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How does a 21 day deadline for completion effect other parties in the chain?

wisdom17 · 2020-01-07 11:07:20

Hi, We had an offer accepted on a property in September. We were given the impression that the seller is not in a chain, however once our offer was accepted it became apparent that the seller needs to buy in order to sell to us. A few days ago we were informed by the estate agent that the vendor has had an offer accepted…

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newsgroup_monkey Posts: 849 Forumite

7 January 2020 at 3:42PM

I was on a similar thing.
We have no backwards chain. Vendor was moving into a specialist new build.

They insisted that we exchanged within 21 days, with completion 2 weeks after, otherwise they would lose their place.

Our solicitors did a sterling job and sorted it in time. As Douglas Adams said, the deadline "whooshed" by (we hadn't heard from the vendor and the EA had absolutely no idea what was going on).

2 months after the initial requested completion date, we complete. Their builder wasn't actually in a position to have completed or exchanged. They wanted to leave the completion date open.

It's all very odd.

The smaller the monkey the more it looks like it would kill you at the first given opportunity.

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How does a 21 day deadline for completion effect other parties in the chain?

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