Seller demanding exchange timeframe that can't be met

warmer_2

Hi, we are buying a flat and the seller is asking us to exchange in a timeframe that he knows can't be met because his solicitors haven't even sent all the documentation to ours yet, we are hearing from him that he want to exchange in one week but we have forwarded on communications from our solicitors that this can't be done as they haven't received all the requested information and work is still to be done.

We only had the offer accepted last month.

Any thoughts of why he is doing this? Is he looking for an excuse to pull out and relist for more? The seller has multiple properties and has sold other flats in the same building so it's not like he won't have good solicitors and also know the timeframes that can be worked within.

We feel uneasy now about this purchase, but we are only a few weeks away from an exchange. Prices have undoubtedly gone up since we put in the offer is this a tactic to ask for more or re-list?

Foxy-Stoat_3

The seller can do what he likes right up until the day of exchange whether is in one week or 3 weeks.

Is he really going to back out of a sale if your a long way down the line with funds and solicitors in place if you exchange a week or 2 after his preferred date?

kingstreet

If it's that early in the process, the paperwork isn't ready and you can't agree a completion date.

In that case, it is not possible to exchange contracts.

warmer_2

I know and that is what we have told him 3 times now but every week now we get a call "you've got to exchange next week' We have said this isn't going to happen but he keeps on, I don't understand why he would be doing this when we have made it clear it won't speed the process along at all and he must surely know this owning and selling several properties already.

princeofpounds

It might be an excuse, but frankly he doesn't actually need one. Maybe he needs some kind of self-justification but it really doesn't affect your response. He is probably desparate for the cash and trying to hurry you along.

So actually it's a good opportunity to show you won't be bullied, because no matter what you do you can't fulfil this demand.

Just be blunt back, and call the bluff.

- we both know that it is not possible to do this - not just us, but almost any buyer.
- if you are keen to pull out, then be straightforward and do it rather than setting unrealistic targets and wasting everyone's time. Moves like this are not representative of transacting in good faith.
- you should not doubt we are also keen to exchange as quickly as possible, given practical considerations, on the agreed terms
- you will not be spending any more money on surveys or lawyers without a more reasonable timescale being agreed.

Dial the politeness factor up and down as you like!

RAS

WRITE to him, pen and paper job, explaining that until his solicitor provides the required documentation, you cannot discuss exchange timetables.

In the meantime make sure your lawyer is chasing searches etc.

DRP

tell him you want to exchange TOMORROW or you'll pull out

hazyjo

I knew the EAs I had to buy through were horrendous so I took it upon myself to email them daily, or more than that if any updates. I would say what I was waiting for, who I'd chased that day, what else I'd done, just everything really. It kept them off my back and they told me they wished every purchaser was like me (this is after one of their partners had me in tears at the beginning and I found them incredibly rude and was dreading buying through them). Sellers/buyers often presume the other party's not doing anything, or isn't in as much of a rush as them. From my experience, everyone's usually as keen as each other!

Give the seller that emailing option. Email their agents, or them direct and tell them if they don't stop harrassing, YOU will be the one pulling out.

Ridiculous. Drives me mental when people start snipping away at you and making threats. Grrrr.

Good luck.

Jx

kingstreet

If there's a selling agent, ask them to keep their client off your back and ask them to talk to the vendor's solicitor about delays on their side.

warmer_2

princeofpounds wrote: »

Just be blunt back, and call the bluff.

- we both know that it is not possible to do this - not just us, but almost any buyer.
- if you are keen to pull out, then be straightforward and do it rather than setting unrealistic targets and wasting everyone's time. Moves like this are not representative of transacting in good faith.
- you should not doubt we are also keen to exchange as quickly as possible, given practical considerations, on the agreed terms
- you will not be spending any more money on surveys or lawyers without a more reasonable timescale being agreed.

Thanks, this is kind of what we have done but I'm going to lay it out in completely clear terms when we meet the Estate Agent on Saturday, it does seem very odd behaviour and we will say if he wants to pull out he should just do that straight away.

Also he wants to exchange now but has agreed our completion date in principle which is a month and a half away.

As far as I can tell they have already sold two flats for more than they purchased the entire building for back in 2007, there is no chain and things haven't dragged on (it's only been 1 month). The property went to offer about 4 months ago with another buyer but fell through, we paid an extra £10K then the offer they had accepted back then, we were told the buyer pulled out but we are starting to question that now, were they pushed.

This is London and prices have been going up a ridiculous amount, can't help but think the seller is looking at other 2 beds going for £50-100K more and thinking about trying his luck.

Road_Hog

warmer wrote: »

I know and that is what we have told him 3 times now but every week now we get a call "you've got to exchange next week' We have said this isn't going to happen but he keeps on, I don't understand why he would be doing this when we have made it clear it won't speed the process along at all and he must surely know this owning and selling several properties already.

I know this is going to sound quite harsh but I don't see what your problem is.


If the offer went in a month ago, then that is plenty of time to get the survey done and the searches returned. What else is it you are waiting for?


Having sold a property recently, I have lost patience with buyers. The buyer had the survey done in early November and when I chased up in January, I was told we couldn't exchange because the wife of the buyer had gone on holiday for the whole month. It was only when I instructed the estate agents to remarket the property, that he got a panic on and got the exchange/completion done in a week.