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creditscoremeansnothing
Posts: 40 Forumite
Hi All
I am Buying a housetop let out and am getting sick of the vendors dragging their feet with everything they do. My solicitors are very quick and sent off Additional enquiries on the 4th December. As of Xmas close down they still had not received them back and their solicitors said they are still waiting for them to respond. I called the EA and they started to chase also.
Sols reopened 2nd Jan and I called to say that if they are not back with their enquiries by Friday I would pull out. They have now come back yesterday but according to my sol they are very sloppy replies and we need clarification on 4 issues, so the whole process starts again and I am sure they will continue to drag their feet. As a premptive measure I called the EA to advise them to hurry up with these other queries as I'm keen to exchange and complete as I have builder standing by to start work. They advised me that the vendors would like to ask "for a bit of time" between exchange and completion to move on, I think they are moving in with family.
My main question is if we exchange and set a completion date for lets say 1 week later what will happen if they say they still need more time, have I lost my bargaining power in the fact that I can't pull out of the sale then or at least threaten to or is the completion date set in stone when you exchange.
I am Buying a housetop let out and am getting sick of the vendors dragging their feet with everything they do. My solicitors are very quick and sent off Additional enquiries on the 4th December. As of Xmas close down they still had not received them back and their solicitors said they are still waiting for them to respond. I called the EA and they started to chase also.
Sols reopened 2nd Jan and I called to say that if they are not back with their enquiries by Friday I would pull out. They have now come back yesterday but according to my sol they are very sloppy replies and we need clarification on 4 issues, so the whole process starts again and I am sure they will continue to drag their feet. As a premptive measure I called the EA to advise them to hurry up with these other queries as I'm keen to exchange and complete as I have builder standing by to start work. They advised me that the vendors would like to ask "for a bit of time" between exchange and completion to move on, I think they are moving in with family.
My main question is if we exchange and set a completion date for lets say 1 week later what will happen if they say they still need more time, have I lost my bargaining power in the fact that I can't pull out of the sale then or at least threaten to or is the completion date set in stone when you exchange.
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Comments
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creditscoremeansnothing wrote: »or is the completion date set in stone when you exchange.
Correct.
If you exchange and then your vendors fail to complete on the specified date then they are liable for all costs you incur - hotels, food, storage, etc.0 -
When you exchange you set a completion date which is mutually agreed. Failing to complete is an expensive business and for that reason rare.0
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Thanks for the replies, at least thats one thing. I have a feeling when we try to agree a completion date i will be asking for 1 week and they will want 4 weeks... or longer.0
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If I was selling to you I would pull out on principal, Its harder to plan moving out, and especially over Christmas, when solicitors are closed etc 4 weeks is no time at all in buying/selling a house and you putting pressure on them wont speed anything up0
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@glentoran99
Where did you get the idea that the purchase has only been going on for 4 weeks?0 -
@glentoran99
Where did you get the idea that the purchase has only been going on for 4 weeks?
I didn't say the whole purchase had been going on 4 weeks, just that 4 weeks is no time at all especially over Christmas, but the OP only had mortgage approved on 20/11 so its not that much further on to be getting pre contract enquires back0 -
creditscoremeansnothing wrote: »Thanks for the replies, at least thats one thing. I have a feeling when we try to agree a completion date i will be asking for 1 week and they will want 4 weeks... or longer.
Might be advisable to make it known NOW that your requirement is that completion will be one week after exchange. Only discussion then should be what is an acceptable exchange date for both parties0 -
Why is it so important that there should be exactly one week between exchange and completion? Chains often collapse if one side or the other sets deadlines or is inflexible.0
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glentoran99 wrote: »If I was selling to you I would pull out on principal, Its harder to plan moving out, and especially over Christmas, when solicitors are closed etc 4 weeks is no time at all in buying/selling a house and you putting pressure on them wont speed anything up
If I'd had other offers or wasn't in a rush to sell I'd probably do the same. There'd certainly be zero goodwill left.0
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