Chain about to collapse

GDB2222

Clearly, there's no moral obligation on the seller to honour an offer that's now lapsed. There may have been a reason for the offer ending in September, such as a company year end or just the end of the quarter.

So, it's just a matter of negotiating. Good luck, and I hope that goes well.

ethank

There is no moral obligation as others have said here, but I also think its a bit of a pointless thing to do by the developer. It takes as long as it takes for the chain to get to that stage. They should be happy they are selling the plot. I've never had a developer do this to me, but I've always chased progress daily and dropped them an email, so the developer could see I was doing everything I could.

ncfcfan

For those who like closure...

Chain collapsed last night.

To answer a few queries - the new £2,500 offer was dependant on an October completion. But we would need to get permission from our lender to receive this allowance. The previous process for the initial £5k took 2 weeks. So again, we'd be struggling to meeting this new deadline.

Also, it feels like this company have had us over a barrel for some time now, and now they're trying to squeeze a little more from us. We were happy to walk away last night on this basis.

ncfcfan

Also I should add...

We only wanted to buy the house with this incentive, because our buyers had reduced the price of our house.

So you could say, we're only buying if we get the £5k incentive.

AdrianC

ncfcfan wrote: »

To answer a few queries - the new £2,500 offer was dependant on an October completion. But we would need to get permission from our lender to receive this allowance. The previous process for the initial £5k took 2 weeks. So again, we'd be struggling to meeting this new deadline.

I suspect it would be quicker.
The incentive was reducing the effective asking price, so as long as the mortgage remained the same, it was increasing the loan to value. Reducing the incentive but retaining the same mortgage brings the LtV back up. And the concept has already been approved, it's the detail that's varying - back towards where the approval started off.

Anyway, it's only the 11th today. Nearly three weeks of the month left.

So you've decided to walk away over £2,500? How much has that cost you in wasted fees and costs?

ncfcfan

AdrianC wrote: »

I suspect it would be quicker.
The incentive was reducing the effective asking price, so as long as the mortgage remained the same, it was increasing the loan to value. Reducing the incentive but retaining the same mortgage brings the LtV back up. And the concept has already been approved, it's the detail that's varying - back towards where the approval started off.

Anyway, it's only the 11th today. Nearly three weeks of the month left.

So you've decided to walk away over £2,500? How much has that cost you in wasted fees and costs?

You suspect it would be quicker do you? That's comforting. Considering you know next to nothing about the circumstances of our file, it's truly astounding you have this level of insight.

We told Linden Homes we wouldn't be completing in September on 26th September. So it's taken them 12 working days to come this conclusion.

We paid for a structural survey, that's about it. The search for another house is on. Exciting times.

How much will it cost Linden Homes to re-market the house and endure another 3-4 month conveyancing process?

AdrianC

ncfcfan wrote: »

We told Linden Homes we wouldn't be completing in September on 26th September.

Considering you still hadn't exchanged with only two working days of the month remaining, I suspect they didn't need telling.

We paid for a structural survey, that's about it. The search for another house is on. Exciting times.

Ah, so your solicitor is swallowing the wasted legal time under a NSNF?
And the cost of the searches etc? NSNF doesn't include disbursements like that.
How much has been wasted down the chain?

How much will it cost Linden Homes to re-market the house and endure another 3-4 month conveyancing process?

So you think that's a good reason to try to blackmail them to ignore the fact you haven't complied with the terms of the incentive? They agreed to compromise and meet you 50/50. That wasn't good enough for you.

No, I don't think it's the developer's "greed" here.

ncfcfan

AdrianC wrote: »

Considering you still hadn't exchanged with only two working days of the month remaining, I suspect they didn't need telling.

Were you trying to make a point here?

AdrianC wrote: »

Ah, so your solicitor is swallowing the wasted legal time under a NSNF?
And the cost of the searches etc? NSNF doesn't include disbursements like that.
How much has been wasted down the chain?

Our solicitor has assured us that if we find another house and use them, we won't be out of pocket.

AdrianC wrote: »

So you think that's a good reason to try to blackmail them to ignore the fact you haven't complied with the terms of the incentive? They agreed to compromise and meet you 50/50. That wasn't good enough for you.

No, I don't think it's the developer's "greed" here.

We only agreed to the purchase providing we could have the £5k incentive, regardless of their restrictions.

And they haven't agreed to a compromise. The whole compromise in the first place was the £5k. They waited for us to be on the cusp of exchanging before informing us they wouldn't honour the incentive and sought to squeeze a bit more from us when we were vulnerable. That's not greed? What is their motive for waiting this long to tell us that?

Your position is curious on this. Do you work for Linden Homes by chance?

danlightbulb

Idiots.

The OP is an idiot. The developer is an idiot. The whole process is full of idiots.

Just wish the whole system would collapse, we'd all be better off in the long run.

AdrianC

ncfcfan wrote: »

They waited for us to be on the cusp of exchanging before informing us they wouldn't honour the incentive

No, the incentive was dependent on completing in September right from the moment it was agreed.

You told us that in the very first post...

ncfcfan wrote: »

To ease this blow, we negotiated an allowance from our sellers ... of £5k provided we complete in September.

You didn't complete in September. Ergo, under the agreement, no allowance was due.

Your position is curious on this. Do you work for Linden Homes by chance?

Ah, of course... I don't agree with you, therefore I must be ONE OF THEM.

<sigh>
I bet they're really quite happy in the office this morning, and looking forward to selling to somebody who won't blame them for everything from the weather onwards.