Exchange now Complete in SIX months - What would you do ?

Willow101

So we found a house, survey done, mortgage agreed get ready to exchange to discover vendor doesn't want to complete for SIX months?

Our instinct is just to pull out now but wanted to see what thoughts you all had ?

hazyjo

If you really are ready to exchange, I would definitely pull out. Why do they want to wait six months now? Why didn't they think to mention this?


What a PITA!


Jx

Crashy_Time

Why six months?

kathrynha

I'd pull out. How long is your mortgage offer valid for?

Thrugelmir

Look elsewhere.

Willow101

Thanks.

Six months - they now want to wait for their new build to be finished (wasn't part of the original agreement !).

Yes we're all ready to exchange, estate agent desperate for us just to sign !

Would need to see if we can get mortgage extended - have asked the bank and waiting for reply.

kathrynha

If it's a new build there is no guarantee it will be finished in 6 months, it could stretch to even longer

Thrugelmir

What guarantee is there that the new build will be finished in 6 months?

Smodlet

I would definitely be hearing alarm bells. Have you tried telling the vendor/their EA that you will either complete within your time frame, a month would seem reasonable, or you will walk, just to see how they react?

Are they stuck in a chain another link of which is causing the delay? At the least, you need more information but I would start looking at other properties, fwiw... that does mean "for what it's worth", right? I need a glossary.

Grenage

Your instinct is on the money; run away!

hazyjo

I'm with kathrynha - who's to say what'll happen in 6 months. Developers could be struggling if there are signs of a falling market.


I would suggest they went into rented accommodation so they could give notice and move when it's ready. They might not want to, but they should have thought of that - either there's a delay with their new build, or it's what they were originally planning on doing.


Even if you did manage to get another 6 months on the mortgage deal (unlikely, without paying for a new product), I'd still expect it to expire by the time you complete.


Jx