Good will compensation to vendors

mrsmortgage

We put it in an offer 5 weeks ago and got accepted.

We always thought about completing within 12 weeks, vendors in 8.

Today the conveyancer will finally order the searches. We also have the issue of the mortgage being delayed by at least 4 extra weeks.

So We're thinking if we're lucky, we'd be able to complete in about 10 weeks from today.

We're thinking of paying one month's rent as compensation to the vendors. We have no chain on either side, but it has been the perfect storm of miscommunication and uselessness on our end.

LandyAndy

Save your money.

BoGoF

These things happen and I wouldn't be paying them anything.

anselld

Don't.
Everyone enters house buying knowing there are likely to be delays and difficulties. There was never any point predicting a completion date.

G_M

Timescales for property transactions are never guaranteed. Indeed almost never align with buyer's and seller's hopes or expectations.


No compensation required. You Exchange and Complete when everyone is ready - that's all.

Mutton_Geoff

mrsmortgage wrote: »

We put it in an offer 5 weeks ago and got accepted.

We always thought about completing within 12 weeks, vendors in 8.

Today the conveyancer will finally order the searches. We also have the issue of the mortgage being delayed by at least 4 extra weeks.

So We're thinking if we're lucky, we'd be able to complete in about 10 weeks from today.

We're thinking of paying one month's rent as compensation to the vendors. We have no chain on either side, but it has been the perfect storm of miscommunication and uselessness on our end.

Out of interest, which conveyancer did you choose and how did you select them?

Doozergirl

You don't know what their side will do to you yet! :rotfl:

Seriously, these things happen when they happen and you have zero control, as do they. Don't even think about giving them more money and also accept that you cannot make things happen to a timescale if your own participation in the process is relatively small. All you can do is reply when you are asked to.

PasturesNew

Nobody does that.

It's good you feel the moral responsibility; that is payment enough.

Nobody pays for delays, upsets, lies, withdrawals, nonsense, nuisance, being rubbish, being slow.... nobody.

"It's not yours yet". They could change their mind at the drop of a hat......

hazyjo

Definitely no compensation IMO. It's still a reasonably quick timescale. Nobody can predict or request at the start really - it takes as long as it takes. I once sold to an investor and said it could all be wrapped up within the month. Turns out there was a major issue with our purchase and it took 5 months. Didn't cross my mind to offer compensation! He had the chance to pull out, but wanted to hang on. He got a pretty good deal on my house as my vendors agreed to drop a substantial amount in order to get a buyer.


Swings and roundabouts.

Doozergirl

I'm over 6 months in with a client - it should have been 8 weeks. Freehold purchase, no mortgage. All the vendors' fault and they haven't offered a thing and they weren't even in a legal position to sell when this started!

It never happens.

pinkteapot

Agree with everyone above. Don't offer money! If the vendor's threaten to re-market you could try bribing them with some cash, but I don't think they will.

What you should do is send them a message through the EA (not the solicitor), just apologising for the delay so far and listing the things you're doing to get things moving now. What's past is past - demonstrate that you're now on the ball and moving everything along as quickly as possible. Those first five weeks will soon be forgotten - especially once you've moved in!