Early Exchange Concerns

Flugelhorn

the people buying the new house are the ones with the problem, not you. They have to deal with the developers and must be aware that they can't keep you waiting on dates. I would look for somewhere else if they don't agree to complete soon and move into rental

FinallyStoppedLurking

Isn't it possible to negotiate down your exchange deposit? Would this be an option?

sb82

FinallyStoppedLurking said:

Isn't it possible to negotiate down your exchange deposit? Would this be an option?

Great idea! I have emailed our solicitor to see if they would take a much lower deposit I've gone for 5000 instead of the 20 000 they want. It would be so.much less stressful if we could exchange with a smaller amount.  I really hope they will go for it. Thank you I'd not thought of asking that! 

hb2

I still wouldn't be exchanging at this stage - you could lose more than just your deposit if things don't go as planned.

GixerKate

Personally I wouldn't want to exchange without a completion date very soon afterwards.  As cold as it sounds, it is not your problem and I would be suggesting that your sellers need to find alternative accommodation rather than have a long time between exchange and completion.

RTC87

sb82 said:

FinallyStoppedLurking said:

Isn't it possible to negotiate down your exchange deposit? Would this be an option?

Great idea! I have emailed our solicitor to see if they would take a much lower deposit I've gone for 5000 instead of the 20 000 they want. It would be so.much less stressful if we could exchange with a smaller amount.  I really hope they will go for it. Thank you I'd not thought of asking that! 

I honestly wouldn't exchange at this point, even with a smaller deposit. I imagine it will be rejected anyway as they will need to pass on that deposit to the developer who will probably want at least the 10%. 

They can talk to the developer and try and push the exchange date back, the answer will depend on the development sales situation, if they are struggling to sell the developer will wait, if they're flying they will reject the offer.

I would push your vendor to agree a completion date with you and go into rented/hotel/family for a short time until their home is ready, don't feel bad about this. It is in their interest too as if the market changes you could find yourself unable to complete if you wait too long.

hb2

If you exchange but can't complete, you would potentially be responsible for your vendor's losses (any anyone else in the chain, if there is one), as well as forfeiting your deposit.

Thrugelmir

sb82 said:

FinallyStoppedLurking said:

Isn't it possible to negotiate down your exchange deposit? Would this be an option?

Great idea! I have emailed our solicitor to see if they would take a much lower deposit I've gone for 5000 instead of the 20 000 they want. It would be so.much less stressful if we could exchange with a smaller amount.  I really hope they will go for it. Thank you I'd not thought of asking that! 

Any response from the vendors yet?  What has your solicitor advised? 

sb82

Thrugelmir said:

sb82 said:

FinallyStoppedLurking said:

Isn't it possible to negotiate down your exchange deposit? Would this be an option?

Great idea! I have emailed our solicitor to see if they would take a much lower deposit I've gone for 5000 instead of the 20 000 they want. It would be so.much less stressful if we could exchange with a smaller amount.  I really hope they will go for it. Thank you I'd not thought of asking that! 

Any response from the vendors yet?  What has your solicitor advised? 

No , I've not heard anything yet. Our original Conveyancer left the firm (without telling us, just wondered why she wasn't answering our emails )  and our new one is just getting to grips with what's been going on. She said on Tuesday she was waiting for the vendors solicitor to call her back but that's the last I've heard. It's so frustrating! Really hoped we would be able to finalise what is going to happen this week. I'll update as soon as I have any info  

sb82

hb2 said:

If you exchange but can't complete, you would potentially be responsible for your vendor's losses (any anyone else in the chain, if there is one), as well as forfeiting your deposit.

I didn't realise that, this situation is getting worse!