Seller puts down a hard date for exchange

leaseholdzzz

I'm in the process of buying leasehold flat and conveyancing is in progress. It has been as expected (I think!) with a leasehold and a lot of queries to and fro.

I was informed by the estate agent today that the seller has said that unless we exchange by 15 August, the deal is off!

I don't understand what has happened as there is no chain involved and it has only been about 8 weeks since the offer was accepted and both me and our solicitor have been on the case since then. Is 8 weeks too long? I can't understand why they're trying to pressure us like this.

eddddy

Just respond positively - saying that you'll pass on the message to your solicitor, and you want to exchange before 15th August as well, and you will keep the pressure up on your solicitor and your mortgage lender to get everything done before then, etc, etc.


And try to give positive updates to the EA whenever you can - like "I've had the results of the survey", "I've got my mortgage offer"...


It's all part of the game of buying/selling property.

millwalls

Maybe the seller is worried you'll get cold feet the longer it gets delayed.....google "stamp duty boris"

Lokolo

Tell the estate agent that the vendor should pipe down.

ThemeOne

No, your timescale seems pretty normal to me. Maybe your seller is coming under pressure further down the chain. This sort of thing is usually best dealt with by the estate agent. Ask them to try and get to the bottom of it - you wouldn't want to lose the property (nor will the agent want to lose / delay their commission), and I assume the deadline is unrealistic from your point of view

leaseholdzzz

The EA has my mortgage offer (he insisted on it), the independent survey was done weeks ago.

eddddy wrote: »

Just respond positively - saying that you'll pass on the message to your solicitor, and you want to exchange before 15th August as well, and you will keep the pressure up on your solicitor and your mortgage lender to get everything done before then, etc, etc.

And try to give positive updates to the EA whenever you can - like "I've had the results of the survey", "I've got my mortgage offer"...

It's all part of the game of buying/selling property.

eddddy

leaseholdzzz wrote: »

The EA has my mortgage offer (he insisted on it), the independent survey was done weeks ago.

So, out of interest, what's the hold up?

And those where just examples of "positive updates" - pass on anything else that's positive.

leaseholdzzz

There is no chain. We're in a rented property and the vendor is a landlord. They specifically wanted a buyer who didn't have a chain. I'm happy to exchange whenever but want to make sure that the legal work is meticulously done given that it's a leasehold.

ThemeOne wrote: »

No, your timescale seems pretty normal to me. Maybe your seller is coming under pressure further down the chain. This sort of thing is usually best dealt with by the estate agent. Ask them to try and get to the bottom of it - you wouldn't want to lose the property (nor will the agent want to lose / delay their commission), and I assume the deadline is unrealistic from your point of view

Smodlet

I can only imagine they are under pressure from their vendor to exchange within this time frame... Or possibly they have to start new jobs in another area so need to move by then but there are ways around that, surely.

Whatever their issues, they are theirs and not yours. You need to decide how much you want this property and go from there. Would it break your heart to lose it or are there many more available? Is there a time frame you need to adhere to or are you in no hurry?

Whatever the situation, exchange cannot happen unless both parties agree and, if you have any outstanding concerns, I think you would be foolish to give in to pressure to exchange until all your concerns have been dealt with to your satisfaction. My two penn'orth.

leaseholdzzz

Enquiries regarding the lease - possible breach, deficit in management co accounts, major works, etc.

eddddy wrote: »

So, out of interest, what's the hold up?

And those where just examples of "positive updates" - pass on anything else that's positive.

G_M

just respond positively and goalong with this.


If by the 15th you're not ready, well, the seller's not going to find an alternative buyer for weeks or Exchange for months, so they'll sudenly find the 'hard' date is not as hard as they are making out.