I am on the verge of backing out of a property sale. What are my options? [Merged]

bobster2

Hang on I just remembered your other thread...you're wanting the sellers to include stools, washing machine etc in the sale. And have actually insisted that the sale cannot proceed unless the electric gate is working...

https://forums.moneysavingexpert.com/discussion/6554853/i-am-on-the-verge-of-backing-out-of-a-property-sale-what-are-my-options/p1

Bigphil1474

OP, we agreed our sale in March, and exchanged/completed in August in a 3 buyer chain. Your timeline is overly optimistic. The minimum at the moment seems to be 2 to 3 months between the chain being formed and completion. What do you mean 'both parties are chain free'? Surely, both parties are the chain. 

Generally, you start talking about exchange dates after all searches have been completed and all queries have been resolved. The queries are usually solicitor to solicitor and they let you know. If all the searches have been completed and queries resolved then your solicitor should be asking you and the vendor's solicitor when you want to exchange, and completion is anytime after that - I'd recommend a week after if you need a removal firm, otherwise you might struggle to book one and the cancellation fees they charge are massive. We did have to push our solicitor to get exchanged when we did, but that was because of holidays and work commitments. Also avoid completing on a Friday if you can.

saajan_12

raptor2004 said:

Just for a bit of context, I have appointed a solicitor back in early August (made initial payment on 16th Aug) and I have now received my mortgage offer only yesterday. I had received the fittings and contents list from my solicitor around 2 weeks ago and I had a few concerns, one of which was that the vendor needs to repair the front electric gates. I haven’t yet had a response.

Well this isn't usually advisable, what if the fix is a poor job since the vendor knows they'll be out of there? However if that is the way you're going, then that among other things (searches, your other concerns) needs to be addressed before you're ready to really discuss dates. Until yesterday, even the mortgage offer was outstanding, so your frustration is misplaced and premature. 

raptor2004 said:

so my questions are:

- do I agree a completion or exchange date first?

- how do I go about setting this up and what can I do to expedite it?

I am getting quite frustrated and not sure what to do now. My partner is looking at other properties and we are getting to a point where we may just cut our losses and find another property if this is going to take a long time. 

You wait until the checks are done, then discuss both dates concurrently. Really its about when to complete, and if you agree that day is exchange. Starting again is unlikely to help. 

eddddy

Have you checked with your seller what their preference/plan is for exchange and completion?

Is the seller (or anyone else) living in the property? If so, what are their plans?

For example, is there a particular date that they won't move out before? Are there chucks of time which they want to avoid - due to holidays, work commitments etc?

Or do they simply want to exchange and complete asap - the same as you?


Normally, that's the type of discussion/negotiation you'd have with the seller via the estate agent.

bobster2

eddddy said:

Have you checked with your seller what their preference/plan is for exchange and completion?

Is the seller (or anyone else) living in the property? If so, what are their plans?

Answers all in this thread...

https://forums.moneysavingexpert.com/discussion/6554853/i-am-on-the-verge-of-backing-out-of-a-property-sale-what-are-my-options/p1

booksandbikes

Similar timeline to you - our chain was complete mid-August....I have been working on the assumption of completion being 3 months from the point where the chain is complete. Ours is moving swifter than that (completion likely in a few weeks, but anything can throw it out!), but I think it would be somewhat unusual to have an earlier completion. Our searches (and our buyer's searches) didn't take very long at all - I would say 2- 3 weeks maximum. 

Our solicitor has said once all the enquiries are back (from the seller's solicitor) we can start talking dates. From what I recall, everyone has to agree on a completion date prior to exchange (make sure time off work, and removalists can be booked in), and then contracts are exchanged. I seem to remember a few days of faffing and phone calls between the solicitors discussing exchange and actually exchanging.

raptor2004

Thanks.

what I don’t understand is why is the searches taking so long?

I paid my solicitor 6 weeks ago now.

TheJP

raptor2004 said:

Thanks.

what I don’t understand is why is the searches taking so long?

I paid my solicitor 6 weeks ago now.

Your solicitor will use a third party company to commission the searches as they are across various organisations, on top of the other conveyancing checks they will do the searches are usually one of the last things that get done.

Momanns

Unfortunately the process can be painfully slow. I have recently completed on a purchase with an offer made in March with a very small chain. You can try to expedite but depending on what comes up, the process isn't a quick one so probably worth resetting your expectations. 

BungalowBel

Just for a bit of context - we completed on a chain-free sale (first time buyer buying a previously rented out flat) and it took just a few days over six months from start to finish of the conveyancing process.  There are often more than searches that they need to do.

I don't know why they take so long, but there it is, expect three-four months minimum.

You are being way too impatient.