Should i exchange with risk of non completion.help

rosyw

silvercar wrote: »

Your vendor would have the (sensible) option of completing his sale to you. Whether he then is able to proceed with his purchase is not your concern. Your vendor could move into rented.

^^^ This!

Providing YOUR vendor is alive and kicking on completion day then what happens with his ongoing purchase is his problem,not yours. You are making this more complicated than it needs to be.

Smodlet

rosyw wrote: »

^^^ This!

Providing YOUR vendor is alive and kicking on completion day then what happens with his ongoing purchase is his problem,not yours. You are making this more complicated than it needs to be.

While I agree with this in principle, in practice how many people are prepared to just conveniently disappear into rented accommodation at the drop of a... hat? I think the OP is wise in thinking ahead and needs to decide what s/he wishes to do in whichever circumstance occurs.

Do they have to move by a certain date?

If not, are they happy to wait?

It might be an idea to decide the answers to those questions and consider looking for another property to buy, should the worst come to the worst.

Good luck, OP.

silvercar

While I agree with this in principle, in practice how many people are prepared to just conveniently disappear into rented accommodation at the drop of a... hat? I think the OP is wise in thinking ahead and needs to decide what s/he wishes to do in whichever circumstance occurs.

One of those occasions where the person who is prepared to take responsibility ends up with that responsibility. Don't be that person and you have a far greater chance of things going smoothly for you.

Ftbftbftb

Thankyou all for the continued replies.

The position im in I feel is a difficult one. Some have suggested move to exchange. There is a risk completion may never occur for my vendor. In which case they more likely to be homeless. They are all ready to exchange on their property. Im not quite sure exactly why 3 week exchange has been suggested but I didnt have a problem with it as it gives me time to sort out my move.

However, with the new information to hand I have put it to the vendor that they exchange and complete on the day. They are hoping to still exchange this Thursday.

I think my vendor isnt too clued up about the risks involved and im not sure what information their solicitor has given to them that they still want to proceed to exchange on Thursday and exchange 3 weeks later.

Im happy to go along with this, as I won!!!8217;t really have an issue ( Im living with friends at the moment) but its my vendors position and top of the chains position that I am thinking about.


After all my vendor would then be homeless if they dont have a house to move into As completion cannot take place and then my vendor having to sue top of chain ( and not sure how that would work IF they have passed away ).

So for now, I will stick to the plan and exchange on Thursday ( after speaking to my solicitor when they return) and then go from there.

I have never felt so anxious about anything in my life before. God I hope top of chain lives x

Smodlet

No, no, no, OP! Either exchange and complete on the same day, under the circumstances, or do not exchange! If you exchange without completing (almost never a good idea but, in your situation, I think it is) you are stuck with buying that property so cannot then change your mind and buy another one. If you complete, the ball is back in their court as you are ready to move so any losses you suffer as a result of their delay, they are liable to pay you for.

Your call.

silvercar

Smodlet wrote: »

No, no, no, OP! Either exchange and complete on the same day, under the circumstances, or do not exchange! If you exchange without completing (almost never a good idea but, in your situation, I think it is) you are stuck with buying that property so cannot then change your mind and buy another one. If you complete, the ball is back in their court as you are ready to move so any losses you suffer as a result of their delay, they are liable to pay you for.

Your call.

I disagree. Exchange then your vendor is obliged to complete with you. Whether he can then complete on his purchase is not your concern.

With a death involved it may still be straight forward, after all the property is going to be sold whether the vendor was dead or alive. The "estate of X" should be just as happy to have the proceeds of the sale of the property as the property itself.

Smodlet

silvercar wrote: »

I disagree. Exchange then your vendor is obliged to complete with you. Whether he can then complete on his purchase is not your concern.

With a death involved it may still be straight forward, after all the property is going to be sold whether the vendor was dead or alive. The "estate of X" should be just as happy to have the proceeds of the sale of the property as the property itself.

If there are delays, which conceivably could drag on for years, the OP has no option to walk away once exchange has occurred. His/her call but I stand by my opinion.

Ftbftbftb

Oh god

I just want to cry

Im so confused. Im aware of the risk and this !!!8216;dilemma!!!8217; Im in now. I really honestly dont want to lose this house. Its almost my dream house.

My vendor isnt willing to exchange and complete on the same day and Im not in a position to house them should the worst case happen.

Im really stressed out about buying a house. I didnt ever expect this to happen with my fist experience. And honestly I value all your opinions. Whats making it hard is how different each opinion is and there isnt a clear consenus or answer.

I wish I had a magic ball.

Thankyou

Shelly x

ToeDipper

Hi OP

When you exchange, your contract will set the date on which you and your seller are obliged to complete. If either of you fail to complete on the agreed date after exchange, the other should be able to serve a notice to complete on the defaulting party. After a certain amount of time, if they are still unable or unwilling to complete you should be able to walk away.

I'd proceed to exchange - but first I would re-read the contract, and ask my solicitor to confirm and explain what my options would be if the seller didn't complete and the timescales involved.

PasturesNew

3 weeks IS a long time. Is the owner able to walk, or bed ridden? If he's still getting up, pottering about, going swimming every day, then he could still be gone in under 1 month.... on the other hand I've seen people linger for 3 weeks completely "asleep" and without any food going into them.

It's a HUGE risk for you because it will happen "without any warning". I was visiting a terminal patient once and the Dr called me for a sit down meeting to discuss what I'd like to do "when the time comes" - and then I drove away, as I stepped in the door I was told "come here now" ... yet 30 minutes before they had no idea it was imminent as they knew I was leaving and going home so could easily stay if it were "nowish".