and push their sales totals up for a particular month. This happened to me when I was a FTB - if I recall the solicitor told me not to worry, it was all bluster. Doesn't sound like you could be going much faster than you are!
Out of interest, are they a large estate agents with many branches?0 -
No, actually the agents keep pestering us for when we will move in as the vendors are in a hurry to move out. They keep saying we should give notice for our current tenancy asap, before exchanging.
I wouldn't mind exchanging tomorrow and completing 4 weeks later, but when the solicitor says the paperwork is not ready and some searches are outstanding, I don't see what else i can do to make her go faster. And i dont think giving notice before exchanging is a good idea.0 -
It's so they can get the sale on their books and push their sales totals up for a particular month. This happened to me when I was a FTB - if I recall the solicitor told me not to worry, it was all bluster. Doesn't sound like you could be going much faster than you are!
Out of interest, are they a large estate agents with many branches?
To be fair i dont see what the sellers would gain if they pulled out, so i am not sure what the threat is.
No, they do have the biggest portfolio in my area, but only a local agency with 3 local branches0 -
In many cases offers are accepted from chain free first time buyers precisely because they can exchange and complete far more quickly than would be the case otherwise.
Every house purchase is different, and if the vendors are motivated by rapid completion (as it sounds like yours are) then it may well be the case they marketed the house at a price to move it quickly, and/or accepted an offer from you rather than hold out for higher ones as you could move the quickest.
So to say that 8-12 weeks until exchange is "normal" or "expected" is not necessarily the case.
If you now have your finances and legals in order, you should exchange asap, and let any negotiations be around completion dates.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
If the searches aren't complete, and the solicitor isn't satisfied, then there's no way you should be giving notice. The vendors won't pull out now, it'd waste mountains more time...0
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Doesn't sound like you could be going much faster than you are!
I moved into my last house within 28 days of first viewing it.
So prompt house sales can be done....“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
I think you've summed it up quite well in your post.
Ring up the EA and find out exactly what the problem is and what do the vendors want to happen. State all your main points (the important ones are quoted below imo). I would be telling them to quit messing around as you are every close to exchange (by the sounds of it).We are first time buyers and had an offer accepted 4 weeks ago. We instructed a solicitor the next day (the vendors took a week or so) and got an appointment for a mortgage a week later.
we have the mortgage agreed, valuation done, we have a copy of the deeds, fixtures and fittings, etc.I would not want to give notice before exchanging as that would put us in the mercy of the vendors. I dont see how any other buyer would be in a position to complete quicker than usFrankly, I dont see what benefit the vendors would have for pulling out
4 weeks is nothing really - unless when they accepted the offer they/you stipulated you would be completed by now ...
as others have posted - don't give notice on your rental til exchange, it'll end in tears...0 -
We never promised any such thing, we did say we are FTB with a 1 month notice, which would make it quicker and safer than someone who is part of a chain. Nothing more.
And i dont expect it to take 8-12 weeks obviously, just surprised that estate agents with experience in such transactions, would start pushing us after only 4 weeks (including Christmas). Dont know how long the searches take (like i said, we do have the mortgage, register, plan, fittings, etc) but i would hope we can exchange in January0
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