Vendor won't exchange, advice

DRP

TheCyclingProgrammer wrote: »

That might be a more subtle way of doing it, I agree.

I'm not sure we can really face renting and then having to start the house hunt all over again. It took us 6 months and 50+ viewings to find this one.

I don't think that would be subtle at all! effectively you are telling the EA that you are pulling out of the deal as soon as you find a new place.

It might might might work to force the vendor's hand if they are genuinely willing to break the chain, but if they are not , viewing other houses will bring it all tumbling down.

I would do what happylucky suggested - an honest approach that lays out the possibilities and consequences to the vendor.

Also make sure the letter goes to the vendor direct (cc: the EA).

TheCyclingProgrammer

Thanks for all your input.

As things stand, we have been open and honest with the EA and vendor. We have told them that currently, we are still committed to buying but are weighing up our options, one of which would be pulling out if we can't exchange by end of January.

Seeing the purchase through and going on school waiting lists is an equally valid option and if I'm totally honest, is the direction I'm leaning in. We will wait and see what the EA says but we will make a firm decision either way by the end of the month.

No ultimatums have been issued and we don't intend to do so unless we are happy to stick to it.

lazer

Can you change a completion date post exchange?


Could you agree to exchange with say 6 months to completion, and then revise this when the vendor finds a new place?

TheCyclingProgrammer

lazer wrote: »

Can you change a completion date post exchange?


Could you agree to exchange with say 6 months to completion, and then revise this when the vendor finds a new place?

I don't think agreeing to a completion date past our mortgage expiry would be sensible.

If we exchanged in January, the latest I would be willing to complete is mid April.

Dan-Dan

TheCyclingProgrammer wrote: »

The point is we would have to give up on moving and focus on getting into a good school locally, or rent in the new location which is certainly doable.

Yes , and my point was more in reference to those saying to view other houses , i feel doing that would be futile and a waste of time

Thrugelmir

TheCyclingProgrammer wrote: »

If we exchanged in January, the latest I would be willing to complete is mid April.

The chain is unlikely to agree to this.

TheCyclingProgrammer

Dan-Dan wrote: »

Yes , and my point was more in reference to those saying to view other houses , i feel doing that would be futile and a waste of time

Yes, it would be.

If we decide to stick it out and things are still dragging on past January then we can look at our options again. But the only other realistic option now is renting.

TheCyclingProgrammer

Thrugelmir wrote: »

The chain is unlikely to agree to this.

What chain? I'm talking about if our vendors do agree to break the chain.

If they don't, then we will simply exchange and complete in line with the rest if the chain but our mortgage offer still expires in April.

Isn't it normal to complete between 1-4 weeks after exchange?

pinkteapot

1-4 weeks is typical. We had two months because various people in the chain couldn't do certain dates. Our chain was four parties and everyone agreed to this.

How old are you kids (so what stage of school) and how bad are the other schools in the area?

TheCyclingProgrammer

pinkteapot wrote: »

1-4 weeks is typical. We had two months because various people in the chain couldn't do certain dates. Our chain was four parties and everyone agreed to this.

How old are you kids (so what stage of school) and how bad are the other schools in the area?

Our daughter is 3 and starts reception next September.

pinkteapot- lots of good schools within a mile but most are probably oversubscribed. So we will be left with the school nobody wants.

Our only positive thing is our first choice school has 60 places and we know that on average, only half of those are filled from within the priority admission area as it's quite small. So anyone who lives near the school will get a place if they want it.

What that should mean is if and when we move in, we should be right near the top of the waiting list, if not the very top. The school is only round the corner. So we would stand a chance if a few places come up. I've spoken to the school and they said last year they had no waiting list movement but they have in the years before.