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Delaying an exchange
mattyv11
Posts: 1 Newbie
Hi all,
I recently exchanged on a property and paid a hefty deposit. Due to unforeseen circumstances, it looks as if I won't be able to raise the funds to complete on the 13th Feb. This will hopefully be resolved and I will have the funds in the next few weeks.
I'd appreciate any advice on how to approach this situation, on how to put this to the solicitors? Is it possible to delay the complete? Will there be charges.
I understand this may be a inconvenience to the Vendor but this was a probate so I don't think there'd a particular chain that it's effecting. It's just a case of the vendor not getting the funds for 3 weeks. I'm sure I will be able to complete the purchase by the 2nd March as I will have the funds. What's the chances they'll agree to this?
Any help would be great,
Thanks
MV
I recently exchanged on a property and paid a hefty deposit. Due to unforeseen circumstances, it looks as if I won't be able to raise the funds to complete on the 13th Feb. This will hopefully be resolved and I will have the funds in the next few weeks.
I'd appreciate any advice on how to approach this situation, on how to put this to the solicitors? Is it possible to delay the complete? Will there be charges.
I understand this may be a inconvenience to the Vendor but this was a probate so I don't think there'd a particular chain that it's effecting. It's just a case of the vendor not getting the funds for 3 weeks. I'm sure I will be able to complete the purchase by the 2nd March as I will have the funds. What's the chances they'll agree to this?
Any help would be great,
Thanks
MV
0
Comments
-
You are not 'delaying Exchange'. You are breaking a legally binding contract by not Completing on the date specified.
You run the risks of
*losing your deposit and/or
* incurring (potentially) significant compensation costs
Read this thread:
https://forums.moneysavingexpert.com/discussion/5154604
and this one
https://forums.moneysavingexpert.com/discussion/51504380 -
You can certainly ask via your solicitor for delayed completion. If they say yes, no problem.
If they say no, then see above.0 -
It's entirely down to the psyche of the current owner(s) where this might go if you've exchanged and cannot complete on time.
You may be lucky. Keeping a probate house unsold, even for a few weeks, will mean they are incurring extra expenses, which you should offer to repay.0 -
Why did you exchange if you knew you could not complete? Why did your solicitor let you?0
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