Buyer says they can't move - what now?

voorsk

We've exchanged contracts, and due to complete on the 3rd.  Hired a Luton van this morning for 2 weeks, just to make sure we have it for the move, so we're all set to go!!

Except, not.  The buyers (FTBs - I think they're living with parents) had their removal firm cancel on them, and there's some excuse about one of them being self employed.

We don't know what to do now.. according to our solicitors, the move could be delayed until whenever their mortgage offer expires, but I don't think the pandemic will be over by then, and it just increases the chance of one of us contracting coronavirus ourselves and not being able to move.  If that turns out to be us, we'll end up losing tens of thousands just because we waited.     Meanwhile, we'd have to pay for storage, and I'll have to hire another van, and our current mortgage will expire and go to basic rate - it'll cost us at least £1000 to wait (£31,000 if we get the virus and can't move ourselves).

I want to be nice and understanding and extend the completion date, but it could destroy us. What do you guys think?

xylophone

Except, not.  The buyers (FTBs - I think they're living with parents) had their removal firm cancel on them, and there's some excuse about one of them being self employed. 

You have exchanged contracts.

Surely they can move in without their furniture, inconvenient as it may be?

Windofchange

If you've exchanged contracts then they are legally obliged to move on the 3rd are they not regardless of what is going on? They will be in breach of contract, and they will need to compensate you to that effect. Has this perhaps not dawned on them? May be worth pointing out through your solicitor. Offer to give them the Luton for the day if you are feeling generous!? 

voorsk

Windofchange said:

If you've exchanged contracts then they are legally obliged to move on the 3rd are they not regardless of what is going on? They will be in breach of contract, and they will need to compensate you to that effect. Has this perhaps not dawned on them? May be worth pointing out through your solicitor. Offer to give them the Luton for the day if you are feeling generous!? 

I think they're hoping for an extension, rather than pulling out completely.
I have offered the use of the van, with me driving but not loading.  They only live just down the road, so it wouldn't take long.  I offered via our solicitors, so I'm not sure if the suggestion has got to them or not.

davidmcn

If they're FTBs then they can complete on time and continue living wherever they are for the meantime. That's going to be far less hassle then delaying everything.

voorsk

xylophone said:

Except, not.  The buyers (FTBs - I think they're living with parents) had their removal firm cancel on them, and there's some excuse about one of them being self employed. 

You have exchanged contracts.

Surely they can move in without their furniture, inconvenient as it may be?

Yeah, or just stay put for a bit.  Presumably they're okay where they are, if they're ok to extend. hmmm..

greatcrested

If they are living with parents then why can't they simply stay put.

On the 3rd, they transfer the money. You give them the keys. They pop over and change the locks/read the meter etc, then go back to parents and stay there till.... whenever they choose to move in.

If you want to be really helpful, offer them the van for a day once you have finished your own move.

LoveSauce

Anyvan is still opertating.. Also "completion" doesnt mean you are forced to move in to the house ._. they are shady indeed

bigmortgage

Unless you agree to an extension they have three options:

- Move on the 3rd

- Buy on the 3rd, leave it vacant, move when they can/want

- Lose their deposit plus be liable for your costs including the difference in sale price of you have to sell for less

Crashy_Time

bigmortgage said:

Unless you agree to an extension they have three options:

- Move on the 3rd

- Buy on the 3rd, leave it vacant, move when they can/want

- Lose their deposit plus be liable for your costs including the difference in sale price of you have to sell for less

What do you think the chances are of someone who is "self employed" being able to stump up these costs?

hazyjo

They're being clueless. Just tell the EA to speak with them, and your solicitor to tell theirs to speak with them. They obviously don't understand what exchange meant. They would be insane to pull out now, they'd lose a fortune. No reason to delay, they can stay put.