Pressure from Developers, help!

Ging37

The developers of the property that we are in the process of buying are phoning and pressuring us to complete on the 22nd.

A few weeks ago we originally thought that this was an option and agreed to that date (naively, we have never done this before) but now due to the mortgage and conveyancing process coupled with the Easter weekend, this just isn't going to happen.

The builders are phoning demanding we put more pressure on our solicitors but it's just not going to happen. Result from land searches etc aren't through till the end of the month so it's literally impossible for anything to be pushed through by that date. .

This is causing so much stress and upset on our part, and causing arguments at home.

Are we being unreasonable?? It is totally out of our hands. :(

Bantex_2

What is this pressure?

Ging37

Phoning every day telling us to get on to our solicitor. But we don't have any more info and there's nothing we can change.

Ging37

Don't know if we are paranoid that they are going to sell our house to someone else! Ridiculous I know. Feel crappy constantly worrying!!

ACG

This is one of the reasons using a broker is useful. Developers/EA apply undue pressure to buyers knowing their heart is in it and they are (I dont mean this offensively) naive.

If you had a broker on this, they would probably tell the developer its in hand, it may slip by a couple of days because of easter etc but you are working as quick as you can and them calling daily is not doing anything other than cause them more work - potentially even say if they call again before a certain date they are just going to ignore the call.

Just tell them you have done all you can, exchanging in 5 days is not going to happen seen as 2 of them are weekend days and another 2 are bank holidays. Tell them you will hopefully exchange by the end of the week - that gives you a few days where they will not harass you, if they do ask for the head office number so you can put in a complaint.... there is absolutely no need for them to be calling daily if you have told them you will need a few extra days.

Ging37

He's just called again to tell me they are putting it back on the market on the 22nd.

There are many buyers interested in this amazing and unique opportunity and I am utterly devastated.

Too late now for broker or anything. Easter weekend and worst timing ever:(

ACG

Tell him to do it (on the 22nd).

You will be ready to exchange before a new buyer even gets a mortgage offer in the current climate - dont worry.

Ging37

Oh I hope you're right. Hey, you have been there every step of the way. Thanks, friendly stranger x

Means a lot when dealing with these frankly ruthless businessmen. I cried on the phone. He knows how desperately we want this house. I am so naive it's actually embarrassing.

ACG

Actually im just thinking... someone else may be able to reserve it from the 22nd meaning they have that time frame to exchange contracts.

I think i would probably get in touch with head office put in a complaint, say hes been rude etc and ask if you can have a couple of days grace due to it being easter etc.

Ging37

I don't think a couple of days grace will make a difference. According to my solicitor they won't have the checks in place till the 30th anyway.

I am waiting to speak to my solicitor again, he is phoning me. I just have to hope that I have appealed to his kinder side and he will accept waiting what will literally amount to a couple of weeks longer before it goes through.

No point speaking to Head Office - I think he is one of the top bods. It is a small, local developer.

Thanks for the support.

ACG

The only other way is to go in and ask him why he is being awkward - nothing like being direct. You might find he backs down? You could say you have done your upmost, you have a mortgage offer and the legals are well under way. So he could give you a weeks grace and exchange then or put it back on and have to wait another month before exchange.

Hes basically cutting off his nose.

You could also say with MMR (mortgage market review) pretty much every lender is taking a good week to look at applications so it will be at least a week before people know whether they have a mortgage offer.

Im all out of ideas sorry.

But i dont really do new builds in the main so im sure one of the more experienced brokers can offer more help.