Completion on 30th June query

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m0bov said:

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.

Is this because the lender would need to be made aware of the revised purchase price? In which case, would such a close ever be a good idea? 

AdrianC

InsideLeft said:
Our Vendor has been extremely inflexible with dates - surely there has to be give and take on both sides?

You haven't exchanged yet.

So everything is up for negotiation. Anybody in the chain could simply get up and walk away at any time. There is no "has to be"... Ultimately, it's all about who digs their heels in hardest and who's most prepared to walk away...

saajan_12

Your remedy is to be just as inflexible and refuse to proceed with a completion date after X date. Threaten to pull out. 

If they do refuse or call your bluff, you have to decide whether you want to pull out, or whether you want to take the chance. 

lady38_me

We are in a very similar position InsideLeft. We are not happy about the date for the same reasons as you. Moreover, we have a longer chain and our buyers are also not happy. I don't mind the date in principle, but really worried about missing the SDLT holiday deadline.

When we spoke with the estate agent, they suggeste that the 30th is not good as the whole system might struggle on the day: bank not having enough mortgage funds, solicitors being overwelmed, money not moving properly through the chain, etc.

Not sure how realistic those worries are so would welcome any comments.

lookstraightahead

I'm surprised anyone is still reckoning on completion before the stamp duty deadline. It's so close now you really need a contingency and just 'hope' it's completed beforehand, knowing you can afford to pay it if not.
What exactly is the vendors situation with renting op? Do they definitely have something from 25th?

AnotherJoe

IANAL but .... if you exchange with a completion date of 30th and it doesn't go through, say funds dont transfer, you can sue them for your extra SDLT as it was their delay that caused that. Of course, it might not go through because soemone elses money didnt transfer and you coudl sue them.

There's nothing to s op you saying "complete by (say) 28th june or we pull out"

Are you willing to do that? If you are, i suspect they will fold but you have to mean it. And of course you are back to looking again and paying extra SDLT for sure, which is likely what they are counting on. I'd be ****ed enough to do that, maybe you wouldnt, its not an easy choice but i would  be very annoyed that their cleaning phobia might cost me ten grand or whatever that id do it.

AdrianC

lady38_me said:

When we spoke with the estate agent, they suggeste that the 30th is not good as the whole system might struggle on the day: bank not having enough mortgage funds, solicitors being overwelmed, money not moving properly through the chain, etc.

Not sure how realistic those worries are so would welcome any comments.

It's entirely likely that the 30th, and the few days leading up to it, will be an absolute sodding nightmare of everybody trying to get things done at the last minute, absolutely...

And, yes, if solicitors etc are running flat-out that day to get as many completions done as possible, it won't take much of a hiccup to get one bounced to the back of the queue... Delay one, or waste time on it that could be spent completing several?

I know that if there was any way to avoid completing on 30th, I'd be doing exactly that.

MobileSaver

InsideLeft said:

My solicitor is anxious about Completing so close to the end of the Stamp holiday

The key question is when are you Exchanging?

If you Exchange prior to 30 June and the seller fails to Complete on 30 June then you can sue the seller for your financial loss.

However, if you are Exchanging and Completing on the same day then the risk will be all yours. Of course, if it becomes obvious that you are going to miss the deadline then you are free to pull out or negotiate with the seller to pay all or some of the extra SDLT (the outcome of which will be determined by which of you wants the deal to go ahead more than the other.)

trakky14

have you checked you can get movers on the 30th?? Nowhere near us has availability for then due to the deadline!

catshark88

trakky14 said:

have you checked you can get movers on the 30th?? Nowhere near us has availability for then due to the deadline!

Very good point!!