I'm not sure that my buyers are serious

eleri5

Hi,

First time poster, long time lurker here. Sorry for the long post.

I accepted an offer on my flat in December last year but didn't find a house to buy until March. My buyers were very keen to complete by 1st April as they are BTL landlords, but due to the mortgage application, survey, searches etc this wasn't possible.

At the start of May my conveyancer said that all the paperwork was complete and I could complete by the end of May if the buyers were ready. The Estate Agent tried to contact the buyers and their solicitor for a week and a half with no success. After two weeks, the solicitor phoned them back to say that the buyers had gone on holiday that day, for two weeks.

At the end of the two weeks, the solicitor called again and said that he was about to meet with the buyers to discuss exchange and completion dates. He didn't call again, but my vendor's Estate Agent contacted him and he confirmed that everything was in order and that the buyers expected to be able to exchange and complete in about two weeks.

That was nearly a week ago. My Estate Agent, my vendor's Estate Agent and the conveyancer have been trying to contact the buyers and the solicitor for further news and today they have been told that the buyer's solicitor has gone on holiday, and that the solicitor's colleague hasn't been able to contact the buyers.

The person who I am buying from has been very patient so far, but I'm not sure how serious the buyers are. I'm beginning to wonder if they're stalling.

eleri5 :undecided

DRP

Time to set a deadline for exchange.

warwicktiger

And a non refundable deposit based on exchange and completion by a certain date

kinger101

I'd set an ultimatum. Exchange by next Friday or it's back on the market.

CKhalvashi

kinger101 wrote: »

I'd set an ultimatum. Exchange by next Friday or it's back on the market.

The only issue for me is that it may very well backfire.

I'd suggest getting those that are being paid to deal with them to deal with them, and try to get a firm date before going down this route.

kinger101

CKhalvashi wrote: »

The only issue for me is that it may very well backfire.

I'd suggest getting those that are being paid to deal with them to deal with them, and try to get a firm date before going down this route.

If all queries are dealt with they can exchange. No point in leaning on solicitors to do this as they need the instruction from the client. They are either going to exchange or not.

In any event, back on market doesn't stop them exchanging.

ellie27

Your buyers had their offer accepted on your house in December and it took you 3-4 months to put an offer on a house you liked. They wanted to complete by 1st April. If it was me as your buyer I would be questioning whether you were serious about selling as I do find this an extremely long time to wait.

It could be that they have indeed felt the same and have found somewhere else in that time so no rush in getting back to you.

I would set a deadline so that you know for sure.

Good luck

AdrianC

You mucked them about for three of the four months between their offer and their preferred completion date. Because of the SDLT changes, your delay is costing them an extra 3% of the purchase price...


...and you think they're the ones who aren't serious?

eleri5

Hi Adrian,

If there are barely any houses available in the only area that you can buy in at a price that you can afford, and that don't need major structural repair, leasehold extension or retrospective planning permission, I'd really love to know what you would do.

I made several offers on other houses in the 3-4 months, but someone else made a higher offer every time.

I've finally found a house that I can afford, that doesn't have anything too badly wrong with it, and I've been ready to complete for nearly two months.

If I was in the buyers' position, I hope I would have the decency to tell the seller that I was no longer interested instead of stringing them along. What kind of person would do that?

hazyjo

They're probably waiting for the in/out result tomorrow. Sit tight until then, and push again on Monday.


Jx

eleri5

Thank you for all the helpful replies.

I asked my estate agent to suggest 29th July as a completion date to the buyers' solicitor today, and the solicitor called them back immediately and said that he would propose it to the buyers.

Here's hoping...