Offer accepted in April. Still awaiting exchange. What should I do?

tarab1986

Hi all, I'm looking for some advise

Had an offer accepted on a 3 bed terrace in mid April, seller wanted to complete by mid July which suited us so we have endeavoured to be as quick as possible in reaching the point where we are ready to exchange.

Just to set the scene we are first time buyers, chain is short - just us, our vedors and then their vendors (so 2 properties).

Now I'll admit our solicitors have been next to useless causing us a lot of confusion and frustration but our vendors haven't exactly been truthful either, initially they reported only 2 people living in the property on the paperwork - we knew this to be untrue as when we viewed they were clearly renting out rooms (lodgers rather than tennants). It was only when we challenged the paperwork they admitted others were living there.

Our vendors have had delays in getting their onward enquires a series and this is causing the delay.

My feeling is that we have worked hard to get to this point, twice we have requeste to go round to measure for curtains ect as they are taking everything with them but this has been refused for various reasons, I'm beginning to suspect they have more exchange students staying with them for the summer and have no need to rush the top of the chain.

What should my next step be? I've been advised riser an ultimatum, exchange within 2 weeks or we look elsewhere, the problem being that in the area we are looking there aren't really any other properties available

kinger101

An ultimatum is just cutting your own nose off to spite your face. Presumably, you've no desire to be back at square one, minus the legal fees you've incurred thus far. Find out what the exact delay is and then keep pestering whoever is delaying. Lodgers can usually be out very quickly, and this should only delay completion rather than exchange.

tarab1986

Thanks kinger, the problem is that we don't know exactly what the delay is as its further up the chain, our solicitors have been next to useless so I don't really trust them to expedite the chain - should I go back to the estate agent?

Kynthia

3 months is average so lots of purchases take longer than this. Only issue ultimatums if you intend to stick to them. Otherwise just keep pushing for exchange with the EA and solicitor.

ReadingTim

tarab1986 wrote: »

...should I go back to the estate agent?

Yes - the agent is a far better source of pressure, as they don't get paid unless and until the purchase goes through, whereas the solicitors get paid regardless, so have little incentive to make it happen with any sense of urgency...

Hoploz

Definitely get the agent on this.

Forget measuring for curtains, it's really not important.

Firstly, have a proper cover station with your solicitor, to clarify whether they are ready to exchange - do they have everything they need, what is outstanding and who needs to provide it. You often think you're ready and someone else is causing a delay, only to find your own solicitor is still waiting or something from the council yadda yadda, so get your end clear in your mind.

Next, tell the EA you need to find out what the delay is, and get him to sort it out and get an idea of dates the seller has in mind. The EA can oversee the whole chain, liaising with the seller's seller's EA as well.

However, we are not too far from mid-July yet, it's easy to slip a couple of weeks, not unusual.

elvenlomadia

We were originally told by the estate agent that we should be able to complete mid-April (offered in Feb), ended up being early July. No particular reason, just solicitors being slow with our seller's onward purchase. I'd pester the estate agent regularly, but nothing else much you can do other than keep looking at other properties just in case.