House Purchase Exchange Unrealistic Timeline - Guidance Needed

TheJP

Respond saying that if the 30th is to be met then the price needs to reduce more than £5k! See what happens then.

chanz4

Charlie1985 said:

Charlie1985 said:

Further update our solicitors have expedited the final search now due back 28/10. They have advised realistically the earliest exchange can occur would be 04/11 (3 working days after the deadline). Sellers are being persistent and keep saying unless exchange is met by 30/10 they will revert the price and withdraw from the sale.

The sellers are proving quite difficult to work with.

Any tips folks on how best to handle this now? 

dont exchange say thats the price, or nothing

pinkshoes

Charlie1985 said:

Charlie1985 said:

Further update our solicitors have expedited the final search now due back 28/10. They have advised realistically the earliest exchange can occur would be 04/11 (3 working days after the deadline). Sellers are being persistent and keep saying unless exchange is met by 30/10 they will revert the price and withdraw from the sale.

The sellers are proving quite difficult to work with.

Any tips folks on how best to handle this now? 

You've already paid up money for solicitor costs, searches etc... so nothing you can do now other than continue. If they increase the price because you don't complete by 30th October then personally I'd be prepared to walk away. I'd rather lose money on search fees etc... than be blackmailed into paying more!

[Deleted User]

The vendors have agreed to a discount, but have taken the opportunity to introduce a deadline. They have been very reasonable to agree the reduced price, so it's fair enough that they have attempted to push things on as part of the bargaining, is it not? They didn't initiate these further conversations, so to assume they are doing something suspicious seems unwarranted.

housebuyer143

[Deleted User] said:

The vendors have agreed to a discount, but have taken the opportunity to introduce a deadline. They have been very reasonable to agree the reduced price, so it's fair enough that they have attempted to push things on as part of the bargaining, is it not? They didn't initiate these further conversations, so to assume they are doing something suspicious seems unwarranted.

Agreeing to something on the basis of meeting a deadline you know will never be met, isn't reasonable. They are trying to look like they are willing to reduce the price and then can blame the OP when it goes back up. 

Herzlos

[Deleted User] said:

The vendors have agreed to a discount, but have taken the opportunity to introduce a deadline.

A deadline that's not possible.

OP - it just depends on whether you'd be willing to lose the house over £5k.

I'm stubborn, so I'd probably notify them that since I couldn't make the deadline and want to pay the lower agreed amount, that I'll have to withdraw and see what they say. I may even hint that if it goes back to negotiations I'd only be offering £630k.

Being more realistic though, the amount being argued over here is comparatively trivial. How much will you run up in solicitors fees arguing about it?

[Deleted User]

housebuyer143 said:

[Deleted User] said:

The vendors have agreed to a discount, but have taken the opportunity to introduce a deadline. They have been very reasonable to agree the reduced price, so it's fair enough that they have attempted to push things on as part of the bargaining, is it not? They didn't initiate these further conversations, so to assume they are doing something suspicious seems unwarranted.

Agreeing to something on the basis of meeting a deadline you know will never be met, isn't reasonable. They are trying to look like they are willing to reduce the price and then can blame the OP when it goes back up. 

Is that what they are doing? Maybe. It doesnt really matter. OP doesn't have to agree as such. He has simply informed that the deadline will be missed. He will ask to exchange complete early October at the lower price. Either the vendor will be happy that they've hurried the process along or there will be further discussion regarding the sale price. He can walk away at that point of unhappy.