First-Time Buyers Assistance Please!

LouiseL2019

Hi All,
I am posting on here to seek advise and guidance on how my partner and I proceed with the purchase of our first property.
We initially made the offer on the property we wish to purchase in July, we eventually agreed on offering £2000 less than the asking price as the seller agreed that it would be on the basis of a quick sale (which we have in writing from the estate agent (EA)). During this process the seller had informed us that he was interested in a particular property and was waiting for his offer to be accepted, which it was in mid-August.
After getting the land searches and reports cleared, bar one outstanding item we asked to meet with the EA and seller in late August for an update. At this point we explained our current living situation (rental accommodation) and stated that our contract will expire on the 6th November (yesterday) and could we all agree on a date for exchange completion. At this point we were advised there were four people in the chain but as the people in the top of the chain were moving in with family, there was only other one other party that had to be consulted with which our EA said she would handle. Eventually, we agreed on the exchange of contracts on the 6th (bad idea in hindsight - I know!!!), and a completion on the 11th of November. Again, written and confirm by the estate agent in writing with the seller.


Every week up until November I would contact the EA and solicitors to find out where things are at and press the urgency of us needing to stick to the agreed time-lines as our lease expired and we have had to move into a hotel (as of yesterday). The sellers solicitors refused to respond and updates were very brief. We originally only thought we would need four nights in the hotel as we had assumed the agreed dates would be followed through by all parties.
Any how, two weeks ago I received an email from the sellers solicitors stating that our seller is no longer able to follow the dates. As you can imagine we were extremely frustrated as we had not been kept in the loop and could have sorted out short-term accommodation, storage etc. Furthermore, the seller has agreed to dates further up the chain without consulting us (exchange 25th Nov, complete 6th December). This is extremely frustrating as we have always tried to keep all parties in the loop. We have now proposed two options to the seller:
1. if he and the chain MUST move on these dates than we require £2000 off the asking price of the property to assist with accommodation expenses
2. We bring dates forward immediately with no costs to the seller, exchange 18th Nov, complete 29th.


Please be honest, are we being reasonable. We don't want to loose the property but at the same time we are being hit with all these additional costs from the lack of no communication.

hazyjo

Nobody can promise a quick sale. It generally takes as long as it takes. I once sold to an investor and said I would work to a 3 week timescale to exchange. Literally dealt with everything by return, hand delivered, rushed everything through, mortgage sorted - and it ended up taking FIVE BLOODY MONTHS. There was a legal issue with the house we were buying that had to be resolved.

Not advisable to spend or action anything until the ENTIRE chain is complete. Pointless as it could take months (as you're finding out).

The fact it's a long ish chain should ring alarm bells when someone says 'quick sale'. Guarantee the rest of the chain won't be rushing it through at your speed. It usually takes around 3 months min with a large chain.

Not sure what you meant re your contract expiring. Why couldn't you just go onto a rolling contract? Or were you served notice? (Bit late now as you're out. We could have helped you there if you were here sooner.)

I think the EA is trying to shut you up basically. I bet the top of the chain haven't even been told. When I last moved, my vendor had been speaking with the top of the chain and they were all under the impression we were exchanging the following week lol! First I'd heard of it! My buyer hadn't even had their (last minute) survey, nor the subsequent structural engineer's visit, and we were on holiday for a week which I'd made everyone very aware of from the start. Was a couple of months after that still I think. My solicitor didn't even know (or care) how long the chain was.

Are you sure everything is done to be talking dates again?

I say this time and time again but the only major stress when moving is when people start throwing unrealistic dates into the mix and start making threats of pulling out (etc) if they're not met. Just why? Obviously everyone wants to be in asap. You're all in the same boat. But like I said, it takes as long as it takes (I know it's easy to say, it's always stressful once dates start getting mentioned). You should have kept your rental, or arranged a short term let long before exchange. It sounds to me like it was always unrealistic.

Tiglet2

Agree with everything Hazyjo says.

Also, the EA is not in the loop as far as the legal process goes, so they cannot help you with your expectations to exchange and complete on specific dates. Neither can they put in writing anything about a quick sale which is legally binding. The only bit of "quick sale" that you can assist with is dealing with any paperwork or requests immediately rather than sitting on them for a few days, but there are quite a few people involved in the chain and they will all have their own timetables. Some people will deal with paperwork immediately, but third parties (management agents, lenders, the 4 solicitors acting for the various people in the chain) do not. As first time buyers with nothing to sell, you are probably the most flexible out of everyone. You are also the first link in the chain so have been in the process the longest. The people at the top may not be as advanced as you are.

We know nothing about the property you are buying. If it's leasehold with a management company, then it will take longer than a freehold property and no management company.

Are you being unreasonable? Unfortunately, yes. Your dates with a chain were unrealistic, if it is a leasehold property, even more unrealistic. For future moves, bear in mind dates only get discussed once the legal work is well underway and the solicitor (not the EA!) can give you a much better informed timescale. Don't forget the other people in the chain will also have to take advice from their own solicitor on timescales and they might not match yours.

Also, to add about your rental. If your contract was up on 6th November, you could have gone onto a rolling contract and then you would only have to give your landlord one month's notice. Or, did you give notice on the basis of your assumed moving date? The advice generally is to never give notice until you have exchanged.

Cakeguts

You are being unrealistic about the time taken to buy a property. We bought a vacant freehold property for cash and it took 5 months. No chain and no mortgage and still it took 5 months. If you add in a chain it is likely to take much longer.

LouiseL2019

Thank you for your responses, as stated I am seeking honest feedback as this is our first time going through this process and we are not sure what to expect.


Unfortunately, our contract for our rental apartment finished up on the 6th with no possibility for extension.

Mutton_Geoff

Tiglet2 wrote: »

The advice generally is to never give notice until you have exchanged.

With the added benefit that you may even have a week or two overlap. Although it feels wrong to be paying for two places at the same time, it takes a huge amount of pressure off the moving process. Well worth 2 weeks rent in my opinion.


Looks like you might have to go AirBnB for a few weeks and put your stuff in storage.

Slithery

LouiseL2019 wrote: »

Unfortunately, our contract for our rental apartment finished up on the 6th with no possibility for extension.

Have you given notice? If not you don't have to go anywhere.

Edit - Sorry, just noticed by the dates that you've already left. You didn't have to do that.

[Deleted User]

You didn't have to ask for an extension to your AST.., all you had to do was not move out, explaining why, giving yourself four months or so of somewhere to live even if the LA/LL decided to evict you using a S21 and the court processes.

But too late now. Some more research on eviction would have helped clarify things for you.

You will have to assume you are going to be living outside the purchase property for a couple of months and find something for that long - friend's spare room or AirBnb as suggested. Likely to be cheaper and better than a hotel.

Skiddaw1

Any family who could assist? For storage perhaps? I'd get as much of your stuff as you can boxed up and stored away as possible. One thing- at least once the time comes you'll be effectively half way through the removal process.