Accepted offer - now buyer wants to specify a late completion date

Goldust

Hi,


I recently accepted an offer on my flat. I accepted pretty much the lowest amount I was prepared to consider because the buyer I was told (by them and the estate agent) was living with parents and wanted to compete the process as soon as possible.I am moving in with a friend ahead of buying again at some point next year.


The buyer asked me to take it off the market and have no more viewings which I did. They had a full survey done the very next day and all seemed well.


However in a conversation, the buyer has mentioned that they don't want to complete until December for financial reasons (not got enough deposit and to better meet affordability criteria I think!). They are lending some of the deposit off their parents.


So as this was not what was agreed and has an impact on my financial situation, I have said I am not prepared to accept this and I expect them to have financials in place straight away. I know I can't have this kind of thing set in stone but I have flagged it with my solicitor who is also speaking to the agent about this.


Sorry for the ramble but my question is... can I do anything to protect myself from this buyer attempting to drag out the process in order to get closer to their desired date? I am confident I can get another buyer at the price I've accepted so happy to cancel the whole thing but want to give them a chance first. I suspect the buyer has done this as they really liked the property and price so they wanted to ensure I didn't sell it to anybody else and has rushed into it.

babyblade41

If you don't want to wait then put it back on the market unless your buyer can agree to a lot quicker exchange and completion

elsien

You could specify a point at which you will remarket if nothing is happening, once you've made it clear to them December isn't an option if you don't wish to wait that long.

rococomaiden

I think sometimes estate agents can ask for proof of funds?
The estate agent could also mention the previous buyer as a cautionary tale; explaining that you will just put it back on the market if it were to happen again.

need_an_answer

Does it seem that it will be a straightforward sale?

Whilst it seems unreasonable for the purchaser to try and delay things its also not uncommon for a sale to take 5 months especially if there is a leasehold property and a slow management company involved.

If you were to put the property back on the market the time it then takes to find a new buyer may well be pushing you into the winter months anyway.


I would be inclined to see if you could reach a compromise of perhaps early November all being well.

I have some sympathy for the buyer and the whole mortgage situation,I'm currently trying to purchase a leasehold property and to date getting a firm mortgage offer has actually taken 9 weeks, this is despite being given an AIP at the very start.

Goldust

Yes - it's straightforward. No leasehold, no management company, no major issues when I purchased it.


I like the idea of saying I'll put it back on the market if it stalls but would I have to get the solicitor to agree and formalise that or can I just tell the agent?

eddddy

Goldust wrote: »

However in a conversation, the buyer has mentioned that they don't want to complete until December for financial reasons (not got enough deposit and to better meet affordability criteria I think!). They are lending some of the deposit off their parents.

That sounds very high risk to me -

They haven't got enough money for their deposit today, but they "hope" they will have by December, and they can't meet the affordability criteria today, but they "hope" they will by December.

I think I would definitely be putting the property back on the market - and telling these buyers that you will re-consider their offer once they are proceedable.

What does your EA say? (Is it an EA who gets paid on completion?)

hazyjo

I'd just remarket. Wouldn't rule them out later. An offer in say September prob means a December completion anyway.

Sammypooler

Do what’s best for you

princeofpounds

You need to separate exchange and completion here.

The buyer is legally committed at exchange. If they can exchange tomorrow, but only complete in December, that's a very different situation to just saying they will exchange and complete in November. So which is it they are actually saying?

If the survey is done, then you can't be that far off the possibility of exchange.

If they are prepared to exchange soon but only complete in December - that might be an inconvenience for you, but it's a much lower risk transaction overall. Your lawyer will take a deposit from them, and they can lose that to you if they fail to complete. So it's a transaction I'd consider staying in - if you find a new buyer tomorrow, it'll probably be October at the earliest that you could move, unless you're very lucky.

If they are stalling exchange however, then that's very different. I would just put the house back on the market, tell them that you are willing to move forward when they are, but that you can't run the risk of them not coming through months later.

warby68

I think I would lose confidence in buyers who did this - its either quite sneaky reeling you in and keeping quiet about the December plan until now OR they hit an unexpected problem with the financials in which case you have no idea if and when that will be resolved.

I would be asking for far more specific information about the reason for the delay and putting it back on the market meantime. If they can get funds and progress properly before you find another buyer then all well and good.

IF you decide you can live with delayed completion then, as above, you want exchange much earlier - their solicitor shouldn't let them exchange without being sure they can complete.