Completion deadline in offer

AnotherJoe

HappyFrog wrote: »

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.

Yes that may help.

HappyFrog wrote: »

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.

Oops !! :eek: First you were in a strong position because you dont have to sell or have a chain below you, and now you impose inflexibility and costly conditions which wipes out that advantage you had and makes you less attractive as a buyer!

Why do you "need to guarantee completion within a set time period" ?
What happens if completion doesn't take place within that period?

If it was me then unless i was desperate to sell because there was something bad about my house or I'd had problems selling it, my attitude would be "if you are so keen on rented, go in yourself".

Tom99

[FONT=Verdana, sans-serif]Until you exchange contracts you will not be able to insist on a completion date. That will be at least a month down the line and after you have spent money on fees.

[/FONT] [FONT=Verdana, sans-serif]You best bet is to question the sellers closely as to where they are going and take a view on that to start with. If they are the end of the chain, that's good; if they have agreed their own purchase with a short chain that might work. But if they are only just looking at where they might go you must expect some delay.

[/FONT] [FONT=Verdana, sans-serif]You making a condition up front that the seller must move onto rented accommodation will only put sellers off considering your offer. Many will turn down you offer just on that alone.[/FONT]