Sellers setting Long Stop completion date

princeofpounds

ChrisWelch0709 said:

princeofpounds said:

ChrisWelch0709 said:

princeofpounds said:

OK, so tell them through the EA that you don't want to wait that long, so they need to complete with you earlier, or else you will pull out. Because that's the only leverage you have.

Then see what happens. They may comply. They may negotiate. They may well pull out themselves - your demand will place a significant extra cost on them.

We do want to threaten to pull out and get this sorted, but don't want to run the risk of the sellers pulling out

Unfortunately, it doesn't work that way. 

However, given what you've just said about your mortgage offer, it does give you a middle path forward. You can point out to the vendor's EA that your mortgage offer runs out before the long stop date. Therefore you cannot commit to the proposed dates as you cannot be certain of completion if they run to the very end (which is quite possible).

Being a third-party constraint, it's less likely that this will be seen as a spurious justification and the vendors will have to consider it more seriously. You might then be able to negotiate a few weeks earlier (don't agree to the 7th, just in case there are completion delays for any reason) at least. The vendors will know that they have at most a couple of weeks of storage and B&B fees to deal with, rather than months of it.

As expected! We dont want to accpet a LongStop date if I'm honest, we want a fixed completion date before end of the year. 

You might be able to demand a fixed completion date but it's unlikely to be before YE.

ChrisWelch0709

princeofpounds said:

ChrisWelch0709 said:

princeofpounds said:

ChrisWelch0709 said:

princeofpounds said:

OK, so tell them through the EA that you don't want to wait that long, so they need to complete with you earlier, or else you will pull out. Because that's the only leverage you have.

Then see what happens. They may comply. They may negotiate. They may well pull out themselves - your demand will place a significant extra cost on them.

We do want to threaten to pull out and get this sorted, but don't want to run the risk of the sellers pulling out

Unfortunately, it doesn't work that way. 

However, given what you've just said about your mortgage offer, it does give you a middle path forward. You can point out to the vendor's EA that your mortgage offer runs out before the long stop date. Therefore you cannot commit to the proposed dates as you cannot be certain of completion if they run to the very end (which is quite possible).

Being a third-party constraint, it's less likely that this will be seen as a spurious justification and the vendors will have to consider it more seriously. You might then be able to negotiate a few weeks earlier (don't agree to the 7th, just in case there are completion delays for any reason) at least. The vendors will know that they have at most a couple of weeks of storage and B&B fees to deal with, rather than months of it.

As expected! We dont want to accpet a LongStop date if I'm honest, we want a fixed completion date before end of the year. 

You might be able to demand a fixed completion date but it's unlikely to be before YE.

They were the ones that came to us with the 18th (long stop) which we are not agreeing to. Will keep you posted on any updates.

steampowered

You might find it more efficient to ask the EA to find out why the seller wants that date, rather than going back and forth through solicitors.

ChrisWelch0709

steampowered said:

You might find it more efficient to ask the EA to find out why the seller wants that date, rather than going back and forth through solicitors.

Agreed. Think we will set up a call with EA to discuss and see what outcome we reach. We want to be moved in before YE.

Tiglet2

Realistically the last date for completions before the Christmas break and New Year will be the 18th December, possibly the 21st December, so you would be expecting your sellers to move out to a rental etc over the Christmas period.  While that may not be your concern, I am not convinced your sellers will agree!  Perhaps try to bear in mind that the legal conveyancing can take a while anyway, so prospective exchange/completion dates are largely dependent upon the timely response to legal enquiries.

movingon2020

Also remember that you threatening to pull out will mean they can't exchange on their purchase and risk losing it. I don't think they will therefore pull the plug quite so easily. 
I don't think you are being unreasonable.

ChrisWelch0709

Tiglet2 said:

Realistically the last date for completions before the Christmas break and New Year will be the 18th December, possibly the 21st December, so you would be expecting your sellers to move out to a rental etc over the Christmas period.  While that may not be your concern, I am not convinced your sellers will agree!  Perhaps try to bear in mind that the legal conveyancing can take a while anyway, so prospective exchange/completion dates are largely dependent upon the timely response to legal enquiries.

Not over Christmas period, but it feels like us as buyers have no say in anything...

ChrisWelch0709

movingon2020 said:

Also remember that you threatening to pull out will mean they can't exchange on their purchase and risk losing it. I don't think they will therefore pull the plug quite so easily. 
I don't think you are being unreasonable.

So you think its a good idea? i feel like as buyers, throughout this process we have had no say in anything and its time where we put our foot down and have some demands of our own?

alex_163163

I do understand your frustrations. The whole house buying process Is annoying, for all parties! 

But from your side, what do you want to achieve? If your threats to pull out don’t get your desired result, will you actually still pull out? 

If you do pull out now, then you need to find a new property to buy - are there any others you like enough to offer on on the market right now? If not, then expect perhaps 2 weeks/ a month of searching which takes you to end of November. Factoring in Christmas , it’s even more unlikely that you will complete on a new property any earlier than 18th Feb.
so I guess you need to ask yourself if this property is worth waiting for?
dont get me wrong, I understand your frustrations, but the whole U.K. buying process is one long headache! 

ChrisWelch0709

alex_163163 said:

I do understand your frustrations. The whole house buying process Is annoying, for all parties! 

But from your side, what do you want to achieve? If your threats to pull out don’t get your desired result, will you actually still pull out? 

If you do pull out now, then you need to find a new property to buy - are there any others you like enough to offer on on the market right now? If not, then expect perhaps 2 weeks/ a month of searching which takes you to end of November. Factoring in Christmas , it’s even more unlikely that you will complete on a new property any earlier than 18th Feb.
so I guess you need to ask yourself if this property is worth waiting for?
dont get me wrong, I understand your frustrations, but the whole U.K. buying process is one long headache! 

Thanks for the response, we want to threaten to pull out but we most definitely won't do in the long run, we just want to put some pressure on to get the ball rolling and a completion date confirmed.
It is worth waiting for, but the issue we are facing is we still don't have a clue when or how long we are going to be waiting like we need to organise a holiday, removal vans, etc.
The process has been a huge headache and in the long run, we will look back and say it was for sure worth it, but I just want to know where we stand on this, can they find other accom for us to move in before Christmas so we can enjoy our first Christmas in the house together and not having to stress on moving and builder over the Christmas period.