Delayed Completion date

Ramblechat

Hi there,
We have had an offer accepted on a property, we put a slightly high offer in on the premise that the current owners could move swiftly. We have just been told that there is likely a five month delay in the current owners moving out of their property as they have made an offer to a property and the owners cannot move out for five months. Meaning, we will have to move out of our current property and incur costs for storage, accommodation etc.
What advice do people have? Can I legitimately negotiate our offer?

[Deleted User]

Sure. It doesn't meant that they will accept a lower offer from you though.

Work out your options before you start the negotiation.

Ramblechat

Deleted_User said:

Sure. It doesn't meant that they will accept a lower offer from you though.

Work out your options before you start the negotiation.

Is this an 'acceptable' thing to do, or is there even a guide for how to renegotiate?

steve866

Was it made clear that your higher offer was based on them moving swiftly? Are you confident the agent passed on that condition?

Ramblechat

steve866 said:

Was it made clear that your higher offer was based on them moving swiftly? Are you confident the agent passed on that condition?

Not 100% sure, but we 100% made it clear to the agent, in writing, that this was the case for us. We went higher and the offer was accepted. I feel like this is going to be a house waste of time and money if our offer isn't renegotiated. Secondly, the Agent has told use that the current owners tried to offer more for their offer to be accepted and for a quicker move. Making me think that they have money to spare to help us.

Irishpearce26

Unless you specifically said that this offer is based on you moving by X date otherwise your offer would be £x if they couldn't. If you didn't make it clear or stipulate the offer would change if they couldn't then your offer was just like any other offer for the house.

 You could try and renegotiate but I would say the sellers have enough time to find another buyer.

AdrianC

Ramblechat said:

We have had an offer accepted on a property, we put a slightly high offer in on the premise that the current owners could move swiftly. We have just been told that there is likely a five month delay in the current owners moving out of their property as they have made an offer to a property and the owners cannot move out for five months. Meaning, we will have to move out of our current property and incur costs for storage, accommodation etc.
What advice do people have? Can I legitimately negotiate our offer?

Of course you can ask.

If they say no, you're free to walk away and look for another property.

Ramblechat

I am not hearing a framework our guidance for this, so I suppose we are in the wild-west trying to figure out how much to ask for. Does anyone have any guidance? Sorry to loop back t this question, but any advice would be great.

bouicca21

5 months is a heck of a long time. Is someone in the chain buying a new build? If so then it could slip even further.

you can walk.
you can make a lower offer.
you can  insist on exchanging with a completion date in 5 moths time.

personally I’d walk.

[Deleted User]

You won't get a framework. You have to build it yourself from your own data.

As I said in my earlier reply, you need to work out your options to know how you want to negotiate. What do you want and what will you accept?

Your framework lies between a) don't negotiate at all and b) tell them that if they don't give your £x thousand off immediately, you'll walk. And kick their cat on the way out.

Ramblechat

bouicca21 said:

5 months is a heck of a long time. Is someone in the chain buying a new build? If so then it could slip even further.

you can walk.
you can make a lower offer.
you can  insist on exchanging with a completion date in 5 moths time.

personally I’d walk.

Yes, we understand that it is a new build.