Months between exchange & completion? FTBs buying house > vendor buying new build > advice welcome

TXC

SpotOn88 said:

Thanks all

We have decided that we are not willing to exchange early and then not complete for months, even if there is a longstop date

We feel there are just too many risks being passed down onto us as a result of the vendor buying a new build

If the vendor doesn't agree to exchange/complete in a normal manner then as disappointing as it is we'll have to forget about this house

good for you! about time buyers started to show some teeth again - they're not "doing you a favour" by selling you their house, it's a massive financial transaction on your part and deserves to be on your terms

hold firm! hope it all works out for you 

sheffield_soldier

I am buying a part-ex and if you are like me, you will have got a bloody bargain for the current market. In you position I would be more than happy to exchange as soon as possible. 

Thrugelmir

SpotOn88 said:

Thanks all

We have decided that we are not willing to exchange early and then not complete for months, even if there is a longstop date

We feel there are just too many risks being passed down onto us as a result of the vendor buying a new build

If the vendor doesn't agree to exchange/complete in a normal manner then as disappointing as it is we'll have to forget about this house

Then you'll lose the house. Developers work on 28 days exchange terms. Has been the case for decades. No one is going to change their policy just for you. The OP will have to resell their property to secure the new build. 

SpotOn88

Thrugelmir said:

SpotOn88 said:

Thanks all

We have decided that we are not willing to exchange early and then not complete for months, even if there is a longstop date

We feel there are just too many risks being passed down onto us as a result of the vendor buying a new build

If the vendor doesn't agree to exchange/complete in a normal manner then as disappointing as it is we'll have to forget about this house

Then you'll lose the house. Developers work on 28 days exchange terms. Has been the case for decades. No one is going to change their policy just for you. The OP will have to resell their property to secure the new build. 

We understand that and are not expecting established process to change for us

However we do feel that if the vendor is buying a new build that is their choice but they should also consider that they may need to move into rental and/or with family

As we understand it the vendor requires our 10% deposit to move up the chain to them so that they can then use it to reserve their new build but they also want us to potentially wait around to complete until their new build is ready 4/5 months later (that is not even taking into account that new builds more often that not are delayed)

Dancing to the developers/vendors tune comes to mind...

We are prepared to lose the house

MysteryMe

Without burning bridges I would withdraw from the sale and say you will continue to house search but if there is more definitive news on the new build completion further down the line you would be interested in proceeding.  That's assuming the house hasn't sold to someone else or you haven't found somewhere else in the mean time

sheffield_soldier

To be honest, it sounds like you aren't bothered about the house anyway if you are thinking like this. For the house I have found I know it is the right one and I would wait whatever.
Do the vendor a favour and move on now so both of you can start the new search. 

lookstraightahead

Good for you op. 

lookstraightahead

sheffield_soldier said:

To be honest, it sounds like you aren't bothered about the house anyway if you are thinking like this. For the house I have found I know it is the right one and I would wait whatever.
Do the vendor a favour and move on now so both of you can start the new search. 

You would wait whatever?
I bet the op's vendor is so far up their own entitlement they won't even notice what's going on until it hits them that they've lost their buyer.

lookstraightahead

Thrugelmir said:

SpotOn88 said:

Thanks all

We have decided that we are not willing to exchange early and then not complete for months, even if there is a longstop date

We feel there are just too many risks being passed down onto us as a result of the vendor buying a new build

If the vendor doesn't agree to exchange/complete in a normal manner then as disappointing as it is we'll have to forget about this house

Then you'll lose the house. Developers work on 28 days exchange terms. Has been the case for decades. No one is going to change their policy just for you. The OP will have to resell their property to secure the new build. 

Maybe the op's actions will get their vendors to think next time about their inflexibility, so that they don't lose their buyers again and again and again.

happyc84

We sold our flat and rented another place until our new build was ready. Would never have expected our buyer to put up with our problems further up the chain.
The timelines were Jan put down deposit, Feb put flat up for sale. May sell flat move into rented place, Sept new build now ready - 2 moths later. Oct proper move in from rented place.

Hope it works out.