Offer accepted but not yet exchange

20122013

My sold property was due to exchange and complete end of July, and will not be able to meet the new extension.

It seems the Buyer's solicitor has been stating that my side needs  to still  do xyz. I had clarified that this is not case. 

They have now stated that  there are other things they are waiting on (including funds from the lender) so my newest deadline will be missed.  

As I am not able to do anything withe the sell after the deadline (due to family affairs)  are there any other options apart from to pulling out?  Would increasing the asking price be  an incentive for them to move at the expected pace?  At the moment I have time to resupply the property with white goods and relist but cannot do that if the same buyer is going to complete in the unknown future.  I would have preferred to get sold,  as leaving it empty for a long period idea especially when it has not been exchange. I had accommodated the Buyer requested including their dates etc, however, I now need to set deadline and alternative options. And possibly not able to list in until I return as the Property looks different now as all white goods and need photos to redone and instruct a different agency.  

MyRealNameToo

Their solicitor works for them not you and often solicitors are willing to shoulder a lot of blame which isnt really their fault. At present you dont have a clear cause of the delay and you can't always trust the stated delay is the real cause anyway. 

You could state that if you dont exchange by X date you'll no longer accept their current offer and need £X more which may get them to go faster or may make them pull out. 

Have you spoken to your estate agent? They can be good at nagging buyers 

Ultimately house buying/selling is a game of strategy and nerves and there is no way to ever really say if the approach was right without seeing it in hindsight. 

BikingBud

20122013 said:

My sold property was due to exchange end of July but kept being delayed.It seems the Buyer's solicitor has been stating that my side needs  to still  do xyz. I had clarified that this is not case. 

They now state there are other things they are waiting on (including funds from the lender) so my deadline will be missed.  

As I am not able to do anything after the deadline (due to family affairs)  are there any other options apart from to pulling out?  Would increasing the asking price be  an incentive for them to move at the expected pace?  At the moment I have time to resupply the property with white goods and relist but cannot do that if the same buyer is going to complete in the unknown future. 

Your property has not been sold until the sale completes. Exchange is a commitment to complete, usually with an agreed future date.

Pulling out after exchange will be expensive but parties are able to back out before exchange without any liability to the other party.

What is the "deadline"? If it really is then what was your plan? You always have options just some may be much worse than the ideal situation. 

If it really is a deadline, how can you resupply white goods and relist?

How do you anticipate increasing the price will affect the sale? Force the other party to withdraw? Do you want them to? If you want to cancel the sale just take it off the market.

Clearly you have some thoughts on this but we have only a very small viewpoint from the information you have provided.

20122013

MyRealNameToo said:

Their solicitor works for them not you and often solicitors are willing to shoulder a lot of blame which isnt really their fault. At present you dont have a clear cause of the delay and you can't always trust the stated delay is the real cause anyway. 

You could state that if you dont exchange by X date you'll no longer accept their current offer and need £X more which may get them to go faster or may make them pull out. 

Have you spoken to your estate agent? They can be good at nagging buyers 

Ultimately house buying/selling is a game of strategy and nerves and there is no way to ever really say if the approach was right without seeing it in hindsight. 

I noted that it is their solicitor hence that is my biggest challenge, second challenge is the only reason I had instructed this agency is because I wanted to work with the Agent who 'SOLD' my property until Completion but they have left and the other agents have left it to me to chase them (the agents) 

One fact I know is that there is nothing outstanding from our side for 5 weeks now and this was the reason the Buyer had told the EA again yesterday that is what the hold up is.. I have clarified that. 

'You could state that if you dont exchange by X date you'll no longer accept their current offer and need £X more which may get them to go faster or may make them pull out. ' 

That was what I was thinking of doing, to be honest with myself - I am no confident with the two agents (who are mgt) to do the nagging / negotiating but have to bit the bullet to do it.

My strategy is ask the EA to find out what is the earliest they can Exchange and Complete and price it accordingly - do not have much time to get this done. But this may allow them have more time, suit all. 

Tiglet2

20122013 said:

It seems the Buyer's solicitor has been stating that my side needs  to still  do xyz. I had clarified that this is not case. 

You need to clarify with your solicitor exactly what xyz is and why do you believe this is not the case.

20122013 said:

They have now stated that  there are other things they are waiting on (including funds from the lender) so my newest deadline will be missed.  

You need to clarify with your solicitor what "other things" they are waiting on.

The buyer's solicitor will only request the funds from the lender when a completion date has been set - the lender confirms they will send the funds in time for completion - usually the day before.  So that part is not needed until exchange has taken place.

20122013

@ BikingBud said:

'f it really is a deadline, how can you resupply white goods and relist?''
Deadline = I am not available to do whatever needed to complete if the buyer cannot meet the deadline.

If so, I will pull out and relist it with a different agent and this time state my time lines, again before accepting any offers ! I was hoping to resupply the white goods etc so at least it can be relisted with another agency while I am dealing with family  and viewings can be carried out etc  start the ball rolling as it will take time to find a new buyer and I should then be ready to do the paper work.  In summary, I set a deadline as I will not be able to deal with the paper work  

Increasing the asking price 
I am not able to contact the buyer direct but from what I know their solicitor is very relaxed and leave things very last minute. 

I am hoping to increase the asking price, so the buyer know they need to take action and fact checks  the information from their solicitor, for this buyer unfortunately, I am not able to wait endlessly for his solicitor to take action.  And it is likely they want to complete when I am not available, and the EA is not able to find out what is the earliest then can exchange.

I do not want to cancel the sale  but when the EA and buyer's solicitors are not taking action to get the ball rolling then what options are there realistically? 

Yes, my deadline is due to family affairs (the seniors are frail and some passing)  I will not able to deal with this completion after te deadline. My own solicitor had known this from the start and they are now putting more attention into it as they are no sell no fee.  

20122013

Hello Tiglet2 (great to see your reply

I have forwarded my solicitor' confirmation  ' of nothing outstanding from our side ' to  my EA to pass to buyer's solicitor's.

'The buyer's solicitor will only request the funds from the lender when a completion date has been set - the lender confirms they will send the funds in time for completion - usually the day before.  So that part is not needed until exchange has taken place. '

So it will be the chains that have outstanding queries etc. 

The accepted offer is below market price (I know that and have accepted that) I think the option to the Buyer to take note of things are not moving is to increase the asking price.  I will speak to the EA and see what they say. 

I cannot think of any other options for the buyer and myself to get what we both need.

Tabieth

I don’t really understand. You say it’s a hard deadline as you won’t be available afterwards, but isn’t that even more of an issue if you pull out and start from scratch? 

What does your contract with your current EA say? Are there any penalties if you go elsewhere?

20122013

Tabieth said:

I don’t really understand. You say it’s a hard deadline as you won’t be available afterwards, but isn’t that even more of an issue if you pull out and start from scratch? 

What does your contract with your current EA say? Are there any penalties if you go elsewhere?

Hello Tabieth, Unfortunately. no. Because I will be abroad and will not have the internet access I need and I am unsure of my return date as yet. (family affairs) 

In terms of starting from scratch. I will be more clear before accepting any offers about my time frame and we are on the same page,

No EA is fee due on completion, no sell no fee.

Tabieth

20122013 said:

Tabieth said:

I don’t really understand. You say it’s a hard deadline as you won’t be available afterwards, but isn’t that even more of an issue if you pull out and start from scratch? 

What does your contract with your current EA say? Are there any penalties if you go elsewhere?

Hello Tabieth, Unfortunately. no. Because I will be abroad and will not have the internet access I need and I am unsure of my return date as yet. (family affairs) 

In terms of starting from scratch. I will be more clear before accepting any offers about my time frame and we are on the same page,

No EA is fee due on completion, no sell no fee.

Ahh, I see. Is there no way around it? It’s seems a massive shame to lose the sale over this. You could get a local SIM card / use hotel wifi? It may be a bit patchy but you could arrange as much as possible in advance with your solicitor. Solicitors and EAs must be used to delaying with parties who are abroad / don’t have great internet access. I’m sure it’s possible. 

Tiglet2

20122013 said:

Tabieth said:

I don’t really understand. You say it’s a hard deadline as you won’t be available afterwards, but isn’t that even more of an issue if you pull out and start from scratch? 

What does your contract with your current EA say? Are there any penalties if you go elsewhere?

Hello Tabieth, Unfortunately. no. Because I will be abroad and will not have the internet access I need and I am unsure of my return date as yet. (family affairs) 

In terms of starting from scratch. I will be more clear before accepting any offers about my time frame and we are on the same page,

No EA is fee due on completion, no sell no fee.

It's all very well being more clear about your time frame, but it is largely out of your hands.

You cannot compel third parties to reply to requests any quicker than they want to.  

A new buyer may have a chain behind them.  You cannot dictate their timeframe. 

All the solicitors acting for the various parties have to do their due diligence and that means they need to complete their work before they will discuss completion dates.  No amount of threatening to pull out or demands to exchange will speed this up.

You'd be wasting so much time if you decide to start again with marketing, conveyancing and an unknown chain.  It honestly will be quicker if you just calmed down and let this transaction reach its conclusion.