Pushing back completion date

GipsyHillClimber

Hi all,
I'm currently in the process of buying my first property and i'm after a little bit of advice or anecdotal experience if anybody has any who would be kind enough to share? I'm a FTB due to exchange on a property in SW London in the next week or so, the seller has had an offer accepted on a currently vacant property so a relatively small chain.

Due to a slew of weddings and holidays over the coming months along with a 2 month notice period on the property i'm renting at the moment i'm only looking to complete in mid September or early October, a fact i mentioned when putting the offer in but seemed to be mostly ignored. The estate agent (i'm guessing at the behest of the seller) is pushing quite aggressively for a completion date in early August which is far too early for me.

My question would be, how much does everyone think can push back on this date, has anybody else been in a similar situation or experienced things from the sellers perspective? I'm guessing the results of the ref this morning work in our favour to some degree as the seller doesn't have a strong market to put the house back on to (as i type this i wonder whether i'm crazy to exchange right now but that's a topic for another thread i'm sure)

Okydoky25

When was your offer accepted? If you are close to exchange and so are your sellers I don't think its reasonable to hold off now for 3/4 months.

If you was my buyer I would be thinking of putting it back on the market as starting the chain again would prob be quicker in such a fast paced selling city.

wantonnoodle

Okydoky25 wrote: »

When was your offer accepted? If you are close to exchange and so are your sellers I don't think its reasonable to hold off now for 3/4 months.

If you was my buyer I would be thinking of putting it back on the market as starting the chain again would prob be quicker in such a fast paced selling city.

Not entirely why I would expect them to put it back on the market - if the OP informed of this at the point of offer, then the seller has had ample time to reject the offer or withdraw from the transaction. I suspect its the EA who wants it to go through to completion sooner - they've probably already planned what they want to do with their commission.

GipsyHillClimber

Thanks for the reply, the offer was accepted this time last month, being somewhat pessimistic i planned for the worst (in terms of long chains and hiccups) and hedged on the whole process taking 3-4 months at a minimum.

Your perspective helps, although i would have thought that most sellers would be hesitant to put the house back on the market for the next couple of months at least as it's likely to be a turbulent time for house prices, even in London.

I'll probably try working with the sellers though and aim for a late August completion, whilst it will mean i take a bit of a hit by double paying rent and mortgage for around half a month, i'm sure it's worth it to avoid the hassle. I do wish somebody, either the EA or the seller had challenged me on my prospective completion date when i first mentioned it though.

GipsyHillClimber

wantonnoodle wrote: »

Not entirely why I would expect them to put it back on the market - if the OP informed of this at the point of offer, then the seller has had ample time to reject the offer or withdraw from the transaction. I suspect its the EA who wants it to go through to completion sooner - they've probably already planned what they want to do with their commission.

Thanks, i thought the same, i may contact the Vendor directly to see if the pressure is indeed coming from them.

smile88egc

It's expected that London property prices will drop more steeply than anywhere else in the UK on the back of the referendum result. Your position is a strong one as a first time buyer in this situation.

Don't be bullied, and take your time.

Okydoky25

wantonnoodle wrote: »

Not entirely why I would expect them to put it back on the market - if the OP informed of this at the point of offer, then the seller has had ample time to reject the offer or withdraw from the transaction. I suspect its the EA who wants it to go through to completion sooner - they've probably already planned what they want to do with their commission.

OP may have confirmed that with the EA but as you suggest they are not the most honest of people and prob did not pass this on to the vendors along with their offer so this may be a shock to them when they find out.

Okydoky25

wantonnoodle wrote: »

Not entirely why I would expect them to put it back on the market - if the OP informed of this at the point of offer, then the seller has had ample time to reject the offer or withdraw from the transaction. I suspect its the EA who wants it to go through to completion sooner - they've probably already planned what they want to do with their commission.

OP may have confirmed that with the EA but as you suggest they are not the most honest of people and prob did not pass this on to the vendors along with their offer so this may be a shock to them when they find out.

nkkingston

Have you had all the surveys done yet? That is speedy in a month! If not, then there's not reason why you'd agree to exchange yet anyway.

Clutterfree

It could be their vendor who is pressurising them to complete so they've no choice if they don't want to lose the property.

GipsyHillClimber

Clutterfree wrote: »

It could be their vendor who is pressurising them to complete so they've no choice if they don't want to lose the property.

I thought this was potentially the case but they only had their offer accepted just over a week ago so i'd expect them to have another month or so at least until they're ready to complete. I've contacted the vendor, will see if she responds to say she wants to move as quickly as the EA is making out. I'll not be completely inflexible but i shan't be rushed as i've made no secret of my planned date of moving.

Thanks for the responses all, they've helped add some perspective.