House exchange date agreed - but the buyer wants an another extension

es5595

Why not ask when they want to delay completion to, and agree to delay completion to that date, but exchange on the agreed date. Yes, it will cost you a little more in council tax, insurance, etc, but it will give you the assurance on a date its going to be done on, otherwise, if they're not prepared to commit, I'd put it back on the market.

[Deleted User]

The buyer might well have an agenda to wait for some indication of life returning to normal and that prices aren't about to plunge. I think that's reasonable and you would be fortunate to remarket and find another buyer who acts in disregard to the current uncertainty.

diggingdude

Normally I am the first to suggest you are being mucked around, but lets be fair here, who in their right mind would exchange on a property without a massive discount right now?  You are going to have to play along here, as unless there are a queue of potential purchasers you won't find another for a while

blue_max_3

Sometimes you just have to be brave and spin the roulette wheel. I think you have accepted delays and now must put it back on the market. I doubt they'd be that surprised. They may pull out, but they probably would anyway if they don't wish to complete until this is all over. It's a commercial decision not to complete, so don't make it personal. 

sharpe106

They are buying it as a buy to let so they will wait as long as they can. They can’t rent it out now so why buy it? There is a good chance that property prices will decrease so why buy now. Very little chance of them going up. They are in a position that they do not need to buy. Be different if your buyer had to find somewhere to live.

Nothing to stop you accepting the date and looking again for someone else to buy it but I would think in the current climate most people will be doing the same waiting to see.

Marvel1

Put it back on the market, i wouldn't  tell the buyer - I would tell them only if I had offers coming in.

davidmcn

es5595 said:

Why not ask when they want to delay completion to, and agree to delay completion to that date, but exchange on the agreed date. Yes, it will cost you a little more in council tax, insurance, etc, but it will give you the assurance on a date its going to be done on, otherwise, if they're not prepared to commit, I'd put it back on the market.

Current advice is to exchange and complete simultaneously, so when the OP says "exchange date" I'm guessing they really mean "completion date" too.