Seller Pushing Completion Date

New_home_buyer

Hello, I'm FTB got an official offer on 1 May 2019 with no chain both seller & buyer. The flat was initially rented out to tenants. They moved out at the end of Apr. Seller wanted to sell it fast by the end of June even May since the flat is empty now.

I think we are at pretty good progress. Seller sent furniture's pictures on 2 May, agreed on few items on 7 May. Went to see the flat on 4 May. Found out the twist of the bath stopper got loose & drain water couldn't flow out or stop. Then seller went back to fix it & move out all furniture i supposed. Also got my mortgage approval this week.

Seller solicitor sent draft agreement last week, but my solicitor claimed has yet received. Now the agent keep chasing me to put pressure about the completion date which really annoyed me. Furthermore I'm still waiting for a home survey next Tue 21 May.

I got 15% deposit now but have to save about £2k to pay all the fees - legal, mortgage, stamp duty, basic furniture & appliance etc. Hence ideal completion would be the end of July after pay day. I take seller's situation into account hence i don't mind to complete early Jul or around 10 Jul, rent is due on the 10th if i give a month notice on 10th Jun. I would like to move in quick too. But I do not want to pay mortgage on top of the rent i.e if mortgage started in the end of June which will overlap with the rent until 10 Jul (2 1/2 weeks!) which i should avoid now. Also i'm worry might at the risk of no way to live if Exchange didn't go as plan after giving notice.

I absolutely understand seller situation & would like to help too, if completion take place in Jun or Jul i would need to take up a loan about £1-2k in my company at 5% interest in order to pay all the fees.

Now what should i do? Is it unreasonable to insist the completion date until 10 Jul? Worst case scenario will the seller pull out plan? xx

AdrianC

Firstly, forget about your rent. That's small beer. Don't give your notice in until you've exchanged. Your landlord may well be willing to help you out if you talk to him now.

So you offered on 1st May, with the expectation of moving by the end of July? Three months...? Pessimistic... If you really couldn't afford to buy until July, then your offer was premature. If you need to get a loan to bridge a gap there, then it was a bit early.

The vendor's "end June" expectation is reasonable, all things being equal.

You think you can possibly do "Early Jul"? So we're debating a week or so difference...

Tiglet2

Leasehold transactions take on average 12 weeks to complete from receipt of draft contracts. This would take you to August in any case. It may be quicker, it may be slower. The only person who can give you an accurate timeline will be your solicitor, but they can't do that until they've reviewed all the paperwork and are able to update you with news about how straightforward it seems to be or whether there are issues that need to be resolved.

Ignore the estate agent putting the pressure on to discuss completion dates! An estate agent has no idea of the legal processes and is merely chasing their commission. This is still very early stage stuff and currently your solicitor knows nothing about the property yet.

New_home_buyer

AdrianC wrote: »

Firstly, forget about your rent. That's small beer. Don't give your notice in until you've exchanged. Your landlord may well be willing to help you out if you talk to him now.

So you offered on 1st May, with the expectation of moving by the end of July? Three months...? Pessimistic... If you really couldn't afford to buy until July, then your offer was premature. If you need to get a loan to bridge a gap there, then it was a bit early.

The vendor's "end June" expectation is reasonable, all things being equal.

You think you can possibly do "Early Jul"? So we're debating a week or so difference...

I know i'm counting small fish here, i simply dont want to loose 2 1/2 weeks rent & particularly 2 1/2 weeks mortgages on completion! Initially intended to get 90% mortgage & pay 10% deposit but couldn't find lenders. A broker suggested 15% deposit & advised should be able to save up until exchange in Jul or Aug, so i took the risk, & did some calculations i should be fine until get pay 25 Jul. But seller too keen. I texted agent told him i do not have sufficient fund unless he want to take few thousand pounds off, then we can exchange in Jun & settle in Jul, he responded let him know if i need anything else to chase the solicitor. Anyway, solicitor confirmed received the draft today, we shall see...thanks for your input Premature offer does it legally affect mortgages or any paper work?

New_home_buyer

Tiglet2 wrote: »

Leasehold transactions take on average 12 weeks to complete from receipt of draft contracts. This would take you to August in any case. It may be quicker, it may be slower. The only person who can give you an accurate timeline will be your solicitor, but they can't do that until they've reviewed all the paperwork and are able to update you with news about how straightforward it seems to be or whether there are issues that need to be resolved.

Ignore the estate agent putting the pressure on to discuss completion dates! An estate agent has no idea of the legal processes and is merely chasing their commission. This is still very early stage stuff and currently your solicitor knows nothing about the property yet.

Omg Aug really!? Yes it is leasehold Anyway, solicitor just received the draft agreement & will commence the search, i shall find out soon..Thanks!

Lurkingtoposting17

If you don’t want to move until July maybe don’t be so proactive chasing your solicitor and let them work at their own pace, they will send you everything you need when they have done it.

Rushing around chasing everyone to do their jobs when you want to go slow is counter intuitive to say the least.

AdrianC

New_home_buyer wrote: »

i simply dont want to loose 2 1/2 weeks rent & particularly 2 1/2 weeks mortgages on completion!

Here's another way to view that...

You have 2.5wks to get the new place cleaned and decorated, then move in in a controlled manner.

And your mortgage ends 2.5wks earlier...

Flugelhorn

New_home_buyer wrote: »

I know i'm counting small fish here, i simply dont want to loose 2 1/2 weeks rent & particularly 2 1/2 weeks mortgages on completion!

Welcome to home owning! Bit concerned that the money is so tight - there could be all sorts of issues that need money in the first few weeks

Fire_Fox

Welcome to MSE.

Invest some time in understanding the rights and responsibilities of being a leaseholder, it is not the same as being the owner of a freehold house. The Leasehold Advisory Service website is a great place to start.

It is worrying that you do not have all your funds in place plus a contingency fund. There may well be unforeseen costs before completion, for example settling a service charge debt. Get furniture and appliances from family, friends, colleagues, charity shops, Freecycle and so on. A contingency fund is more important.

Texting is informal communication suited to your mates and mum. Get into the habit of communicating about any legal or leasehold issues in writing (letter or e-mail) or by telephone followed up with an e-mail.

Is the seller willing to let the flat to you between now and completion? That gives you a roof over your head and a little breathing space, the vendor has an income and someone covering the bills, and you have both shown commitment.

Double check your dates: a month does not run 10th to 10th, it runs 10th to 9th. Also allow for weekends and time in the mail. You may need to serve notice earlier than you think.

HTH!

getmore4less

Don't take any credit out for anything till you have completed.

DigForVictory

Deep calming breaths.
Seller wants everything asap - fair enough, you want the flat. There's still an outstanding search to go - seller should (grudgingly) understand that after all you've put in so far, still need that search, nothing you can do etc.

Now step back, and start checking out the discounts & promotions on biscuits & cleaning tackle, which local shops will give you boxes to pack into, & above all what you want to go into each room.

If you haven't already decluttered, Now is a very good time to start - less to move and more space to appreciate what you have. Also sets you up kharmically for "would you like X?" donated from family, found in charity shops etc.

Are you running down everything in the store cupboards, fridge & freezer? Why move food, i'heavens name?! If necessary, strategic friends around for meals to build up their strength for helping you lug, paint, sort tool hire etc.

Have you cancelled or cut down your internet, netflix etc? (all money saving moves will give you a bit more money Once You've Moved) & since it's summer [almost] you can spend time out of the current res, soaking up ideas on how other folks live, and not using your own heat light electricity etc. A really stringent money diet for a couple of months, plus decluttering, will put you in a better position financially & stuff to shift wise come the happy day.

Just do not skimp on the biscuits. (Or the locksmith.) Best of luck!