Sellers setting Long Stop completion date

Noseybear38

We decided after pulling out of one house after a survey to go for another which was being part exchanged by a developer. We were warned by our solicitor that it meant completing on notice and a 28 day exchange. We offered in December and the new build house was due to be finished February or March and we had agreed in September to sell my property. Our solicitor got a long stop agreed with us for end of April and did warn us about the difficulties from the start.

In the end we had to split my sale and our purchase so sold at the end of February and moved in with family for a few weeks or so we though! In the end we reached the long stop but still wanted the house so waited and finally completed in July having exchanged in February.

Our vendors could only move directly to their new build so we would always have to break the chain or risk losing my buyer as expecting them to wait was unfair and in the end their mortgage offer was due to expire so we had to agree to sell when we did. We also needed our mortgage extending which was combined with a change in circumstances so it was a bit nervy waiting for that to be confirmed. Thankfully we had a low loan to value.

Are you buying direct from the vendor or have they sold it on the open market. If the latter you might have more wriggle room than if it has been part-exchanged where you are at the mercy of the developer. We did consider another house on the same estate but discounted it due to the work needed. They completed in June but still haven’t moved in so we at least saved money by not paying stamp duty.

I guess it will come down to how much you love this house and if you are prepared to wait or threatened to pull out in the hope of getting them to split their sale and purchase.

Thrugelmir

ChrisWelch0709 said:

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! 

 we just want to put some pressure on to get the ball rolling and a completion date confirmed.

No one is going to commit to a completion date now. For the simple reason there's too many variables in play. Apply as much pressure as you like but it has no value. 

ace33

I'm not sure I would want to exchange now and complete in 4 months time. In the current climate a lot can happen in 4 months. Most people are requesting same day completion at the moment for that very reason.

ChrisWelch0709

ace33 said:

I'm not sure I would want to exchange now and complete in 4 months time. In the current climate a lot can happen in 4 months. Most people are requesting same day completion at the moment for that very reason.

We are pushing to complete before YE. as this has been going on for so long now we are VERY frustrated.

Tiglet2

ChrisWelch0709 said:

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...

"Not over Christmas but by YE" - so exactly what date would be ideal?  Solicitors will be closed from Christmas Eve to 2nd January so you won't be moving then.

diggingdude

I think you have some power here, you are being asked to exchange now without any real idea of completion. Put some pressure on them but be realistic as they can't work miracles. Set a date and let them know. How likely are they to find another buyer? Easy - they will laugh at you, hard - you might get your way. Remind them of the uncertain world you live in.
But as you said you wouldn't pull out I would plan on a Jan/Feb move 

ChrisWelch0709

diggingdude said:

I think you have some power here, you are being asked to exchange now without any real idea of completion. Put some pressure on them but be realistic as they can't work miracles. Set a date and let them know. How likely are they to find another buyer? Easy - they will laugh at you, hard - you might get your way. Remind them of the uncertain world you live in.
But as you said you wouldn't pull out I would plan on a Jan/Feb move 

Why should we wait that long.

‘I have spoken with my client – they tell me your client was always aware it was a new build with a December date

 

As with any new build they have to give a longstop date but the anticipated date is December 18th 2020

With 10 days’ notice – they are stuck as they cannot go into temporary’.

Was there response.

Noseybear38

ChrisWelch0709 said:

diggingdude said:

I think you have some power here, you are being asked to exchange now without any real idea of completion. Put some pressure on them but be realistic as they can't work miracles. Set a date and let them know. How likely are they to find another buyer? Easy - they will laugh at you, hard - you might get your way. Remind them of the uncertain world you live in.
But as you said you wouldn't pull out I would plan on a Jan/Feb move 

Why should we wait that long.

‘I have spoken with my client – they tell me your client was always aware it was a new build with a December date

 

As with any new build they have to give a longstop date but the anticipated date is December 18th 2020

With 10 days’ notice – they are stuck as they cannot go into temporary’.

Was there response.

Are you buying direct from the vendors or have they part-exchanged and you are buying from the developer? 

bpj

ChrisWelch0709 said:

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.

My advice for what it's worth is to only make threats you are prepared to follow through on. So perhaps better to refuse to exchange rather than threaten to pull out. I agree with others that being asked to exchange potentially 4 months in advance of completion would worry me, but I think it's more likely that you will be able to delay exchange until they can give a fixed completion date rather than somehow force that date to be by the end of the year.

The only way your threats will get what you want would be for either the builder to drop the long stop (which is not going to happen) or for your vendors to risk moving into temporary accommodation over Christmas. Would you agree to this? Personally I would not, and if you made a serious threat to pull out over it I would try to find another buyer - in the absence of a pressing need to move before Christmas I think it's quite unreasonable position to take.