Vendor won't commit to Exchange

Amanda_Cm

Vendor is keep changing Completion day and our solicitor doesn't say anything about exchange of contracts. I asked her and told me she will let me know.
Am I stupid?
Vendors said he wants to complete till end of February. Didn't happened. Then was 7th of March. Now is 12th of March... is Monday. Don't think will happen without any exchange of contract plans.
Every time our solicitor is writing to our lender 5 days prior the "completion" date and nothing happens.
We were told our vendor is buying the house of his mum and she is going to nursing home. Now our solicitor is talking about bottom of the chain? :eek: What? Did they lie to us? :mad:
After all this rant, just want to ask is that constant canceling with the lender a bad thing?
And also what can I do? If anything at all.
We are first time buyers and I am foreign as my partner doesn't have the time to deal with all this. So I feel like they don't take me seriously!

m0bov

Is there any reason why you should be waiting? Have all the enquieres been answered? You could say you want to complete by end of month and threaten to pull out, maybe they are trying to sell for more money?

kinger101

If you're prepared to role the dice, say exchange by the end of the week or you'll pull out. Done it before. It worked for me.

mije1983

Amanda_Cm wrote: »

as my partner doesn't have the time to deal with all this.

In addition to the above comments, I just wanted to make a point on this.

Buying as house is one of the biggest financial commitments either of you will make. I suggest they need to make time if you feel they will have more of an impact.

Thrugelmir

The whole chain needs to be in place for exchange of contracts to be effected. Completion date is set upon exchange.

Last week the weather wasn't good. Hardly surprising that people didn't wish to commit.

Tiglet2

Now our solicitor is talking about bottom of the chain?

No-one will commit to exchange. You are not ready. You have now been made aware that the chain is longer than you thought. Everyone needs to be ready, not just you and your vendor.

The vendor doesn't get to decide when to exchange. Only when the solicitor has done all their legal work, will there be discussions about preferred exchange/completion dates but all the people in the chain have to agree the dates too!

martindow

This is where estate agents should be earning their money. They will not get paid until the sale goes through.

They are in a better position to phone people in the chain and let you know what is happening and why there is a delay.

hazyjo

YOU are the bottom of the chain. Is your solicitor mixing you up with someone else? Unless the chain has branched off somewhere, although I can't quite work out where - are you sure he didn't have another property to sell and tie in with this? Maybe he's buying with a partner and she has to sell too?

Amanda_Cm

Thank you everyone. All the comments were super helpful.
I just sent an email to the EA asking the same questions in a different way.
We are renting at the moment. And the fixed term lease will end up next month so we have to give notice till 28th of March or continue it.
Don't want to move into temporary because we have a baby.

saajan_12

Amanda_Cm wrote: »

We are renting at the moment. And the fixed term lease will end up next month so we have to give notice till 28th of March or continue it.
Don't want to move into temporary because we have a baby.

1) When does your fixed term actually finish? You don't have to give notice to leave by the end of the fixed term, you can just up and leave on the last day (though it's polite to give LL a heads up)

2) Has your LL served notice? If you're still in residence after the fixed term ends, you'll automatically roll into a periodic tenancy where you can leave with 1 periods notice (unless specified otherwise by your current agreement). So unless LL gets a possession order and bailiffs arrive before your purchase goes through, you should be able to stay there, no temporary accommodation needed.

kingstreet

Contracts cannot be exchanged until a completion date has been agreed by all parties.

Once that happens, the solicitors have to ask their clients if they are happy to proceed to exchange. If one party in the chain won't proceed, no-one can.

You might wish to start looking for another property, just in case.