Delay in exchange. I don't understand why?

bflare

Tiglet2 said:

It's all very well giving time limits and ultimatums, but if the vendor doesn't agree to move out or rent for a few weeks (necessitating two moves), what are you going to do then?  You need to mean it.

Your mortgage offer expires on 31st March so you do have until 31st March to complete, no need to state 12th March for the sake of a couple of weeks.  Your solicitor will know when the offer expires and will let the other solicitors in the chain know this. Mortgage lenders do extend mortgage offers so that shouldn't really be a problem for you.  It's only when extensions are requested again and again that lenders won't agree.  As a poster already said, if you go for another property, you will need a new mortgage offer.

I believe the vendor at the top of chain is trying to tie in the new build to your chain and that is why there are delays.

The EA will tell you whatever they think you want to hear, in order to keep you on side.

So basically they have got me where they want me because for me to pull out now could course me more hassle than holding on a little while longer. That's my issue if i do pull out I'll have to apply for a new mortgage anyway plus all the survey fees I've already paid not to mention finding another property in the same area which is ideal and properties do not come up often at this price. I've waited almost 6 months so I guess a little while longer isn't going to hurt. I'm in rented property so no rush there.

Tiglet2

bflare said:

Tiglet2 said:

It's all very well giving time limits and ultimatums, but if the vendor doesn't agree to move out or rent for a few weeks (necessitating two moves), what are you going to do then?  You need to mean it.

Your mortgage offer expires on 31st March so you do have until 31st March to complete, no need to state 12th March for the sake of a couple of weeks.  Your solicitor will know when the offer expires and will let the other solicitors in the chain know this. Mortgage lenders do extend mortgage offers so that shouldn't really be a problem for you.  It's only when extensions are requested again and again that lenders won't agree.  As a poster already said, if you go for another property, you will need a new mortgage offer.

I believe the vendor at the top of chain is trying to tie in the new build to your chain and that is why there are delays.

The EA will tell you whatever they think you want to hear, in order to keep you on side.

So basically they have got me where they want me because for me to pull out now could course me more hassle than holding on a little while longer. That's my issue if i do pull out I'll have to apply for a new mortgage anyway plus all the survey fees I've already paid not to mention finding another property in the same area which is ideal and properties do not come up often at this price. I've waited almost 6 months so I guess a little while longer isn't going to hurt. I'm in rented property so no rush there.

Well yes, to an extent.  As a FTB, you have been in the process the longest as the chain is formed after your offer is accepted.  All the other people in the chain are buying as well as selling, whereas you are only buying so it should be less stressful for you, albeit you also have to be the most patient as you will be kept waiting by everyone else.  As you have already said, a little while longer isn't going to hurt and it will certainly be shorter than starting again with a new property.  It may also be that the property has gained in value since September as the price was agreed then.  A new property will be valued at the price now.

Good luck.  Once you're in the property, you'll forget about the wait.

sheramber

Have you asked the EA why you are not exchanging now if everybody is ready?

bouicca21

Just because top of the chain have been told by the builder that their house will be ready in March/April doesn’t mean it will actually happen. Builders are notoriously optimistic about dates.

has the top of the chain exchanged with some sort of long stop date? If they have than OP is in a powerful position.

bflare

sheramber said:

Have you asked the EA why you are not exchanging now if everybody is ready?

No I haven't mainly because I do not understand the process or lingo. I assumed we were not exchanging until the top of the chain had found a rental property but the last correspondence from the EA was saying that the top of the chain is desperate to exchange contracts. So as you say why are we not exchanging. I'll ask this on Monday.

Slinky

sheramber said:

Have you asked the EA why you are not exchanging now if everybody is ready?

Surely you can't exchange without an agreed completion date in the contract.

badger09

bouicca21 said:

Just because top of the chain have been told by the builder that their house will be ready in March/April doesn’t mean it will actually happen. Builders are notoriously optimistic about dates.

has the top of the chain exchanged with some sort of long stop date? If they have than OP is in a powerful position.

That's what I was wondering.

Seems strange if top of chain are buying a new build, which was scheduled for completion Jan/Feb (now slipped to end March) but haven't yet exchanged.

Someone is not telling the truth

bflare

badger09 said:

bouicca21 said:

Just because top of the chain have been told by the builder that their house will be ready in March/April doesn’t mean it will actually happen. Builders are notoriously optimistic about dates.

has the top of the chain exchanged with some sort of long stop date? If they have than OP is in a powerful position.

That's what I was wondering.

Seems strange if top of chain are buying a new build, which was scheduled for completion Jan/Feb (now slipped to end March) but haven't yet exchanged.

Someone is not telling the truth

I honestly don't understand the buying process so anyone could be pulling the wool over my eyes. Also, the solicitor and broker were both recommended to me by the EA as they are all familiar with each other so how can I trust any of them? I thought my solicitor was supposed to sort all this c@ap out for me? 

I literally have no idea what to do now.

JGB1955

bflare said:

badger09 said:

Seems strange if top of chain are buying a new build, which was scheduled for completion Jan/Feb (now slipped to end March) but haven't yet exchanged.

I have been told of local new-builds where the developers can't acquire the necessary bricks to finish off the properties.  They have been suggesting that purchasers might like to have their house rendered instead.... I know what my answer would be!

_Sam_

bflare said:

I honestly don't understand the buying process so anyone could be pulling the wool over my eyes. Also, the solicitor and broker were both recommended to me by the EA as they are all familiar with each other so how can I trust any of them? I thought my solicitor was supposed to sort all this c@ap out for me?

I literally have no idea what to do now.

Luckily I managed to keep my own broker when we were buying the house just now (though the EA were almost aggressive in the number of calls they made trying to persuade me to use theirs) but I agreed to use the EA's solicitors and it was a nightmare, at one point my broker had to step in things were so bad and I'm sure both the EA and solicitors were lying. We completed but that's a lesson learned for the future, to always use local independent solicitors and an independent broker.