Vendor selling via "Assisted Move"

TheBanker

Hi

I've made an offer on a house. The vendor is moving to a new build retirement flat and is using the services of an "assisted move" company to help with the sale.

I know that the flat she is moving to is not built yet as I drive past them now and again. Plus their website is still accepting reservations off plan.

I've had a letter from the assisted move company which says my offer has been accepted subject to:
1) Exchange of contracts to take place within six weeks of receipt of draft contracts
2) Legal Completion anticipated On Notice

I guess the second point is because they're not sure yet when the Vendor's new property will be ready so can't specify a completion date... but where does this leave me in six weeks - surely they don't expect me to exchange without a completion date? :eek:

I'll get the solicitor on the case on Monday

Anyone else bought a house through one of these companies?

charlie792

I don;t know the exact circumstances of the company involved with your seller but it sounds to me a bit like an assisted sale, normally used where the seller is struggling to meet mortgage repayments and the bank work with the seller to get the property sold, rather than taking repossession action. Similarly where an individuals are unable to live in their property, maybe due to health and a more suitable property is required, sometimes certain lenders will step in to help with the process if the seller wishes to port their mortgage.
Of course with only very limited information the situation you describe could be very different.

When a new build is being purchased it is very common for exchange to happen without a completion date, with completion on noticeNormally once the property is build complete the developers solicitors will serve a notice to complete, which is a legal document to request completion, usually within 10 days.
A longstop date can be requested, which means completion has to take place no later than x date but a lot of developers are reluctant to agree in case the build encounters delays etc.

[Deleted User]

To me, it sounds like you are getting all of the bad stuff that goes with a new build purchase (early exchange limitations, no completion date, no idea when you'll be able to move) without wanting or getting a new build.

I hope the property is cheap!

eddddy

TheBanker wrote: »

Hi
I've made an offer on a house. The vendor is moving to a new build retirement flat and is using the services of an "assisted move" company to help with the sale.

I think "Assisted Move" just means that the new home builder (or an independent company) helps people with the process of selling their current home.

For example: https://www.acornpropertygroup.org/buying-with-acorn/assisted-move/

TheBanker wrote: »

Hi
I guess the second point is because they're not sure yet when the Vendor's new property will be ready so can't specify a completion date... but where does this leave me in six weeks - surely they don't expect me to exchange without a completion date? :eek:

Those will be the terms that your seller has to meet in order to buy their retirement flat.

So ideally, they want you to stick to the same terms.

If you refuse, and insist on a fixed completion date, either...

a) Your seller will have to find temporary accommodation between your fixed completion date and when their flat is ready (e.g. staying with family or friends)

or

b) They will refuse to sell to you, and sell to somebody else who will accept an non-fixed completion date.

davidmcn

TheBanker wrote: »

surely they don't expect me to exchange without a completion date?

Surely you don't expect to move in to her place before she's able to move out?

AnotherJoe

OP, What is your position? Can you move at couple of weeks notice or are you selling as well and therefore have to accommodate your buyer ?

TheBanker

AnotherJoe wrote: »

OP, What is your position? Can you move at couple of weeks notice or are you selling as well and therefore have to accommodate your buyer ?

I can move at a couple of weeks notice, that's not a problem.

What I am worried about is an open ended completion date. I'm not willing to exchange and hand over a large deposit on that basis I'm afraid.

eddddy

TheBanker wrote: »

I can move at a couple of weeks notice, that's not a problem.

What I am worried about is an open ended completion date. I'm not willing to exchange and hand over a large deposit on that basis I'm afraid.

Then you'll probably have to find a different property to buy.

(Unless you can persuade the seller to move into temp accommodation, until their flat is ready.)


Edit to add...

FWIW, there would almost certainly be a long-top date. i.e. If the sellers flat wasn't ready by a specified date, you could drop out of the purchase.

TheBanker

davidmcn wrote: »

Surely you don't expect to move in to her place before she's able to move out?

No, but my issue is with the Assisted Move Company stating exchange within 6 weeks, but completion on notice. So they are expecting me to hand over tens of thousands of pounds with, it seems, no firm date and possibly no way out for me.

ciderboy2009

TheBanker wrote: »

What I am worried about is an open ended completion date. I'm not willing to exchange and hand over a large deposit on that basis I'm afraid.

In that case you need to insist on a long-stop date being written into the contract.

If you need a mortgage to purchase the property then I would suggest that a long-stop date is an absolute requirement - what if your mortgage offer expires before they're ready to complete?

davidmcn

TheBanker wrote: »

No, but my issue is with the Assisted Move Company stating exchange within 6 weeks, but completion on notice. So they are expecting me to hand over tens of thousands of pounds with, it seems, no firm date and possibly no way out for me.

The point is that you don't get firm dates for properties which are still being built. So if you're joining her chain then that's what you need to put up with.

As already mentioned, it's likely that there'll be some sort of longstop date enabling you to walk away if things are delayed too long.