Property Information Form

alcur

Hi,


I am in the process of purchasing a house which I will be moving into.


I have received the property information form from my solicitor which states the vendors have special requirements regarding a moving date and have noted that they are wanting to move in September.


I was not under the impression when I viewed it that they had any special requirements and I was anticipating to exchange and complete as soon as the legal process was completed and all enquiries were answered.


The vendors are reliant on funds from me purchasing to purchase another house which obviously means there's a chain involved.


My question is - do I have to go with their requirements or can I insist we exchange/complete ASAP, they get their funds and find alternative temporary accomodation or am I being too harsh?


I myself live in an outright owned property which I have not got up for sale yet but for personal/family reasons I need to move closer to the area as soon as possible.

fashionvictim

It's July, I think September sounds realistic if you are just starting the paperwork.

Have they specified a date in September or just during that month?

casperlarue

Even if you said the middle of September then thats only 2 months away, in house buying terms not a long time considering there is a chain involved.

On the other hand ..... do you know what their special requirements are? If they are buying a new build then September may be a date given by the developer, could be many months later.

Maybe ask for confirmation regarding the September completion date and go from there.

alcur

fashionvictim wrote: »

It's July, I think September sounds realistic if you are just starting the paperwork.

Have they specified a date in September or just during that month?

The process is almost complete. Survey done, searches returned, only a couple more enquiries left to be answered and I've been to the solicitor to sign contracts etc.

ThePants999

alcur wrote: »

My question is - do I have to go with their requirements or can I insist we exchange/complete ASAP, they get their funds and find alternative temporary accomodation?

Neither is automatically the case. This is a negotiation, and you need to agree something. If you can't come to agreement, one of you will have to cave or pull out.

HouseBuyer77

They may well have just pencilled in September thinking that's a realistic time for exchange.

As above completion before September would be tricky anyway so it's an entirely reasonable date. So I suspect if you asked them to go into rented to push the completion earlier (if this was even possible) they'll say no.

david1951

There are no rules. You can request exchange/completion ASAP but they might refuse.

Both parties have the option of walking away if you can't reach an agreement.

If there is a chain involved there is no guarantee that they would honour an agreement anyway, as something could happen further up the chain.

Can you not just wait two months?

alcur

david1951 wrote: »

There are no rules. You can request exchange/completion ASAP but they might refuse.

Both parties have the option of walking away if you can't reach an agreement.

If there is a chain involved there is no guarantee that they would honour an agreement anyway, as something could happen further up the chain.

Can you not just wait two months?

I don't particularly want to wait 2 months as I need to be moved closer to the area ASAP to care for a relative.

Kynthia

The average purchase takes 12 weeks. The longer the chain the longer it can take. Is the chain even complete yet? If you're reliant on selling your property then it definitely isn't, and if the chain isn't complete upwards also then you shouldn't even begin incurring any expenses.

Once the chain is complete and you have gotten far enough into the purchase to know everyone will be ready to exchange soon, then you can start discussing exchange and completion dates. If someone wants different to you then you negotiate. However if no one will budge then either someone needs to compromise or pull out and collapse the chain. So it comes down to who who wants the purchase/sale more if no one compromises.

alcur

I may just be being too optimistic. The last time (and first) I bought a house. We started the entire process on the 26th January and completed and had the keys on 26th February which meant it took just over 4 weeks and 1 week of that was the owners moving all of their furniture out.


This however wasn't a chain so we weren't reliant on other people.


Thanks for your replies.

dc197

Do you need to sell your current house to buy the new one?
If so, and you don't even have it on the market yet, 2 months is probably not enough time.

If you don't need to sell yours to buy, and already have most of the legals done, 2 months seems a long time.