Can vendor delay move?

katvet

We had an offer accepted on a property about a month ago. We made it clear at the time that we must be living in that property within three months of completion on our previous home, so Santander pay back the astronomical fine (over £22k!) we have for ending our fixed term mortgage early, and this is written in the offer letter from the estate agents. Our sale completes next Monday, we weren't in a chain to sell and we're not in a chain to buy either. The vendor is downsizing into a property they already own, we're renting until completion. Obviously I have no idea how long conveyancing work will take but the house is only about 20 years old so hopefully nothing major will come up. The vendor initially said they were looking to move after Christmas, but they now want to wait until end of January as this will be more convenient for them. This is worrying close to our three month limit from the bank; if there were any delays at all we would no longer be eligible for a refund on our fine from them - our mortgage offer etc is based on us having this money back in the bank! If we're ready to move immediately and the buyer already owns their new home, then (pending conveyancing) are they 'allowed' the delay completion just for the own convenience?! Their house had been on the market for a long time before we made an offer so it's not exactly a surprise that they need to move their belongings out!

Thrugelmir

What fine have Santander imposed?

BrassicWoman

they can do whatever they like until you have exchanged.

is anything stopping you exchanging now with a Jan completion date?

Bonfire_Bride

Until you exchange on your purchase, the vendor can do anything. You can add pressure but there's nothing you can do legally to push them ahead.

We pulled out of our last purchase because the vendor was dragging their feet.

katvet

We took out a five year fixed term on our previous home as we weren't planning on moving. 3.5 years later we've relocated to the other end of the country so are being fined by Santander for ending the fixed term mortgage early. We get the money back if we complete on a new home (mortgage with them) within three months of completion of our old home - but even a day over three months and we get nothing back. We're waiting on conveyancing to be finished to can't complete yet. My worry is that once we're in a position to exchange the vendors could delay on exchanging.

Hoploz

They can ask for whatever date they like but unless all parties agree it won't happen.

You need to make it clear that there is £22k at stake here and if your timescale cannot be met then you'll be forced to reduce your offer by that much.

Having said that, what date does it need to be completed by? There s quite a bit of time between now and 'after Christmas'. There must be a reason they can't move ... Perhaps there are tenants in situ and they are being accommodated? Or they aren't giving them their two months notice until your purchase reaches a certain point down the line?

Mobeer

You agree a completion date as part of the contracts, so this is not fixed until the exchange of contracts. Deciding the completion date is always a matter of negotiation.

sidefx

katvet wrote: »

We took out a five year fixed term on our previous home as we weren't planning on moving. 3.5 years later we've relocated to the other end of the country so are being fined by Santander for ending the fixed term mortgage early. We get the money back if we complete on a new home (mortgage with them) within three months of completion of our old home - but even a day over three months and we get nothing back. We're waiting on conveyancing to be finished to can't complete yet. My worry is that once we're in a position to exchange the vendors could delay on exchanging.

With respect, your mortgage fees, as described above, isn't the vendors problem.

katvet

I appreciate our mortgage fees are not the vendors' problem, but the fees were a factor in choosing their property as we knew there was no onward chain. There's no tenants, the vendors live in the property. They have a grandchild due around early January so want to be able to spend time with their daughter, not moving house.

Grenage

All you can do is be clear. Tell them that you want to exchange contracts by x date, or the offer is rescinded. Until the contacts are exchanged, they can do what they please.

HouseBuyer77

Sadly there's nothing you can do to force them. Have you actually exchanged on your sale yet? Not linking the two sales opened you up to a great deal of risk (house purchases often take longer than planned). But if you haven't exchanged yet you'd be well advised to delay exchange on your sale, linking the two transactions would be best but if that's not possible at least wait until you have more clarity about your onward purchase.

If you have exchanged on your sale then all you've got is good will from the vendor. Demanding £22k off if they don't complete in the time could back fire. They may just drop you and put the house back on the market.

Moving forward you need to establish the reason for the delay. Are they aware of your situation? Could be they'll happily move earlier once they realise.

Of course if they're unscrupulous people they'll take advantage and crank up the price because they know you have to complete to avoid the Excess.