FTB - how much say over completion date

Hopefullbuyer

Offer accepted September 6th on house.

We signed contracts and sent over deposit end November.

Sellers are still not in position to exchange when last had an update on Friday 21st as their solicitor was still waiting on their mortgage offer (been waiting for it for 3 weeks)

Solicitor has been getting pushy with sellers solicitors. But sellers solicitors can’t move forward till sellers send mortgage offers and other paperwork back. Estate agents also pushing sellers to get wiggle on.

Our solicitor emailed suggesting an exchange date of 4th January and completion by 10th January or we’ll be pulling out as this is when I’m due to loose my rented accommodation. I’ve made this clear with sellers from start as landlords sold the property. (Know this isn’t sellers problem but I’ve tried to be very open and honest about our situation.

They originally said they’d move out while they finished buying their property (no chain above ). But nothing mores been said about this since early November.

How much of a say do we get over completion date? This all new to me.

Naturally don’t want to make anyone homeless including myself. But If say the sellers exchange by 4th January and then set a completion date for say March 3rd do we as buyers get a say ?

Our mortgage offers also due to end towards end of February.

** yes alarm bells are ringing due to their lack of doing anything.

davidmcn

The sellers can't "exchange by 4th January and then set a completion date for say March 3rd". You agree the completion date before you exchange. It's all up for negotiation.

You're only going to lose your current accommodation on 10 January if there's an eviction booked for then.

Thrugelmir

Hopefullbuyer wrote: »

** yes alarm bells are ringing due to their lack of doing anything.

The fact that they themselves are buying a property suggests otherwise. The onward transaction isn't under their control either. Demand what you want. Though is unlikely to achieve anything.

How much do you want to buy this particular property? Walking away is your alternative option.

ThePants999

Hopefullbuyer wrote: »

this is when I’m due to loose my rented accommodation

Which of the following do you actually mean by that?
1. You've served notice to end your tenancy, and it expires then.
2. You've been served notice by the landlord, and it expires then.
3. The landlord is going to court for possession, and that's the court date.
4. The court has granted possession, and that's the date the bailiffs are due.

If it's #1 or #4, fair enough. If it's #2 or #3, you do not have to leave. A landlord serving notice on you is the first step in a potentially lengthy eviction process.

G_M

Hopefullbuyer wrote: »

Offer accepted September 6th on house.

We signed contracts and sent over deposit end November.
Means nothing (assuming you mean 'sent over' to your solicitor- not your seller!).

Sellers are still not in position to exchange when last had an update on Friday 21st as their solicitor was still waiting on their mortgage offer (been waiting for it for 3 weeks) OK. So you need to be patient.

Solicitor has been getting pushy with sellers solicitors. But sellers solicitors can’t move forward till sellers send mortgage offers and other paperwork back. Estate agents also pushing sellers to get wiggle on. OK. So you need to be patient.

Our solicitor emailed suggesting an exchange date of 4th January and completion by 10th January or we’ll be pulling out as this is when I’m due to loose my rented accommodation.
Why? Has a court ordered your eviction? Have bailiffs been instructed?

I’ve made this clear with sellers from start as landlords sold the property. (Know this isn’t sellers problem but I’ve tried to be very open and honest about our situation. Silly landlord! Selling the property without first getting vacant possession! You do not have to leave on 10th Jan (unless a court has ordered you to).

They originally said they’d move out while they finished buying their property (no chain above ). But nothing mores been said about this since early November. Yes people say a lot of things. Nothing can be relied on.

How much of a say do we get over completion date? This all new to me. You have as much right to specify your preferred date as everyone else in the chain. But there's no way to enforce your preferred date.

Naturally don’t want to make anyone homeless including myself. But If say the sellers exchange by 4th January and then set a completion date for say March 3rd do we as buyers get a say ?
Of course. you don't have to agree any date you are unhappy with.

Our mortgage offers also due to end towards end of February. So plenty of time then.

** yes alarm bells are ringing due to their lack of doing anything.

Relax. These things always take longer than people want. Or expect.

You have 3 choices:

* sit back and wait for everyone to be ready
* jump up and down, raise your blood pressure (and everyone else's) and achieve very litle
* give up and find another property (and push back buying by another 3 - 6 months.)

Sanne

As has been said, the completion date needs to be mutually agreed between all parties in the chain. Someone will suggest a date (in our case it was us as FTBs at the bottom of the chain as the vendor’s EA asked us) - the date is then put to everyone else in the chain and they either agree or another date needs to be negotiated.

If your vendors are still waiting for a mortgage offer then I guess you;your solicitor can be as pushy as you want, nothing is going to move until that is sorted....

eddddy

Hopefullbuyer wrote: »

But If say the sellers exchange by 4th January and then set a completion date for say March 3rd do we as buyers get a say ?

It works like this:

• The sellers might ask for (or demand) a completion date or 3rd March.

• You might ask for (or demand) a completion date of 10th January

• So both buyer and seller have to negotiate (or argue) until they find a completion date that they both agree on

• The sale cannot go ahead until you've both agreed on a completion date - along with everyone else in the chain.

• The seller and/or buyer might say things like "Unless we complete on my chosen date, I'm walking away and the sale is cancelled." etc etc

babyblade41

I do hate the "I'm walking away if this, this or this doesn't happen" ..you are worried that you will have to leave your rented accommodation if exchange and completion doesn't happen soon and yet you may walk away , so what happens then.

Mine has been waiting to exchange for 6 weeks, nothing could be done any quicker as it was a land registry problem which was sorted xmas eve

All of it takes time and my buyer has been sofa surfing all that time, and have threatened to pull out numerous times, I'm not sure what they were hoping to achieve .

It happens when everything is ready with a mutually agreed completion date set for exchange.

Hope it happens soon for all of you as I expect the person waiting for the mortgage to come through is really stressed