Our house buyer is wasting time being petty

Tiglet2

Bucky88 said:

We explained that the new build we are looking at will not be ready until November but we would need the exchange to happen as quickly as possible due to the new build having a 41 day reservation.

The searches were all back by the 2nd august, at this point we are nearly a month passed our reservation date.

 Thursday 19th August  he mentioned something about a schedule of condition for the house due to him exchanging now but not being able to complete in November and he doesn’t want to risk being responsible for any issues that arise.

Today 20th august 
our buyer is saying he wants some form of condition I writing that we are responsible for any issues that arise until completion. We explained that our house insurance covers all this. he said  what if the boiler breaks to which we responded saying it is in the pre contract that it is working and will be working when we complete.

 the last information we had from his solicitor was that they are happy with everything and just need the buyer to sign and pay his deposit.

But he is still wanting some condition we are responsible until completion.

we have told him that we need to know by Monday if he is going to exchange or not and if not then we will see it as he is not willing to purchase!

is it me or does this request he is asking form seem a bit petty???

We have bent over backwards for him since the start even though he delayed from the start and he is not budging from his position. We are at the point now where we either want him to sign or just cut our losses and give up on the house move!

Here's another idea.

How about you exchange Monday, complete the following Monday (without your buyer's Schedule of Conditions) and you find a rental until your new build is complete?

Please be aware that a "41 day reservation deadline" is not legally binding and means nothing in law.  This is merely a developer's wishful thinking.  Solicitors acting for the purchase of a new build still have to do their due diligence, whatever the developer demands.

I am afraid I agree with the posters who suggest you are thinking about this from your own point of view.

The due diligence needed in a purchase is very much down to the solicitors work flow and waiting for third parties to do their bit, before being in a position to exchange. 

However much you think your buyer has delayed, this has never been an urgent transaction, simply because your new build is not ready.  Since you were upfront with the buyer about completing in November, it is obvious that he accepted that completion wouldn't occur until then, but for all you know, the buyer had instructed his solicitor to go slow to try and tie in exchange and completion in November without a 3 month long gap.  Any why not?

Waunakee

Totally with the buyer here.....why on earth when they are making the biggest purchase in their lives should they be dancing to your tune? I see nothing in your post that indicates you have bent over backwards for them.

Several points to note:-

Surveyors have been extraordinarily busy these past few months.Not unusual to have to wait weeks for an appointment.

The buyer had obviously engaged a solicitor from the get go otherwise Memorandum of Sale could not have been issued.Again not at all unusual to hold off ordering searches until survey report back and mortgage offer in place.

Many lenders will not accept no search indemnity insurance although was becoming increasingly common during the height of the pandemic.

Your new build is estimated to be complete in November however the construction industry is struggling with materials shortages.Combine this with a bout of bad weather and you could easily slip well into the New Year.

It is generally accepted that the condition of the house at completion should be the same as that at exchange.Can hardly have come as a surprise that he would want some sort of undertaking that the property would continue to be well maintained especially due to the extended timeframe.

In their shoes I would have pulled out by now as your demands are the ones that are unreasonable.

NameUnavailable

Another on the buyers side here!

How dare they delay things by wanting a survey!! Surveyors have been very busy, getting one in 3 weeks is pretty good. A lot of stuff is totally out of your buyers hands and totally down to solicitors/local authorities etc.

Pushing them to ignore searches and offering to pay for an indemnity (which the lenders probably wouldn't like) is a bit of a red flag - is there something you know that you don't want them to?!

Whilst the FTB might have agreed to your conditions initially, happy to complete in November, issues they haven't thought about have been brought to their attention and it's understandable to want some assurance that the property will be in the same condition at (delayed) completion.

Your options are to agree to a condition report or whatever, pull out OR you could exchange/complete now and move into temporary accommodation until your new house is ready.

It's your choice, not your buyers.

MaiTai

It would seem the prospective buyer is taking very good legal advice from his solicitor and taking reasonable steps to protect his interests between exchange and completion.The other delays you complain of are pretty standard in any transaction.
Is your solicitor independent of the developer or have you elected to engage their recommended trained monkeys?

billy2shots

I to am on the buyers side. 

I can't believe the negative comments towards them by others on here, I can only presume they haven't read the OP properly. 

The best comment so far is that you exchange and complete then move into rental. 

You want to Exchange in August but complete in December and you think your buyer is being picking trying to protect themselves from any repairs before the house is theirs? 

That would be like them being your landlord without the benefit of receiving rent from you. 



Wow, that's all I can say to that. 

k3lvc

How about you exchange Monday, complete the following Monday (without your buyer's Schedule of Conditions) and you find a rental until your new build is complete?

This with bells on - takes away any of the buyers issues about condition of the house in x months and proves their commitment

comeandgo

I think your buyer will probably pull out now their solicitor is involved, that’s probably why a first time buyer bid as he had no knowledge of what was actually involved in exchanging so far ahead of completion.  

MaiTai

If this is correct and you have only been in receipt of a formal mortgage offer for these past 2 weeks then surely anything your buyer did or didn’t do prior to August 7 is of little relevance here as YOU were in no position to proceed to exchange.
Even if the buyer was to agree to exchange imminently are you quite sure your solicitor is in a position to exchange on your onward purchase?

undercoveralien

You are being unreasonable. In any sale, both parties should be aiming to complete as quickly as possible and any position they are in after that is only each parties concern. As has been said, you should rent - or live with family.

Would you have agreed to this when you were a first time buyer?

Just to put things in perspective, I've just gone through a similar purchase and the toilet is now broken and there is mould all over the bathroom tiles and wall. They seller clearly left the house in this state after losing all interest in its upkeep.

Sistergold

It’s really unfair to always think that it’s a FTB issue. Why would a10th time buyer exchange and complete months later? If their financial position changes the buyer will lose their deposit as funds won’t be released! One needs to exchange and complete within a short time. 

Even what your buyer is asking for will not protect them from the possible problems from this long wait between exchange and completion. 

You really should have planned to rent rather than trying to have your cake and eat it. Good luck but this buyer is best advised to pull out.