Vendor won’t complete on fixed completion date

FirstTime_Buyer

Hi,
I’m meant to be completing next week, we have a fixed date to protect my mortgage offer which expires in a few weeks. (Contract exchanged)

The vendor has said they can’t move next week as their new build house isn’t ready bit has now used COVID-19 as the other reason.

They’ve asked to change the completion date but I’ve declined as my bank has not confirmed they’ll extend the offer. If the vendor doesn’t complete on Monday am I protected in that it’s not my fault? 

Thanks in advance.

Comms69

The vendor is screwed if the don’t complete. Massively. 

Doozergirl

Comms69 said:

The vendor is screwed if the don’t complete. Massively. 

The vendor's vendor is if it's them that isn't ready. 

I think forebearance is the word that Martin uses. 

It would be worth having a conversation with the bank.  I had read somewhere about 3 month extensions to existing mortgage offers.  Is that a thing?  

FirstTime_Buyer

It would be worth having a conversation with the bank.  I had read somewhere about 3 month extensions to existing mortgage offers.  Is that a thing?  

I’ve given my bank a rang but they don’t have a system in place for these extensions. They’ve taken my details and will call me back but couldn’t give a time scale.  

Feel I would be putting myself at risk if I agreed to a different date without knowing if I’d have a mortgage. 

jaybeetoo

Talk to your solicitor - that’s what you’re paying them for.

greatcrested

Assuming you really have Exchanged (you'd be surprised how many posters here think they have when they haven't!), your seller will have to pay you allsorts of costs if he does not Complete on time.

Of course you can agree a new Complettion date, but a) you need to ensure your mortgage is not at risk and b) that your solicitor arranges this contractualy for you.

FirstTime_Buyer

greatcrested said:

Assuming you really have Exchanged (you'd be surprised how many posters here think they have when they haven't!), your seller will have to pay you allsorts of costs if he does not Complete on time.

Of course you can agree a new Complettion date, but a) you need to ensure your mortgage is not at risk and b) that your solicitor arranges this contractualy for you.

Thanks. We definitely have exchanged.

I’m just hoping there isn’t some silly law that means they get out of the contract and don’t have to pay my legal fees because of corona virus.

Thrugelmir

FirstTime_Buyer said:

greatcrested said:

Assuming you really have Exchanged (you'd be surprised how many posters here think they have when they haven't!), your seller will have to pay you allsorts of costs if he does not Complete on time.

Of course you can agree a new Complettion date, but a) you need to ensure your mortgage is not at risk and b) that your solicitor arranges this contractualy for you.

Thanks. We defiantly have exchanged.

I’m just hoping there isn’t some silly law that means they get out of it and don’t have to pay my legal fees because of corona virus.

On a pragmatic level how do you intend to force them to move next week? Common sense dictates that it's stalemate. That requires everyone involved to come to an agreeable resolution. 

FirstTime_Buyer

Thrugelmir said:

FirstTime_Buyer said:

greatcrested said:

Assuming you really have Exchanged (you'd be surprised how many posters here think they have when they haven't!), your seller will have to pay you allsorts of costs if he does not Complete on time.

Of course you can agree a new Complettion date, but a) you need to ensure your mortgage is not at risk and b) that your solicitor arranges this contractualy for you.

Thanks. We defiantly have exchanged.

I’m just hoping there isn’t some silly law that means they get out of it and don’t have to pay my legal fees because of corona virus.

On a pragmatic level how do you intend to force them to move next week? Common sense dictates that it's stalemate. That requires everyone involved to come to an agreeable resolution. 

Sorry should of been more clearer. If they don’t complete next week I’m worried there is some silly corona virus covering law that would mean they could get out of the contract and leave me with the overhead of my legal fees. 

davidmcn

FirstTime_Buyer said:

Thrugelmir said:

FirstTime_Buyer said:

greatcrested said:

Assuming you really have Exchanged (you'd be surprised how many posters here think they have when they haven't!), your seller will have to pay you allsorts of costs if he does not Complete on time.

Of course you can agree a new Complettion date, but a) you need to ensure your mortgage is not at risk and b) that your solicitor arranges this contractualy for you.

Thanks. We defiantly have exchanged.

I’m just hoping there isn’t some silly law that means they get out of it and don’t have to pay my legal fees because of corona virus.

On a pragmatic level how do you intend to force them to move next week? Common sense dictates that it's stalemate. That requires everyone involved to come to an agreeable resolution. 

Sorry should of been more clearer. If they don’t complete next week I’m worried there is some silly corona virus covering law that would mean they could get out of the contract and leave me with the overhead of my legal fees. 

There's no "silly corona virus covering law" but it doesn't save you from the practical hassle of completion not happening on time.

FirstTime_Buyer

davidmcn said:

FirstTime_Buyer said:

Thrugelmir said:

FirstTime_Buyer said:

greatcrested said:

Assuming you really have Exchanged (you'd be surprised how many posters here think they have when they haven't!), your seller will have to pay you allsorts of costs if he does not Complete on time.

Of course you can agree a new Complettion date, but a) you need to ensure your mortgage is not at risk and b) that your solicitor arranges this contractualy for you.

Thanks. We defiantly have exchanged.

I’m just hoping there isn’t some silly law that means they get out of it and don’t have to pay my legal fees because of corona virus.

On a pragmatic level how do you intend to force them to move next week? Common sense dictates that it's stalemate. That requires everyone involved to come to an agreeable resolution. 

Sorry should of been more clearer. If they don’t complete next week I’m worried there is some silly corona virus covering law that would mean they could get out of the contract and leave me with the overhead of my legal fees. 

There's no "silly corona virus covering law" but it doesn't save you from the practical hassle of completion not happening on time.

True but feel without the mortgage offer being extended I’m basically stuck.