Delay on Exchange

JadeD27

My partner and I recently secured an accepted offer on a property, but from the outset, we were informed that the sellers had experienced delays and were keen on a smooth transaction. Despite our initial flexibility as first-time buyers, we expedited the process for their convenience. Though we originally communicated that we were not in a hurry, unforeseen circumstances led us to accommodate a faster timeline.

Throughout the process, there have been several setbacks on the seller's end, including delays due to holidays affecting paperwork completion. Despite these challenges, we are now prepared for the exchange after having communicated extensively with our estate agent. However, the estate agent was insistent on an exchange date by the end of October or early November, which posed conflicts for us. After negotiation, we settled on an exchange date of November 6th.

In the ensuing weeks, we have encountered ongoing confusion, receiving conflicting information from both estate agents and solicitors. Details about the sellers' financial situation have been inconsistent, ranging from having no mortgage to borrowing from family, and now awaiting confirmation from mortgage lenders.

Feeling frustrated, especially considering the initial pressure from the estate agent for an early completion, I am seeking advice on how to navigate this situation going forward. Any insights or recommendations would be greatly appreciated.

tacpot12

While appreciating that you are frustrated, this might not be the seller's fault. However, they (and their solicitor) should have ensured that they had the funding in place to buy the property they wished to move to. Your descion now is whether to set a deadline for completion (after which you will pull out of the purchase), or to just wait to see what happens. It is possible that the seller will not be able to buy somewhere else, so needs to stay in their property. They have to take the risk that the only purchaser that have for the property will pull out, and they will not find another. The halfway house is to suggest to the seller you are considering pulling out, and see if they react usefully to this. 

Trying to communicate with the seller via estate agents is rarely smooth. It's better if you can talk to them directly to find out what it going on. The thing you can't do is talk to their solicitor. Only they can do that. 

Hoenir

What are your vendors intending to do. For them there's the issue of what their future plans are once they move out. 

kingstreet

Exchange date? Are you sure?

You normally exchange contracts after a completion date has been agreed between all parties in the chain, unless there is a newbuild involved?

Tiglet2

JadeD27 said:

My partner and I recently secured an accepted offer on a property, but from the outset, we were informed that the sellers had experienced delays and were keen on a smooth transaction. Despite our initial flexibility as first-time buyers, we expedited the process for their convenience. Though we originally communicated that we were not in a hurry, unforeseen circumstances led us to accommodate a faster timeline.

Throughout the process, there have been several setbacks on the seller's end, including delays due to holidays affecting paperwork completion. Despite these challenges, we are now prepared for the exchange after having communicated extensively with our estate agent. However, the estate agent was insistent on an exchange date by the end of October or early November, which posed conflicts for us. After negotiation, we settled on an exchange date of November 6th.

In the ensuing weeks, we have encountered ongoing confusion, receiving conflicting information from both estate agents and solicitors. Details about the sellers' financial situation have been inconsistent, ranging from having no mortgage to borrowing from family, and now awaiting confirmation from mortgage lenders.

Feeling frustrated, especially considering the initial pressure from the estate agent for an early completion, I am seeking advice on how to navigate this situation going forward. Any insights or recommendations would be greatly appreciated.

No-one can exchange until all the solicitors in the chain have done all the legal conveyancing work.

Everyone (buyers/sellers/solicitors/lenders) must agree a completion date before exchange (except where there is a new build).

The EA is not included in the discussions regarding exchange and completion dates between the parties, as they are not part of the legal process.  

Are your sellers purchasing?  

Is there a further purchase above them?

Be guided by what your solicitor says, rather than what the EA would like.

Hoenir

tacpot12 said:

Trying to communicate with the seller via estate agents is rarely smooth. It's better if you can talk to them directly to find out what it going on. The thing you can't do is talk to their solicitor. Only they can do that. 

Far easier to have intermediary at what is often a stressful enough time. Solicitors are the masters of stalling on their clients behalf. No reason for anybody else to know their clients private business. 

propertyrental

You could

* walk away

* contact the seller's EA daily requesting info on what the delay is

* give the sellers a deadline via the EA eg "Exchange by eg 4 Dec or I'll pull out - by the way, can you send me a list of similar properties on tour books and arrange vieweings for this weekend pleae?"

* be patient and go with the flow. You'll never know for sure what the sellers; issue is and can never 100% believe what you're told. All that mstters is whether progress is made or not.

JadeD27

kingstreet said:

Exchange date? Are you sure?

You normally exchange contracts after a completion date has been agreed between all parties in the chain, unless there is a newbuild involved?

Yes, I'm sure. We've been told multiple times that they will set an exchange date, to then complete a week later.

It's been mentioned a few times as to are we happy for the solicitors to exchange on our behalf if they're ready, as that's been the impression given by the sellers solicitors. Then it seems back to square one.

JadeD27

Tiglet2 said:

JadeD27 said:

My partner and I recently secured an accepted offer on a property, but from the outset, we were informed that the sellers had experienced delays and were keen on a smooth transaction. Despite our initial flexibility as first-time buyers, we expedited the process for their convenience. Though we originally communicated that we were not in a hurry, unforeseen circumstances led us to accommodate a faster timeline.

Throughout the process, there have been several setbacks on the seller's end, including delays due to holidays affecting paperwork completion. Despite these challenges, we are now prepared for the exchange after having communicated extensively with our estate agent. However, the estate agent was insistent on an exchange date by the end of October or early November, which posed conflicts for us. After negotiation, we settled on an exchange date of November 6th.

In the ensuing weeks, we have encountered ongoing confusion, receiving conflicting information from both estate agents and solicitors. Details about the sellers' financial situation have been inconsistent, ranging from having no mortgage to borrowing from family, and now awaiting confirmation from mortgage lenders.

Feeling frustrated, especially considering the initial pressure from the estate agent for an early completion, I am seeking advice on how to navigate this situation going forward. Any insights or recommendations would be greatly appreciated.

No-one can exchange until all the solicitors in the chain have done all the legal conveyancing work.

Everyone (buyers/sellers/solicitors/lenders) must agree a completion date before exchange (except where there is a new build).

The EA is not included in the discussions regarding exchange and completion dates between the parties, as they are not part of the legal process.  

Are your sellers purchasing?  

Is there a further purchase above them?

Be guided by what your solicitor says, rather than what the EA would like.

As far as we are aware - all legal conveyancing work has been done. Previously, a completion date was agreed for the 6th of november, after the EA pushing for the 3rd of November, which wasn't suitable for us. I had several conversations with the EA as he was really adamant that the sellers wanted to be completed earlier than the 6th of November.

Everytime it's discusssed with our solicitor, they refer us back to the EA in regards to an exchange date and completion date. Which is why we've been under the impression that this is something they deal with.

To our knowledge, The sellers are purchasing a new build that is ready to move into. They had their offer accepted on this property in May this year.  There are no furhter purchases, which is why we were firstly informed that they wanted to move quickly as the property was apparently good to go.

Our solicitors seem to not be providing us with much information - half the times our questions are ignored, or we receive blunt replies with emoji's in it - they're not seeming very professional IMO.

propertyrental

Makes me wonder where/how you found the solicitor and whether they are a high street branch or cheap conveyancing warehouse....

Has your solicitor actually told you they (you) are ready to Exchange? If not, have you asked? If they say no not ready, have they told you what is outstanding? If not, jave you asked? Discussing the actual exchange date (and completion date) is not possible till you know the above.

Likewise have you found out, either from your solicitor, the EA, or even the sellers, the same questions: Ready for Exchange? If not what is outstanding?

Tiglet2

JadeD27 said:

Tiglet2 said:

JadeD27 said:

My partner and I recently secured an accepted offer on a property, but from the outset, we were informed that the sellers had experienced delays and were keen on a smooth transaction. Despite our initial flexibility as first-time buyers, we expedited the process for their convenience. Though we originally communicated that we were not in a hurry, unforeseen circumstances led us to accommodate a faster timeline.

Throughout the process, there have been several setbacks on the seller's end, including delays due to holidays affecting paperwork completion. Despite these challenges, we are now prepared for the exchange after having communicated extensively with our estate agent. However, the estate agent was insistent on an exchange date by the end of October or early November, which posed conflicts for us. After negotiation, we settled on an exchange date of November 6th.

In the ensuing weeks, we have encountered ongoing confusion, receiving conflicting information from both estate agents and solicitors. Details about the sellers' financial situation have been inconsistent, ranging from having no mortgage to borrowing from family, and now awaiting confirmation from mortgage lenders.

Feeling frustrated, especially considering the initial pressure from the estate agent for an early completion, I am seeking advice on how to navigate this situation going forward. Any insights or recommendations would be greatly appreciated.

No-one can exchange until all the solicitors in the chain have done all the legal conveyancing work.

Everyone (buyers/sellers/solicitors/lenders) must agree a completion date before exchange (except where there is a new build).

The EA is not included in the discussions regarding exchange and completion dates between the parties, as they are not part of the legal process.  

Are your sellers purchasing?  

Is there a further purchase above them?

Be guided by what your solicitor says, rather than what the EA would like.

Our solicitors seem to not be providing us with much information - half the times our questions are ignored, or we receive blunt replies with emoji's in it 

That suggests someone isn't ready.....