Completion on 30th June query

InsideLeft

I could do with some advice. 
I'm in the process of moving and - long story short - our Vendor, who is moving into rented property, is insisting on Completing on 30th Jun. My solicitor is anxious about Completing so close to the end of the Stamp holiday as we'd be exposed to the excess Stamp (more than 10k) if we went over the deadline. Our Vendor is also refusing to sign riders that a) will allow us to walk away from the deal if the monies haven't been transferred by 2pm 30th Jun and b) that they'll be liable for the excess Stamp if they cause the delay that leads to us missing the deadline. 
I think my Vendor's being unreasonable. Their rented property is being vacated on 25th Jun and they say they need time to clean it but it still seems like a long time to get them moved in. The initial plan was to Complete on 28th Jun which obviously isn't ideal but at least there's a bit of wiggle room.
It's a relatively small chain - our buyer is cash, we'll need a mortgage for our onward purchase and then our Vendor is the top of the chain. 
This might be an impossible question to answer but what are the chances of missing the Stamp deadline if we do complete on 30th Jun? Any other advice would be much appreciated. Thanks. 

moneysavinghero

I don't believe your vendor is being unreasonable. Not their job to help you dodge stamp duty. If you complete on 30th June you will get the exemption, if you don't you will still get the first £250,000 exempt.

user1977

InsideLeft said:

what are the chances of missing the Stamp deadline if we do complete on 30th Jun?

Zero. It's what happens if you don't complete by 30 June which you are concerned about.

InsideLeft

Everyone else is keen and in position to Complete much sooner. Our Vendor has been extremely inflexible with dates - surely there has to be give and take on both sides? Yes, we'd still get the first £250k exempt but it will still cost us £12.5k

InsideLeft

And good point user1977 on the typo... Thanks. 

moneysavinghero

Instead of requesting them could they be ever so kind as to sign a rider maybe you could tell them 'If the sale does not complete by 30 June 2021 the offer price will be reduced to [ Offer Price minus £10,000 ]. The way you are doing it you are giving them a choice and they are taking the choice not to play ball. If you are willing to walk away then you have nothing to lose by making this statement of intent. It will focus their mind much more than a polite request.

InsideLeft

We did offer a version of what you suggest moneysavinghero. Both we and our Buyer offered to Complete on 30th July (at a real inconvenience for both of us) when our Vendors can move into onward property. Our Vendors weren't willing to reduce their price to balance things out though. 

m0bov

If they fail to complete then you'd be suing them, so you would sue for the extra stamp duty as well. Exchange now and put the 30th as Completion.

m0bov

moneysavinghero said:

Instead of requesting them could they be ever so kind as to sign a rider maybe you could tell them 'If the sale does not complete by 30 June 2021 the offer price will be reduced to [ Offer Price minus £10,000 ]. The way you are doing it you are giving them a choice and they are taking the choice not to play ball. If you are willing to walk away then you have nothing to lose by making this statement of intent. It will focus their mind much more than a polite request.

That would be mortgage fraud.

sammyjammy

@m0bov says whats the problem? They want to complete on the 30th so get contracts exchanged with that completion date written in and you have nothing to worry about.

lr1277

I do like the idea of exchanging ASAP with a completion date of the 30th.
If you are more comfortable, completing before that day, could you offer to pay for their rental property to be professionally cleaned?
Having said that, their new landlord should ensure the property is (professionally) cleaned before they move in. Then an inventory agent would inspect the property before they move in and produce an inventory report, which benefits both the the landlord and the tenant. The inventory agent would note areas that are not cleaned to a high standard.