Help! Delayed exchange... should we pull out?

pinkshoes

You need to issue a formal written notice with a deadline to exchange. Give them a clear deadline by when you expect exchange to happen, and make it clear that the house will be going back on the market if exchange does not happen.

Was there lots of other interest in your property?


Can you afford both rent and mortgage? (If not, might be wise to pull out of rental).

kormacurry

It sounds like your EA is just not doing his job. They are the ones who should be actively progressing the sale and doing the chasing (you can be sure they will be super quick in claiming their commission from you upon sale!).  I would start off by telling your EA that you are on the verge of putting the property back on the market but I would emphasize that you will be putting it on with a different agent.  I bet that the minute he realizes his commission is at stake he may well up his game!

macman

Issue a formal deadline letter and ensure that is is copied to their broker also. If he wants his commission then he is then motivated to put some pressure on the to move to exchange rapidly.
I don't see how the EA is expected to put pressure on. He works for the vendor, not for the buyer.

Ajsteve

Thank you for your insights. 

For clarification - our buyers gave their permission for us to speak to their broker for further clarification, so we’ve taken the chasing job on ourselves as we were dissatisfied with their rate of communication as well as our EA. For some reason they are the types of buyers who say “oh I’ll send an email on Thursday” when today is Monday.... I don’t know about you, but when I was buying our current house I would drop EVERYTHING to answer a phone call or answer an enquiry - I even walked out of work meetings to deal with it for fear of losing out! Maybe others don’t prioritise buying a home as so important...

We have now made the threat that we either exchange Friday latest or we’re finding another buyer. Unsure what the buyers’ reaction is yet. Really nail-biting stuff.

teachfast

Ajsteve said:

Thank you for your insights. 

For clarification - our buyers gave their permission for us to speak to their broker for further clarification, so we’ve taken the chasing job on ourselves as we were dissatisfied with their rate of communication as well as our EA. For some reason they are the types of buyers who say “oh I’ll send an email on Thursday” when today is Monday.... I don’t know about you, but when I was buying our current house I would drop EVERYTHING to answer a phone call or answer an enquiry - I even walked out of work meetings to deal with it for fear of losing out! Maybe others don’t prioritise buying a home as so important...

We have now made the threat that we either exchange Friday latest or we’re finding another buyer. Unsure what the buyers’ reaction is yet. Really nail-biting stuff.

Probably haven't got around to reacting yet. 

Thanks for the update and do keep us posted. 

strike212

Eep nail-biting stuff!! In a similar situation waiting and waiting on exchange to complete for the same dates!!!

Not selling in Nottingham are you? haha

ohdarn

strike212 said:

Eep nail-biting stuff!! In a similar situation waiting and waiting on exchange to complete for the same dates!!!

Not selling in Nottingham are you? haha

Very similar situation here and we're in Mansfield.
Maybe the same person has bought all our houses? 😁