Buyers' buyers wants simultaneous exch / comp

MrBrindle

Mentioned this in the exchanging thread, but thought I'd pose the question here as well.

We were advised by our solicitors yesterday that they were going to try and exchange. We were told that everyone up and down the chain were happy with a completion date of 9th March.

Today now, I get an email from our solicitors saying that the buyers' buyer (first in chain) want an exchange and completion on the same day - 9th March! Our buyers' solicitor didn't know why they'd requested that.

Needless to say we are not happy with that, nor are our buyers, without even thinking about what our sellers will think.

I guess I'm thinking of the worst right now, wondering why the people at the bottom of the chain won't leave a gap between exchange and completion, and could this put the whole move in jeopardy.

Any idea why this would be request? Is it a deal breaker for them? Could they just be after more time to decide over whether or not they want to proceed?

eddddy

MrBrindle wrote: »

I guess I'm thinking of the worst right now, wondering why the people at the bottom of the chain won't leave a gap between exchange and completion...

Probably because they aren't ready to exchange, and perhaps they are FTBs with nowhere to sell - so they can complete, and then move in at their leisure.

Whereas everyone else has to 'move out' and 'move in' on the same day - so they need a gap between exchange and completion to book removal vans, book time off work, arrange child care etc.

If they won't be ready to exchange until around 9th March, I guess the best solution might be to push the target completion date back to around 23rd March.

MrBrindle

eddddy wrote: »

Probably because they aren't ready to exchange, and perhaps they are FTBs with nowhere to sell - so they can complete, and then move in at their leisure.

Whereas everyone else has to 'move out' and 'move in' on the same day - so they need a gap between exchange and completion to book removal vans, book time off work, arrange child care etc.

If they won't be ready to exchange until around 9th March, I guess the best solution might be to push the target completion date back to around 23rd March.

Yeah I understand. But surely they are aware of other people's circumstances within the chain, and how same day exch/comp isn't practical or safe for others?

Also, what reasons could there be over the first in chain not being ready? Mortgage? Deposit?

hazyjo

Some lenders won't allow it so it's worth either checking (or lying! Yes, in this case, I would!). FTBs often pull all the strings so if there's an actual reason why as to why it's a complete no-go, they should back down. If it's just because 'it'll be difficult', they may still be bossy about it.

eddddy

MrBrindle wrote: »

Yeah I understand. But surely they are aware of other people's circumstances within the chain, and how same day exch/comp isn't practical or safe for others?

You're probably over-thinking this - and maybe worrying about the wrong thing.

They've just asked the question "can everyone exchange and complete on the same day?"

And so you're answer is "No, I need a gap of x days between exchange and completion."

I wouldn't give that angle any more thought at all.

But perhaps the slight cause for concern is... Why aren't they ready to exchange yet? Are they having problems with their mortgage etc?

If you want, you could ask your EA to see if he/she can get any info from other EAs in the chain.

MrBrindle

eddddy wrote: »

You're probably over-thinking this - and maybe worrying about the wrong thing.

They've just asked the question "can everyone exchange and complete on the same day?"

And so you're answer is "No, I need a gap of x days between exchange and completion."

I wouldn't give that angle any more thought at all.

But perhaps the slight cause for concern is... Why aren't they ready to exchange yet? Are they having problems with their mortgage etc?

If you want, you could ask your EA to see if he/she can get any info from other EAs in the chain.

Possibly, I am a terrible over-thinker.

The wording from our buyers' solicitor was along the lines of;

I don't understand why the Buyers have now moved from wanting to complete by this Friday to wanting to exchange and complete same day.


Can't help but worry!!

AdrianC

Let's say they won't move from that exchange/completion position.

Will the entire chain collapse on principle? No. Sure, it's not what you want. Sure, you don't understand the reasons. But if it's all still on for next Friday, then isn't that the important thing...?

eddddy

MrBrindle wrote: »

Possibly, I am a terrible over-thinker.

The wording from our buyers' solicitor was along the lines of;

I don't understand why the Buyers have now moved from wanting to complete by this Friday to wanting to exchange and complete same day.


Can't help but worry!!

As I say, ask your EA if they know what's going on. They should be in touch with EAs down the chain - and might give them a quick call.

MrBrindle

AdrianC wrote: »

Let's say they won't move from that exchange/completion position.

Will the entire chain collapse on principle? No. Sure, it's not what you want. Sure, you don't understand the reasons. But if it's all still on for next Friday, then isn't that the important thing...?

Yes if it's still on for next Friday, great. However as our solicitor pointed out, up until exchange anything could happen. So if we do decide on a same day exch/comp, we could be packed and ready to go, only to get a phone saying it wont happen.

knightstyle

This exchange and complete on the same day is ridiculous! Just say NO because if they do not exchange till late in the day everyone will be panicking and if they do not exchange you will still have to pay removal company a cancellation fee.

hazyjo

Your buyers could exchange and complete on their sale while the rest of you just exchanges at that time, and completes later. They'll be 'homeless' for a while (days/week/whatever), but it puts the problem back in their court, not yours.