Completion deadline in offer

HappyFrog

Hello everyone. We are moving back to the UK and having sold our house would like to make an offer on a property. Having cash & mortgage in place we will hopefully be in a strong position in that our offer will not be dependent on selling an existing property.

Our problem is that we need to guarantee completion within a set time period (3 to 4 months from the date of the offer). My question is can we set a completion deadline as a condition of our offer? With the vendors agreeing to move out to temporary rented accommodation if they are unable to move themselves by our deadline? If so, how best to go about doing this? If you were presented with this as a vendor what would your reaction be? Assuming we are willing to offer the full asking price.

Surrey_EA

Another one of those questions where the answer is: "it varies."

Every seller will have their own little set of circumstances that will determine whether they will agree to such a request or not. The house you choose to make an offer on might be vacant which makes life easier. Or it might be occupied by a large family who need to find another house to move in to and are not prepared to consider moving in to rented.

You're just going to have to cross this bridge when you identify a suitable property, and understand the circumstances of the seller.

davidmcn

Also, it's not going to be binding. If you get close to your deadline and it's not going to happen in time, are you really going to pull out and start again elsewhere?

ReadingTim

Rather than persuading someone else to go into rented, why don't you? And if you won't, why should anyone else?

HappyFrog

To answer previous comments: Yes we would be prepared to pull out as we would then have no option but to go into rented accommodation ourselves, and we are nor persuading anyone to do anything. We are making an offer with conditions attached - which the vendors can choose to accept or not depending on how keen they are to sell there property. The difficulty I see is that the offer/acceptance doesn't become legally binding until contracts are exchanged, by which time a completion date will have been agreed....

Cheeky_Monkey

I imagine that a lot of sellers would humour you and agree to it (verbally), just because they want a buyer for their house, whilst potentially knowing that it would mean absolutely nothing in reality.

Margot123

Cheeky_Monkey wrote: »

I imagine that a lot of sellers would humour you and agree to it (verbally), just because they want a buyer for their house, whilst potentially knowing that it would mean absolutely nothing in reality.

My thoughts exactly!
The seller will have no concern for the buyer's individual circumstances, and may even attempt to up the price at the last minute knowing the buyer is desperate by stipulating such terms in the first place.

OP this could backfire on you bigtime.

eddddy

HappyFrog wrote: »

The difficulty I see is that the offer/acceptance doesn't become legally binding until contracts are exchanged, by which time a completion date will have been agreed....

But would you want it to be legally binding?

What if you want to later change your mind about buying, because...

- your mortgage lender decides that the property isn't suitable security for a mortgage, and won't lend on it?

- pre-contract enquiries uncover a history of noise and anti-social behaviour by the neighbours?

- a survey finds subsidence in the property?

etc, etc


FWIW, there is no legal reason why people couldn't enter into a legal binding contract as soon as the offer is accepted (in fact, it often happens when people make pre-auction offers) - but the concept doesn't work for the majority of typical buyers and sellers.

Thrugelmir

HappyFrog wrote: »

My question is can we set a completion deadline as a condition of our offer?

What's your plan B if the purchase falls through?

Seems easier for you to find short term accomodation and put the bulk of your possessions into storage. While you wait for formalities to be completed.

You maybe at the bottom of a chain. Therefore you cannot dictate events as they are outside not only your control but your vendors as well. You need to find out what position the vendors are in. Then plan forward from there.

ACG

It can be done, but it only becomes binding once you have exchanged contracts. Your solicitor can put a long stop date in there.

PasturesNew

It's tricky because there are so many things that could cause delays along the route that are out of the hands of most people.... especially if there's a chain involved.

Where people go to auction to sell/buy it's a different ballgame with completion specifically being in 14 or 28 days, but those type of people and transactions will usually already have special agreements in place on the legal front etc and will be paying a premium to complete by X date with solicitors etc knowing it's an auction and often no mortgage involved and few searches etc.

Why don't you go into short term rented if the dates don't come together for you? I'd suggest it's easier for you to go into short-term rented as you've less "baggage" lifewise than a settled person... just contact holiday home owners/similar to rent for 2-4 weeks/whatever.