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SDLT & Completion date negotiation
StressedOutBuyer93
Posts: 2 Newbie
Evening All! Just after a bit of advice and will summarize my current purchase as well as possible below! Of course we are trying to make use of the SDLT deadline...
We are selling our property to a lady who is start of chain, and the property we are purchasing is end of chain as the owners are moving to a different property they own/previously rented out.
Throughout the entire process our sellers have said they can move whenever as the property they are going to is vacant, however on the property information form they replied that the completion date was "Not before end of June 2021", we queried this at the time and have had verbal confirmation that they can move whenever, but never in writing (that I have seen).
Now a few weeks ago the seller suggested a completion date of the 18th, everyone agreed and we were working towards this, funds were ordered today and ready to exchange however at the last moment the seller decided that the 18th no longer works for them, the wife knew nothing of the date and was quite shocked. Whether they had got the dates wrong, got confused, miscommunication I don't know I couldn't get a straight answer. We pushed but it was a flat out no and they couldn't do it.
It has now been suggested that we complete on the 25th, again by the seller. We have begrudgingly accepted this date and are looking to exchange tomorrow. My concern is they are stringing us along and cannot actually complete before June 30th and meet the SDLT deadline, however once we have exchanged we are tied in to that contract to purchase the property with no real repercussion on them.
When we initially viewed the property they did say they had a tenant in their new property but it was not an issue as they were moving out, or would have somewhere else to go. I'm starting to think that property is still occupied and therefore they are just stringing this out past June 30th.
I need to speak to my solicitor again in the morning but wanted to get some suggestions with what to do; is it possible to serve a "Notice to complete" to the buyer on the same day of exchange? Can we write in to the contract if not completed before June 30th the property price is subject to negotiation? etc?
It is our dream house and are dead set on purchasing, but spending the money on the SDLT would wipe most of the savings that would otherwise be spent renovating the property. It also leaves a real sour taste in the mouth when for months we've been told it's fine by the sellers.
We are selling our property to a lady who is start of chain, and the property we are purchasing is end of chain as the owners are moving to a different property they own/previously rented out.
Throughout the entire process our sellers have said they can move whenever as the property they are going to is vacant, however on the property information form they replied that the completion date was "Not before end of June 2021", we queried this at the time and have had verbal confirmation that they can move whenever, but never in writing (that I have seen).
Now a few weeks ago the seller suggested a completion date of the 18th, everyone agreed and we were working towards this, funds were ordered today and ready to exchange however at the last moment the seller decided that the 18th no longer works for them, the wife knew nothing of the date and was quite shocked. Whether they had got the dates wrong, got confused, miscommunication I don't know I couldn't get a straight answer. We pushed but it was a flat out no and they couldn't do it.
It has now been suggested that we complete on the 25th, again by the seller. We have begrudgingly accepted this date and are looking to exchange tomorrow. My concern is they are stringing us along and cannot actually complete before June 30th and meet the SDLT deadline, however once we have exchanged we are tied in to that contract to purchase the property with no real repercussion on them.
When we initially viewed the property they did say they had a tenant in their new property but it was not an issue as they were moving out, or would have somewhere else to go. I'm starting to think that property is still occupied and therefore they are just stringing this out past June 30th.
I need to speak to my solicitor again in the morning but wanted to get some suggestions with what to do; is it possible to serve a "Notice to complete" to the buyer on the same day of exchange? Can we write in to the contract if not completed before June 30th the property price is subject to negotiation? etc?
It is our dream house and are dead set on purchasing, but spending the money on the SDLT would wipe most of the savings that would otherwise be spent renovating the property. It also leaves a real sour taste in the mouth when for months we've been told it's fine by the sellers.
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Comments
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It has now been suggested that we complete on the 25th, again by the seller. We have begrudgingly accepted this date and are looking to exchange tomorrow. My concern is they are stringing us along and cannot actually complete before June 30th and meet the SDLT deadline, however once we have exchanged we are tied in to that contract to purchase the property with no real repercussion on them.-----------
If they exchange tomorrow with a completion date of 25th how are they stringing you along? They have agreed to complete on 25th !
they are legally bound to complete on 25th and would be liable for any costs you incurred should that not happen.1 -
And as if by magic my anxiety is settled, it's been a long and stressful day and that hadn't even crossed my mind!AnotherJoe said:It has now been suggested that we complete on the 25th, again by the seller. We have begrudgingly accepted this date and are looking to exchange tomorrow. My concern is they are stringing us along and cannot actually complete before June 30th and meet the SDLT deadline, however once we have exchanged we are tied in to that contract to purchase the property with no real repercussion on them.-----------
If they exchange tomorrow with a completion date of 25th how are they stringing you along? They have agreed to complete on 25th !
they are legally bound to complete on 25th and would be liable for any costs you incurred should that not happen.
Thanks AverageJoe!0 -
LOL "Average" Joe? Please!Good luck today let us know how it goes.5
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StressedOutBuyer93 said:
When we initially viewed the property they did say they had a tenant in their new property but it was not an issue as they were moving out, or would have somewhere else to go. I'm starting to think that property is still occupied and therefore they are just stringing this out past June 30th.
This is what would concern me. Can you speak to the sellers' EA to find out if the property is now vacant?0
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