Last minute Threat of No Sale if Aggressive Completion Date Not Achieved

Barking_Dogs

In a nutshell, I'm 4 months into the process of buying a house (cash buyer & vacant possession).  

The process has been painfully slow due to the vendor and/or his solicitor taking weeks to respond to queries etc.  The agent has told me that there is some background issue to do with the vendors financial plans that have been contributing to this but, as it's confidential, he can't tell me anything.

So now, out of the blue, I get a call today telling me that the vendor is insisting on completion before the end of September or he can no longer sell it to me.  Again, I'm told there is  reason but it's confidential.

Sadly, I broke the chain with the sale of my own house as my purchaser's mortgage offer was going to expire and I really didn't want to re-market it as I'm moving abroad in the imminent future.  

I really don't think completing in a little over a week is possible (confirmed by my solicitor as zhe says she hasn't even seen the prooerty info form yet) but even assuming that completion date is achievable, am I right in feeling extremely suspicious about the whole thing with this layer of obfuscation and secrecy on the vendor's part?

I'm feeling very tempted to walk away as something in me tells me I'll be doxging a bullet.  Don't know what, exactly because the survey was ok and the search didn't uncover anything untoward.

Would be interested to hear any tboughts on this.

mebu60

If he doesn't sell it to you he's either not going to sell it or will have to start the whole process off again from scratch unless he's got another buyer ready and waiting in the wings. 
Who was the call from that you had today? Suggest tell them to get vendor's solicitor to discuss exchange / completion dates with your solicitor.
If you are using removals firm, have you checked their availability? 

Barking_Dogs

The call was from the agent.  

I've had a lack of clarity from him throughout - just a lot of obfuscation.

There were a number of offers received at the time and mine was accepted because I'm a cash purchaser.

Hmmm... another buyer waiting in the wings is possible I guess. Maybe they made a better offer but weren't immediately procedable and he's been using delaying tactics and then falling back to me if the other purchaser doesn't come through.


Doesn't explain insistence on next weeks completion date though.

Albermarle

It could be this demand of a fast completion is just an opening gambit.

You could reply ( via your solicitor) that it is not possible but happy to make an effort to complete quickly. Remind them it does not help that some forms have still not been forwarded.

saajan_12

I wouldn't worry to much about why - what are you suspicious of? 
I can't see what would be gained to your detriment by moving faster or slower. 

It could just be them showing frustration / adding pressure and there really is no hard deadline. 
Or it could be they need the money for xyz, and if they don't get it from this sale in time then they'll borrow / sell stocks / do something else. 

Either way, Id just focus on what's practical.. you're already pushing for completion asap and happy to continue to do so, just need xyz forms from the vendor. 

Grumpy_chap

I would not worry about the confidential reasons, which you see as obfuscation.  That is to be expected these days, what with GDPR and all.

Advise the Agent that you are immediately proceedable, as has always been the case as a cash Buyer, and you will liaise via your Solicitor to ensure that there is only one chain of communication and to avoid confusion / delays.  State you have no objection to a quick completion date.

Contact your Solicitor to advise them that you have been contacted by the Agent who indicated that the Vendor is now ready to proceed and ask the Solicitor to progress accordingly.

Have you got all your requirements in line?  
 - Survey?
 - Funds actually in an account with immediate access?
 - Ready to insure from Exchange?

Finally, given it has been four months since the viewing, it might be wise to view the property again just to quickly ascertain that there are no changes in the condition of the property between the viewing and Exchange.  

35har1old

Grumpy_chap said:

I would not worry about the confidential reasons, which you see as obfuscation.  That is to be expected these days, what with GDPR and all.

Advise the Agent that you are immediately proceedable, as has always been the case as a cash Buyer, and you will liaise via your Solicitor to ensure that there is only one chain of communication and to avoid confusion / delays.  State you have no objection to a quick completion date.

Contact your Solicitor to advise them that you have been contacted by the Agent who indicated that the Vendor is now ready to proceed and ask the Solicitor to progress accordingly.

Have you got all your requirements in line?  
 - Survey?
 - Funds actually in an account with immediate access?
 - Ready to insure from Exchange?

Finally, given it has been four months since the viewing, it might be wise to view the property again just to quickly ascertain that there are no changes in the condition of the property between the viewing and Exchange.  

Some of the searches could have expired

ThisIsWeird

Hi Barking.

You have 'exchanged', then? If so, what completion date was either set or mooted at that stage? The vendor cannot renege on this without him risking being penalised, so why he's issuing sudden threats is weird.

Have you exchanged? If so, what completion date was suggested?

Barking_Dogs

Thanks for all the replies.

I've had it out with the agent & he assures me that there's no hidden agenda, as such, just that the vendor has to complete by September 30 otherwise he will no longer be able to sell, for whatever reason.

Agent himself didn't know this until yesterday.

Everything is in order - searches in, survey done, funds in place etc. 

If the solicitors act quickly it could still go through but I still find it strange to spring this on me after all this time he's been dragging his feet.

Hoenir

What did your solicitor say today when you rang them? 

Surprised it was the Agent that communicated the news. Wasn't transmitted via the vendors own solicitor. Given speed is now of the essence. 

ThisIsWeird

Barking_Dogs said:

Thanks for all the replies.
I've had it out with the agent & he assures me that there's no hidden agenda, as such, just that the vendor has to complete by September 30 otherwise he will no longer be able to sell, for whatever reason.
Agent himself didn't know this until yesterday.
Everything is in order - searches in, survey done, funds in place etc. 
If the solicitors act quickly it could still go through but I still find it strange to spring this on me after all this time he's been dragging his feet.

Again, what original completion date was mooted at exchange?
You have carried out all the checks on your side, and you still want the place, so by all means inform your solicitor to try and meet the presumably 'new' deadline, but your 'contractual' obligation is to meet the original completion date, and not this new one, plonked in place at such short notice - and when the original delays were seemingly caused by the other party.
Worst case scenario for you, if this goes past the 30th with no sale, is that you potentially lose the purchase. Worst case for the seller, surely, is that they lose the sale, and are liable for your costs?
But that comes down to the original intended and agreed completion date.
On that basis, perhaps check with your conveyancer the wording used to acknowledge this new completion date - you will do your best to, but it ain't a new contractual date? (Unless your conveyancer is totally confident your side will meet it.)
That's my understanding.