Feeling pressured into Completion date

G_M

Just ignore the pressure.

If you miss this artificial 'deadline', the seller could never replace you with a buyer able o meet the deadline - they'd be back to square 1, waiting another 28+ days.

Instruct your solicior clearly

* whether or not you are happy to exchange/Complete same day
* if not, how long a gap you want (2 days? 2 weeks? month?)
* to not exchange till all searches & paperwork are complete (he should not anyway)
* to check with you when he believes all paperwork/searches etc are ready, and ask if you're happy to Exchange
* what your earliest Completion date is
* to inform the seller's solicitor of the above.

Remember your solicior works for you, so must do as you instruct.

Remember the seller may not like you digging your heals in, but cannot force you to Exchange or Complete to their timescale.

Remember the seller has no other option if you pull out, other than to start marketing again (takes weeks) & then start another 28 day conveyancing process.....

I'm assuming from your username you're a female - just try imagining you have a couple of appendages extra, and use them!

giraffe69

Suggest

I am prepared to exchange
It is very awkward, inconvenient, difficult to complete on the same day
I am prepared to complete on Jan X
If you want to complete at the same time as exchange I would be prepared to do this in return for a modest payment to compensate me for the difficulty/inconvenience. I suggest X (as posted above make it reasonable).

G_M

giraffe69 wrote: »

Suggest

I am prepared to exchange
It is very awkward, inconvenient, difficult to complete on the same day
I am prepared to complete on Jan X
If you want to complete at the same time as exchange I would be prepared to do this in return for a modest payment to compensate me for the difficulty/inconvenience. I suggest X (as posted above make it reasonable, but sufficient to be worth you doing).

:beer::beer::beer::beer::beer:

lovehackney

If you're currently being removed from the mortgage with your partner, I'm assuming your partner (or do you mean ex partner?) is going to take over the mortgage on their own. If they can afford it, can they not just pay it alone one month earlier, to solve your problem of not being able to afford two mortgages in one month? If it's your ex partner I guess it might not be so amicable and possible.

missvp

Thank you all for your responses it is all appreciated.

molerat wrote: »

Not necessarily. Ex MOD, NHS, Police, AEA, HMP. loads of them about.

Exactly the case- they are ex MOD.

The exchange has been pushed back to 23rd (today) as solicitors wanted to double check paperwork, which has offered a 24 hour relief. I have however instructed solicitors by email this evening to NOT move forward with exchange until I have spoken to them again and have either declined or accepted moving forward. I want to put forward some of your suggestions (I transferred deposit in the interim period from my first post yesterday, but it's just sitting in my solicitors account at present).

I'm still not happy they won't exchange and complete within my timescale as I'm not off my current mortgage, and I have explained it leaves me at serious risk having potentially both payments to cover (partner has already accounted for spendings this month so not doable for him
to cover).

I explained what would happen if say, parents could tide me over, but for money laundering purposes (of which I fully appreciate) the lenders will not like seeing another undeclared payment into my account and so this itself will delay things further anyway. Clearly the lender can request a bank statement at any point prior to completion and so again that leaves me at risk.

Both EA and Solicitors explained seller is unlikely to be happy to wait any longer because it is simply not a condition of my mortgage offer to be off current mortgage prior to completion. Lender confirmed this however stayed that any offers made based on affordability were done in account of 1 mortgage payment and not 2.

I guess I'll have to live with the fact that I may lose out on this property if the sellers wish to pull.

My concerns are I will lose about £1000 in fees which are non refundable and will also need to find the additional money by the value the houses have gone up since I made my offer (another couple of hundred pounds to save) should I want to purchase another.

I don't know whether I am better digging my heels in but feeling secure with the decision, or pushing ahead, but I almost feel like I am 'winging it' if I do and leaving myself open to risk.

Any further ideas or thoughts?

As you can tell I have lost sleep over this as I am writing this very early morning!

missvp

I have decided on three options:

Agree my completion date, or pull out (risk I'll have to to chalk up to experience if it happens)

Negotiate costs around bringing it forward.

I can bet money on it that the second won't be an option, so I'm at the mercy of the seller essentially, however I refuse to put myself into an even more financially vulnerable situation by rushing it though before I am ready, or current mortgage is sorted.

The only thing I feel like crying for is how quickly they are gathering value and it means I'll have to find the extra, plus my non refundable deposits again. My savings wont build anywhere near as quickly as that, so I could find I am eventually priced out the market should I wait another 8-12 months, which terrifies me (I earn a decent wage so I'm not sure how people will afford to buy houses in the future if it carries on as it is)!!

I guess it will be a case of just keeping an eye on them and scrimping by in order to chuck everything into savings if it falls through. Any advice or words of wisdom on that particular scenario?

Thanks in advance

Nobbie1967

I can't believe that your finances are so tight that paying £500? is going to be such a massive problem. Just complete and borrow off your parents as once you've completed the lender won't know or care about what money goes into your account. If your parents can't lend it, get a cash advance off your credit card.

getmore4less

Has the solicitor drawn the mortgage funds?

If not this could get tight.

You have to the 31st to hit the 28day can't they do it all next week?

Given what you have said overnight I think you need to find the money as long as you can get agreement from the Ex that they will take the other mortgage on and you can stop paying even if the paperwork on that is delayed.

If your parents can help have them transfer the money to the ex for payment of that mortgage then it won't hit any of your accounts.

DesG

I wouldn't exchange on the new house until you have been removed from the previous mortgage, there is no guarantee you will be removed tomorrow, or this time next year or until the term expires.