problem with our completion!

ysoskint

Hello, the sale/purchase has been going well up till now. Today, we are still awaiting documents to sign from solicitor for exchange. Hopefully they will come tomorrow as they were sent out on Thursday!!!

Anyhow, today my solicitor got an email from the solicitor of the person whose house i'm hoping to buy.

He has requested that we exchange/complete BEFORE THIS friday (so that leaves tues, wed and Thurs) or we pay an extra £500. (i presume this is to cover his morteage).

Do we have to pay this?
Are we likely to lose the house if we don't pay it?
I have to be honest, we can't afford it (actually who can). But I feel very confused and saddened by this.

What's my best course of action please.

I don't know what to do, i'm in a tizz!
Thanks

benood

I imagine they are as keen as you to sell and this is just an "incentive" to get your skates on. I'd tell my solicitor to pull his finger out and exchange by Friday. If that's not possible then tell the vendor why and let him/her know what is an achievable timetable.

Realistically your vendor is not going to pull out for the sake of £500 if you are a day or two late, but it has happened, only when there's another buyer offering more though.

gemma.zhang

Don't think it's reasonable to pay that 500 pounds.. completion date is only VALID and FIXED when it's been exchanged . Negotiate an appropriate date with your seller, and no reason to pay them money ! .don' t think they will drop out because of this 500 pounds - as they will lose solicitor fee of around 1k.

MegS

1. No you don't have to pay this.
2. There is of course a risk that he will pull out, there are some crazy people out there and it may well be that this is not the reason he would pull out.
3. Does he not realise there has been a postal strike? Is your solicitor local enough for you to call in and sign the contract?
3. If you really can't afford it don't do it.
4. The estate agents are a bit desperate at the minute as things are quiet and will fight tooth and nail to stop him pulling out (even to the extent they may well offer to 'pay' the £500.00).

Good luck, don't be bullied, he either wants to sell the house or he doesn't. If its further up the chain let the estate agents fight it out and earn their commission. Try not to be worried a lot of people bluff this but don't carry it out (otherwise its as 2 above). Are you certain exchange can be achieved within, say, a week?

Doozergirl

They are panicking and calling your bluff. You can bet they've driven their solicitor to distraction for them not to dissuade them from sending an email like that.

Blame it on the postal strike. Ask the EA for their telephone number and just explain that you are waiting too. It's harder for people to act crazy when you are in direct contact.