Complete or not complete?

ezr0

Hi guys,

Im just going to get to the point!

We are about to exchange contracts with the seller's and they threw a bombshell in. Because they use help to buy they would have to pay a fee to end early so asked weather we can basically complete the sale in January but allow us to move in in November. - We tried to be accommodating as hell for this etc.

NOW hes said as a term of help to buy hes not allowed to hand over the house so basically saying he doesnt want to pay a fee to leave so we have to complete and exchange in the new year while at the same time being an absolute **** and making it out likes its our fault.

Obviously im immensely frustrated at this and i just want to know if i tell my solicitor to go ahead and exchange can i force the seller to complete or can he just keep saying no? Either way i want this miserable low life to not get what he wants.

Or am i just stuck with it as it is and if we want the house that much suck it up until January?

Cheers
Craig:money:

davidmcn

You haven't exchanged. Neither of you can "force" the other to do anything.


ETA: In fact, we told you as much in your previous thread: https://forums.moneysavingexpert.com/discussion/5902824/delayed-completion

LandyAndy

Are you selling? Or are you a FTB? You sound like a FTB.

What harm does it do you to wait 10 weeks to complete?

eddddy

You can try to persuade/negotiate with the seller to agree to completion in December - but you can't force them.

If you want a 'show-down', you can threaten to walk away from the purchase, if they won't complete in December. But that might not end well for you.

Or I guess you could offer to contribute to the fee they will need to need to pay for a December completion, if you want.

pinkteapot

Just to check you understand the difference between exchanging and completing:

You can exchange whenever you like, and all parties in the chain are ready. On exchange, the completion date becomes legally binding so can't move. If anyone pulls out after exchange, they suffer massive financial penalties as they're breaching a contract.

All parties have to agree to exchange going ahead, and to the completion date it sets. So, you can tell your solicitor to exchange, but they can't do it unless the seller agrees.

So, your situation is that you're ready to exchange but the seller doesn't want to complete until a date in January due to their help to buy T&Cs.

Your options are:

Exchange now, and complete in January. You can have a longer than usual period between exchange and completion - we had to do that once (7 weeks!) when it was a long chain and there were lots of dates people couldn't do completion due to holidays and surgeries (!).

Once you're exchanged, you know you're getting the house and you know when you're moving in. You've got ages to arrange removals so it's all really relaxed.

However, this would be a REALLY long time between exchange and completion so your solicitor may advise against it because it's a longer period where something could go wrong with the house and you get into wranglings about whose responsibility it is.

Note that you have to get buildings insurance from exchange. Insurers are used to this, but some of them will only do it for a max 28 days between exchange and completion. When we had that 7 week period, I had to ring around to find an insurer who'd do it, and it was a more expensive 'premium' insurer so our first year's insurance was expensive (switched after that).

Negotiate with the seller. Tell him tough, he'll have to suck up the fee as you want the house sooner. Or offer to pay slightly more for the house to split that fee cost with him. Which you do will depend on how badly you want this particular house, and how badly you think the seller needs you. If he'd easily get a new buyer, he won't have much incentive to incur costs.

Pull out. It's not worth doing that until you've tried negotiating. You'll lose a lot of your costs so far and have to start looking all over again. If there's lots of houses like his then you could just buy a different one, but if the legal process starts again now there's no guarantee you'll complete before January anyway.

One other thing - I'd forgotten your other thread. Are you still in direct contact with the seller? Stop it, and deal through the EA and solicitor as this is getting way too heated. This is exactly why buyers and sellers shouldn't talk directly. Something always goes wrong and EAs and solicitors are the people to be the go-betweens, keep everyone calm, and get a compromise worked out!

ezr0

Thanks for the responses, i dont know why people are being arsey towards me, im asking for some advice and just want multiple opinions, this is new to me and i want to make sure i dont get shafted, Its alot of money involved.

Thanks Pinkteapot, the kind of response i actually wanted. Ive tried hardball and threatened to pull out. I might have to just wait until January, im just frustrated as this should of been done months ago and he keeps on throwing out more excuses to delay more. We had the offer accepted back in July.

I guess exchange asap so it stops him changing his mind.

Thank you.

saajan_12

ezr0 wrote: »

I guess exchange asap so it stops him changing his mind.

Yes, if the seller agrees. If they don't then you can't force exchange now or anytime. Both parties are free to walk away at this point.

Thrugelmir

ezr0 wrote: »

I might have to just wait until January, im just frustrated as this should of been done months ago and he keeps on throwing out more excuses to delay more. We had the offer accepted back in July.

That's the nature of house buying and selling. Everyone has their own agenda. Creating plenty of stess.

kingstreet

ezr0 wrote: »

Because they use help to buy they would have to pay a fee to end early

Absolutely untrue.

Settling an HTB Equity Loan has no minimum period/limit.

Are you sure they aren't talking about early repayment charges on their mortgage?

kingstreet

Could the threads be merged? It would be helpful to all if they were.

quantumlobster

ezr0 wrote: »

Thanks for the responses, i dont know why people are being arsey towards me, im asking for some advice and just want multiple opinions, this is new to me and i want to make sure i dont get shafted, Its alot of money involved.

Thanks Pinkteapot, the kind of response i actually wanted. Ive tried hardball and threatened to pull out. I might have to just wait until January, im just frustrated as this should of been done months ago and he keeps on throwing out more excuses to delay more. We had the offer accepted back in July.

I guess exchange asap so it stops him changing his mind.

Thank you.

pinkteapot has given some excellent advice, and I'm really glad it's helpful, but people are getting arsey because your OP gives the impression that you have apparently ignored the most salient and sound advice from the other thread, to wit:

Do not communicate directly with the seller at all. Do everything through your solicitor and/or estate agent.