Selling - can I set completion deadline?

EJFM93

I have an offer on my flat which is lower than I’d like, but selling before we purchase our new property (currently going through as a second mortgage) would mean we can get the mortgage early exit fee back... meaning overall I’d be happy to accept the lower offer. Obviously with the stamp duty holiday ending soon we need to complete by the end of June on both properties... in accepting this lower offer for my flat can I set the expectation of completing no later than 10-12 weeks time? My flat was very nearly sold before (buyer pulled out for personal reasons the week we were meant to exchange 😩) so they could purchase a lot of the conveyancing work/searches to speed up the purchase... 

davilown

You can set any date you like - whether the buyers agree will be an entirely different matter. Remember they are also in the same potential position as you are with regards to stamp duty holiday

EJFM93

davilown said:

You can set any date you like - whether the buyers agree will be an entirely different matter. Remember they are also in the same potential position as you are with regards to stamp duty holiday

That’s fair enough, will just have to see what they say then! Unfortunately they won’t have that motivation though as they are first time buyers, so won’t pay stamp duty either way. 

SpiderLegs

EJFM93 said:

davilown said:

You can set any date you like - whether the buyers agree will be an entirely different matter. Remember they are also in the same potential position as you are with regards to stamp duty holiday

That’s fair enough, will just have to see what they say then! Unfortunately they won’t have that motivation though as they are first time buyers, so won’t pay stamp duty either way. 

The problem is less that they don’t agree and more that they do but still miss your deadline.
what are you going to do? Pull out?

hazyjo

Of course.

But you're not likely to meet that deadline selling a leasehold property.

lookstraightahead

How can you set a deadline when there are lots of things like surveys that might mean extra investigation? 

Neil49

Don't forget that there will probably be a chain of buyers / sellers higher up than you and if any of them have an issue which results in a delay there's not a lot you can do except ask the sellers to move into rented in order to break the chain.

Do you think they would? I have my doubts. 

Tiglet2

Unfortunately, it is the buyer's solicitor who will decide when they are ready to set a completion date.  Your solicitor and you can set deadlines if you wish, but you cannot force a buying solicitor to stick to a deadline if the work has not been completed.