Our buyer holding off completing

Crashy_Time

Is the house/area somewhere that would attract a lot of tenant interest in normal, using that word loosely, times?

Davesnave

jmtalire said:

 Does anyone have any advice on how we can convince her to complete on the purchase. Our reservation period on the new house runs out soon and we dont want to pay another £500 to re-reserve. 

I don't want to be unkind, but what on earth do you think would convince someone to commit to a purchase at present when they don't have to? People are waiting to see how the cards fall; investors especially. The rest of us need somewhere to live, but they can walk away and put their money into something else if property looks risky or set for a fall.

Sensory

jmtalire said:

Does anyone have any advice on how we can convince her to complete on the purchase. Our reservation period on the new house runs out soon and we dont want to pay another £500 to re-reserve.

You have a much better chance of convincing the developer to extend the reservation agreement, especially considering the current socio-economic climate. I'm in a similar boat, and the developer's sales team told me not to worry about any specified dates/deadlines (and this was before the lockdown measures were implemented). As long as you've fulfilled your duties in the process and aren't delaying unnecessarily, the developer should be happy to honour the reservation until exchange/completion.

[Deleted User]

I was exactly the same - about to exchange on a BTL -I pulled out. I didnt mess the seller around or offer less. As a BTL investor the economy is just too risky at the moment 
I’ll revisit my plans next year 

bob_the_dinosaur

It could be a lot simpler.
A BTL could be a pain at the minute.  
Once they buy it, they aren't living there, so shouldn't be going at the minute, the places they would buy materials from are closed and they would be paying bills on it.
They can't rent it at the minute as letting agents are closed, or just taking details for viewings later.  Noone can register interest because your buyer can't have it valued etc.