Help! Top of the chain isn't agreeing to their own completion date?

ScottishSaver14

Hi everyone.

I'm hoping that I am, as usual, overthinking this...however it's just a weight hanging over me. We are in Scotland.

Our mortgage was approved at the end of June and conveyancing began straight after. We are the bottom of the chain as FTB, and at first were told by the seller she would be able to move in with her daughter to avoid any problems if she couldn't find somewhere that tied in with our preferred move date (mid Sept).

A week or so later, we were told she had an offer accepted on somewhere (bleh) and would we now consider a move in date of 'mid October' as the top of the chain is buying a new build.

I have no idea how many are in this chain, but I think it's more than 4.

I said, no way - we need an actual date because we know about the short notice for NB completion. It was something to do with the top needing 10 weeks for some reason.

Anyway, everyone including us has conceded to Oct 11th being completion date....... except the people who wanted it!

I am terrified they will come back and say they want another date and keep pushing it for this effing new build.

As we're in Scotland, when people exchange missives it's binding, but it's not possible until a date is set.

I'm so confused, and due to the nature of our position, the solicitor kinda gets news last.

I'm hoping the top of the chain are just on holiday or something. Is there anything we can do apart from threaten to pull out if this isn't sped up?

Thanks

[Deleted User]

ScottishSaver14 wrote: »

Hi everyone.

I'm hoping that I am, as usual, overthinking this...however it's just a weight hanging over me. We are in Scotland.

Our mortgage was approved at the end of June and conveyancing began straight after. We are the bottom of the chain as FTB, and at first were told by the seller she would be able to move in with her daughter to avoid any problems if she couldn't find somewhere that tied in with our preferred move date (mid Sept).

A week or so later, we were told she had an offer accepted on somewhere (bleh) and would we now consider a move in date of 'mid October' as the top of the chain is buying a new build.

I have no idea how many are in this chain, but I think it's more than 4.

I said, no way - we need an actual date because we know about the short notice for NB completion. It was something to do with the top needing 10 weeks for some reason.

Anyway, everyone including us has conceded to Oct 11th being completion date....... except the people who wanted it!

I am terrified they will come back and say they want another date and keep pushing it for this effing new build.

As we're in Scotland, when people exchange missives it's binding, but it's not possible until a date is set.

I'm so confused, and due to the nature of our position, the solicitor kinda gets news last.

I'm hoping the top of the chain are just on holiday or something. Is there anything we can do apart from threaten to pull out if this isn't sped up?

Thanks

In Scotland people conclude missives not exchange them, and it doesn't sound as if you have concluded the missives if you can't agree the date of entry (not completion) with the vendor.

What's happening between other buyers and sellers is largely irrelevant to you. If your vendor won't agree a date of entry so that the missives can be concluded then withdraw your offer and start looking at other properties.

What is your solicitor advising?

ScottishSaver14

. In Scotland people conclude missives not exchange them

I swear I knew that, just been reading this forum too much I think.

Our vendor is fine with the date, she is as anxious as us to get it finalised apparently.

Is one part of the chain allowed to conclude missives in Scotland, without the others?

G_M

ScottishSaver14 wrote: »

I swear I knew that, just been reading this forum too much I think.

Our vendor is fine with the date, she is as anxious as us to get it finalised apparently.

Is one part of the chain allowed to conclude missives in Scotland, without the others?

I imagne it's the same as Exchange in England - provided they can afford to purchase without relying on the money from their sale, they can conclude missives on their purchase.

ScottishSaver14

provided they can afford to purchase without relying on the money from their sale, they can conclude missives on their purchase.

I'll ask the solicitor on Monday. Our seller will now, I believe, be a cash buyer, and is retired and downsizing... although that's kind of why we originally didn't think it would be a problem..

[Deleted User]

ScottishSaver14 wrote: »

I swear I knew that, just been reading this forum too much I think.

Our vendor is fine with the date, she is as anxious as us to get it finalised apparently.

Is one part of the chain allowed to conclude missives in Scotland, without the others?

You’re not really forming a chain in the same sense as you would in rUK. The transaction to buy this property is between you and the vendor, nobody else. There is absolutely nothing preventing her from agreeing a date of entry with you in order to conclude the missives.

ScottishSaver14

. You’re not really forming a chain in the same sense as you would in rUK. The transaction to buy this property is between you and the vendor, nobody else. There is absolutely nothing preventing her from agreeing a date of entry with you in order to conclude the missives.

I see. Would you happen to know where a good source for that information would be? I have researched online (or tried) but haven't found something quite as concise as what you wrote.

In terms of barriers, I think the only barrier would be the sellers position between properties if it came to that. Early in the process, she indicated shed be able to live with her daughter if there was an overlap, however now a sick aunt (yes, really) has taken that spot, and so I can see why she might be reluctant to sign the dotted line.

jennifernil

https://www.lawscot.org.uk/for-the-public/what-a-solicitor-can-do-for-you/buying-and-selling-a-property/

Chains are not a thing up here, each sale/purchase stands on its own, but when you are both buying and selling you do need to consider how you will pay for the next house if you do not have the money for the one you have sold.

Even if there is no mortgage involved, your vendor may need some of the money from the sale to pay for their purchase.

So you either agree to a date that suits the vendor, or you withdraw the offer, or the vendor puts their stuff in storage and finds somewhere to stay.

If you are a FTB, is it not possible for you to wait a little longer rather than starting all over?

The other side of course is that your vendor will not really want to have to remarket the property.

So a bit of negotiation will be needed, that is what your solicitor should be doing

If your vendor is OK with the proposed date, I do not see why you are worrying about it.

ScottishSaver14

Thanks for the detailed reply!

If your vendor is OK with the proposed date, I do not see why you are worrying about it.

I'm not worried about our vendor individually, the stress is due to the person at the top of the chain, buying a new build suggesting a date which everyone else has agreed on, and then going radio silent.


We are in rented, and could technically wait longer - but we need to renew / cancel contracts this month for utilities so it could potentially cost us a lot to be in limbo.

Slithery

ScottishSaver14 wrote: »

...but we need to renew / cancel contracts this month for utilities so it could potentially cost us a lot to be in limbo.

Unless Scottish utility companies are different to English ones then you can go onto a contract with no minimum term instead which won't cost you much more if it's only for a month or two.

jennifernil

Pretty much all companies are UK wide, not sure we have any Scotland only ones.

OP....if you need a short term switch, try Octopus, they have no minimum term or exit fees.

You can always take your tariff with you when you move anyway

The current supplier at the house you are buying will not give you the same deal as the seller has, you will be put on their standard tariff, so you will likely want to switch quite quickly!