Vendors last minute change of plans

PRDMKT

We're on the ninth hour of our sale, exchange is around the corner and the property we are purchasing is being sold chain-free with the vendor moving in with a relative as to not delay. 

We've now been told that they require 4 weeks post exchange to find a rental, is it unreasonable of me to refute this and demand they revert to their originally advised plan or am I the one being unreasonable? 

Flugelhorn

PRDMKT said:

We're on the ninth hour of our sale, exchange is around the corner and the property we are purchasing is being sold chain-free with the vendor moving in with a relative as to not delay. 

We've now been told that they require 4 weeks post exchange to find a rental, is it unreasonable of me to refute this and demand they revert to their originally advised plan or am I the one being unreasonable? 

  someone did this to me - could move quickly etc etc - then they wanted 8 weeks to find a rental ... then 3 weeks into the 8 weeks covid happened. TBH it always used to be about 4 weeks between exchange and completion - reckon at least 2 weeks can be needed to sort the house out, book removals etc etc  

propertyrental

You can refute and insist.

They can refuse.

Till you exchange nothing is certain.

jlfrs01

Tricky one this because if you decline before you exchange they can simply instruct their conveyancer to delay, I had a similar thing happen with a property I was buying. I guess the relative option isn't on the table anymore, hence the vendor's request.
In your shoes I'd say "sorry but at this late stage it's not practical to delay exchange and completion, everything is in place our end and we're working towards the agreed completion date of XX/XX. I appreciate this will cause you some inconvenience but if I'd have known sooner I could have altered my plans".

They may go "oh, o.k, we'll have to find an AirBNB for a few weeks" but they could quite easily say "sorry, it's only for a few weeks and this really isn't something we want either but have no alternative to delay".

PRDMKT

I have spoke to the estate agents and solicitors and get very different accounts:

Solicitor: Strong no, from exchange I would be accepting a much longer than normal period of responsibility on the property for no benefit

Estate Agent: Supposedly striking the fairest deal, but it's seems to be ourselves that get the brunt of it, particularly as this delay has come out of nowhere at the last minute

I have refused for now, will see where this ends 

prowla

The solicitor is on your side.

The estate agent is on the sellers'.

PRDMKT

prowla said:

The solicitor is on your side.

The estate agent is on the sellers'.

The estate agents are also the same agents dealing with my sale, so they ought to be on my side as well

BonaDea

Postpone the date of exchange?  That might well spook them into changing their plans ...

RHemmings

Just looking at it from one point of view, but if you do exchange early with an agreed completion date, then you do get an extended period of responsibility for the property with someone else in it. But, at least you know when your completion date is and you'll get the property then or have some comeback. 

If you delay exchange, then there's perhaps more chance that things will go wrong. 

I'm not saying that agreeing to the exchange and later completion is the best option. Just pointing out that it isn't all downside. 

Hoenir

PRDMKT said:

We've now been told that they require 4 weeks post exchange to find a rental, is it unreasonable of me to refute this and demand they revert to their originally advised plan or am I the one being unreasonable? 

What guarantee is there that they'll find a suitble property in that timeframe and tie up all the formalities. 4 weeks is only 20 working days. Not long at all. 

RHemmings

Hoenir said:

PRDMKT said:

We've now been told that they require 4 weeks post exchange to find a rental, is it unreasonable of me to refute this and demand they revert to their originally advised plan or am I the one being unreasonable? 

What guarantee is there that they'll find a suitble property in that timeframe and tie up all the formalities. 4 weeks is only 20 working days. Not long at all. 

If a completion date is set on exchange, then doesn't this become the vendor's problem, not the buyer's?