Chain about to collapse

hazyjo

ncfcfan wrote: »

How so?

I said we'd do our best to meet that deadline, but ultimately it's out of our hands. There wasn't an agreement in place, where I signed etc.

I'm really not sure how to make it clearer if you're not getting it.


You said it yourself 'the incentive was there for a September completion'.


It doesn't matter whose fault it was, but it didn't happen. What else is there to add? Your misinterpretation of that incentive is the only issue. I would have bitten their arm off for £2,500.

AdrianC

ncfcfan wrote: »

I said we'd do our best to meet that deadline, but ultimately it's out of our hands. There wasn't an agreement in place, where I signed etc.

If there was no agreement in place, then you wouldn't have been expecting the £5k in the first place, right...?

You can't pick and choose which bits of the agreement you like. It's an integral thing.
£5k on table until end Sept. Take or leave.
They extended the offer unilaterally to £2,500 by end Oct.

ncfcfan

hazyjo wrote: »

I'm really not sure how to make it clearer if you're not getting it.


You said it yourself 'the incentive was there for a September completion'.


It doesn't matter whose fault it was, but it didn't happen. What else is there to add? Your misinterpretation of that incentive is the only issue. I would have bitten their arm off for £2,500.

Would you? Even though you knew you wouldn't be able to complete in time to make the next deadline and get the £2,5k? That seems a bizarre decision to make. To let them call the shots in this manner as well - doesn't sit right with me. Made it all very uncomfortable.

hazyjo

ncfcfan wrote: »

Would you? Even though you knew you wouldn't be able to complete in time to make the next deadline and get the £2,5k? That seems a bizarre decision to make. To let them call the shots in this manner as well - doesn't sit right with me. Made it all very uncomfortable.

Well if it was a definite no to completing this month too, I'd have tried to negotiate a later date.


What exactly are your solicitors waiting for before you can exchange?

AdrianC

hazyjo wrote: »

What exactly are your solicitors waiting for before you can exchange?

Sounds like they're waiting for the OP to give them the go-ahead.

ncfcfan wrote: »

I instructed our sols not to exchange until we had confirmation from Linden Homes that they would honour the allowance, despite the offer expiring.

And, yes, for the lender to nod the kickback through - but since they've already OKd both £0 and £5k, they really shouldn't have an issue with £2.5k.
The bigger decision, £0 -> £5k, took a fortnight. There's three weeks of this month left.

ncfcfan

AdrianC wrote: »

If there was no agreement in place, then you wouldn't have been expecting the £5k in the first place, right...?

You can't pick and choose which bits of the agreement you like. It's an integral thing.
£5k on table until end Sept. Take or leave.
They extended the offer unilaterally to £2,500 by end Oct.

You keep referring to an 'agreement'. There was no agreement. We needed to a cheaper price on the house because our buyers had undercut us. Instead, via email, they offered us a £5k incentive via email from them saying they would providing we completed in September. I replied saying we would do our best to complete for then, but we wouldn't be able to proceed if this wasn't honoured as we had a shortfall to make up. We suspected it was just a motivational tactic.

Thrugelmir

ncfcfan wrote: »

Seems silly to put a time restriction on a process like this then. Their fault.

You accepted the terms of the developers offer. You knew the consequences if the deadline wasn't met. Seems as if you had no contingency plans. That's your problem not the developers.

ncfcfan

hazyjo wrote: »

Well if it was a definite no to completing this month too, I'd have tried to negotiate a later date.


What exactly are your solicitors waiting for before you can exchange?

Nothing. We found out we could exchange yesterday morning at 9:30. Ten minutes later I receive a call saying the incentive was to be removed. I objected. Half an hour later I receive an email saying £2.5k is the maximum amount offered providing we completed in October.

I replied saying that obviously isn't the maximum amount, because it was £5k a few weeks ago.

They waited until we were just about to exchange! They sat on it for 12 working days!

ncfcfan

Thrugelmir wrote: »

You accepted the terms of the developers offer. You knew the consequences if the deadline wasn't met. Seems as if you had no contingency plans. That's your problem not the developers.

I didn't accept anything actually. I said we'd do our best to make the deadline, but ultimately it wasn't in our hands. What contingency can you put in place for that I wonder? And what contingency did they have in place to keep their buyers?

AdrianC

ncfcfan wrote: »

I didn't accept anything actually. I said we'd do our best to make the deadline

Which would have seen you eligible for the £5k.

What contingency can you put in place for that I wonder?

Being able to afford to purchase post-October without the kickback, while doing everything you possibly could to make sure completion happened in September. You say the delay was that your buyer's solicitor was "slow", but why? What was the actual delay on their part? What were they waiting for before they were ready to exchange?

And what contingency did they have in place to keep their buyers?

Offering a 50/50 extension for October completion.

You do know what a "compromise" is, right?