Being pressured to exchange/complete same day but let the current owners live in the property!!

Snuggles

Unless I'm missing something, wouldn't it be a huge risk for the OP to exchange on the purchase in advance using a loan (or agreed reduced percentage for the deposit), as presumably the re-mortgage they are relying on to fund the purchase is only guaranteed at the point of completion (as there's no exchange on a re-mortgage)?

JMA74

Snuggles said:

Unless I'm missing something, wouldn't it be a huge risk for the OP to exchange on the purchase in advance using a loan (or agreed reduced percentage for the deposit), as presumably the re-mortgage they are relying on to fund the purchase is only guaranteed at the point of completion (as there's no exchange on a re-mortgage)?

Yes, that's exactly the issue.  And why a solicitor probably wouldn't do it even if OP wanted to

user1977

Snuggles said:

Unless I'm missing something, wouldn't it be a huge risk for the OP to exchange on the purchase in advance using a loan (or agreed reduced percentage for the deposit), as presumably the re-mortgage they are relying on to fund the purchase is only guaranteed at the point of completion (as there's no exchange on a re-mortgage)?

Not sure I follow you - a mortgage offer is no less binding on the lender depending on whether it's for a remortgage or a purchase. And exchange doesn't involve the lender - they're not any more obliged to provide the funds after the borrower and vendor have exchanged.

Maybe the OP can clarify whether it's the same solicitor acting in both the purchase and the remortgage?

Twins

@user1977. No we are using different solicitors for the BTL and Residential.

I have now sent an email to the EA stating that we will NOT consider their option of letting the vendors stay in the property beyond any exchange/complete and have put the ball back in their court to come up with a solution i.e speak to the vendors about moving out earlier than anticipated.    

We're putting the whole sale on the line here but I can't see any other option.   Please keep your fingers crossed for us!   
Thank you to everyone who has helped/commented, I massively appreciate it!  

badger09

The sticking point seems to be that although your vendors will move out so you can complete, they can’t/won’t do this before the end of November. Why?

Either they move out sooner or instead of pressuring you to do the impossible, they or EA should persuade the developer of the new build to wait until end November for exchange. Or, if feeling really lucky, try to find a new buyer who will be able to exchange in that time frame. 

Good luck

ddraiggoch2021

Hello Twins - you poor thing, I'm so sorry to hear it's been so rough.

I have not been in a like-for-like situation as such, but I felt very much the same as you when buying a house earlier this year - the first seller pulled out, I was looking at being made homeless, my dog died suddenly at 7yo, and my stepdaughter had a breakdown (this was all within the space of about four months).  I genuinely thought the stress would kill me and it made me quite ill.

Please rest assured that, although it may not feel like it, this will pass.  It may pass like a kidney stone, but it will pass.  I'm typing this from my home and I wish I could have told Past Me that it will all work out in the end, and it will for you too.