When to bite the bullet

milkyj0

I’ve had a nightmare buyer, the sale has dragged on far too long, granted not all his fault with the variety of covid, solicitor and management firm delays. 

But at a point where I thought we’d exchange over the last three months has been incredibly picky. Just when you think you’ve made progress something else is an issue. Things like not wanting a survey, then changing mind late in the process. The survey came back gold, no problems there. 

His solicitor has raised separate enquiries that can only be answered by the management firm phoenix, each question obviously takes a while to be answered. Phoenix have been great and even they must be thinking why couldn’t these have been consolidated in one request.

There was an issue with planned works for decoration and I had a agreed a price reduction 3 weeks ago to sort this. So again I think we’re in a position to exchange and now there’s another issue (minor).

After the reduction I had made it very clear that there would be no further price decrease so I’m a bit surprised this has cropped up.

He has not asked for any money off yet but I know it’s coming. No doubt the email will come in half way through the week. And when that is batted away, no doubt there will be another query.

My wife is probably a bit more patient than I am, but I’m seriously considering putting it back on the market Monday. This person has worn me down and I simply don’t want to deal with them anymore. Every solicitor email ends with they are keen to exchange contracts ASAP. Which seems the exact opposite of what they’re doing.

When I bought the place I was in within 2 months,  this has been going on since accepting the offer in July. The guy is a first time buyer I thought he’d want to get out of his folks place already.

Any advice is appreciated! Can I put a deadline on exchange? Or just tell him to do one!

ssparks2003

Tell him do do one and you are back to square one trying to sell your flat, seems a fairly foolish course of action to me.

You don't say how long exactly "far to long is" but in the current environment things are taking longer, personally if you want to sell the flat you will need to become a bit more zen over the whole matter 

milkyj0

It’s been going on since July, I’ve practised my breathing but not yet reached nirvana

Davesnave

milkyj0 said:

Any advice is appreciated! Can I put a deadline on exchange? Or just tell him to do one!

Of course you can; just make sure it is realistic for him to meet.

Never tell anybody to 'do one.' That's just burning the bridge over which they may return, suitably chastened. A certain kind of person will only act when they see something slipping from their grasp. You don't care about their reasons; you just want the behaviour that best suits your agenda.

Tiglet2

What's the new minor issue?

Leasehold does take longer unfortunately.  My son bought a flat using the same firm of solicitors that I work for.  Although I wasn't allowed to be involved with his transaction, I could get updates and push it along very quickly.  It still took 6 months as the vendor's solicitor continually failed to provide full answers to enquiries. 

I feel your frustration, but I think you need to make it clear that there will be no more price reductions.  Planned works are usually dealt with by way of retention rather than a price reduction, so I wouldn't engage with any more demands from the buyer.  You can set a deadline, but you must be prepared to follow through on it.  Bear in mind also that deadlines are meaningless if there are still legal processes outstanding because the solicitor will not exchange if they are not ready to proceed.

milkyj0

Thanks @ Davesnave I wouldn’t ever dream of telling him to do one as such, just put it back on the market.  

Three flats within a 0.3 mile radius have been put up for sale, gone under offer and completed in the length of time that mine has been ongoing. No real difference in flats appearance, interior, price or local amenities. I don’t think I’m asking too much.

What would you say a realistic deadline is? 3days, a week, 2 weeks?