Completion date may get pushed back - potentially homeless!

Jasmine_10

I had a cash offer for a property accepted on the basis that we had to complete by the end of this month. Sellers had a property they wanted to buy which was chain free but EA initially concealed the fact it is a leasehold, with all of the time implications for conveyancing.

I must be out of my house by the completion date (which was put in the memorandum of sale but I appreciate that isn't set in stone). This is because it is being sold and we exchanged some time ago.

I'm now considering the fact that I could end up in temporary accommodation with storage costs for my belongings. Unfortunately, friends and family are unable to help due to various factors. I have a cat so she will end up in a cattery if I can't take her with me.

Airbnb at short notice is pricey. Nothing on spareroom.com at the moment. Should I ask the sellers to move out or reduce my sales price to reflect the costs I'll have to fork out for?

I don't think the sellers are stalling or have a change of heart but obviously they don't have to chase around at the last minute for somewhere to live.

Any advice welcome!

Scotbot

Realistically you are looking at a short time period of a couple of months. Whilst you will have storage and short term accommodation costs you won't be paying  utility bills or council taxon short term accommodation.

Asking your buyers to reduce the sales price will mean the sale takes longer as all the documentation has to be changed. Plus you are likely to annoy them as it isn't their fault. There is no way their solicitor would allow you to move in before completion so that isn't an option either.

If you have exchanged I think you will have to wear it 

sheramber

Have you exchanged on the house you are buying with a completion date for the end of the month?

If so, then it is your seller who is not able to complete.

Are you selling the house you are living in and have exchanged contracts?

propertyrental

Date of exchange on your sale?
Date of Completion on  your sale?
Have you exchanged on your purchase?
If yes, date of Exchange?
If yes, date of Completion?

What made you exchange on your sale without doing so on your purchase? And without a short or long-term fall back position? What if your purchase falls through...?

 Should I ask the sellers to move out or reduce my sales price to reflect the costs I'll have to fork out for?

Ask, but unlikely they'll agree. The issue is of your own making. Reducing the price (even if they agree - unlikely) will push back mortgage application, legals ad all sort.

Some cheap hotels will offer deals on longer term stay (week+).

Jasmine_10

Date of exchange on your sale? Early June. House belonged to my Mum who died last year. We got a buyer who was prepared to give me 6 months to look for a place of my own. I have siblings so all decisions were made as a family but this was the maximum amount of time any buyer was prepared to give. The house requires full modernisation so the buyer isn't moving in straightaway.

Date of Completion on  your sale? End of September

Have you exchanged on your purchase? No, memorandum of sale stipulated we should be 'in a position to exchange at the end of August'. No delays from my side.

If yes, date of Exchange? None
If yes, date of Completion? Ditto

propertyrental

Jasmine_10 said:

Date of exchange on your sale? Early June. House belonged to my Mum who died last year. We got a buyer who was prepared to give me 6 months to look for a place of my own. I have siblings so all decisions were made as a family but this was the maximum amount of time any buyer was prepared to give. The house requires full modernisation so the buyer isn't moving in straightaway.
So it's an Estate sale but also your home. How much rent do you pay the Estate?
Still don't understand why you or other Executors agreed a sale Exchange date without you having anywhere to go. Madness.

Date of Completion on  your sale? End of September. So up to you to vacate.

Have you exchanged on your purchase? No, memorandum of sale stipulated we should be 'in a position to exchange at the end of August'. No delays from my side. Totally meaningless. Should have been ignored.

If yes, date of Exchange? None
If yes, date of Completion? Ditto

Nothing to add except this is sadly a problem of your own making. Only realistic solution is to find cheap accommodation.

Siblings? They are also partly responsible!