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    • HappyFrog
    • By HappyFrog 9th Feb 18, 4:53 PM
    • 32Posts
    • 24Thanks
    HappyFrog
    Completion deadline in offer
    • #1
    • 9th Feb 18, 4:53 PM
    Completion deadline in offer 9th Feb 18 at 4:53 PM
    Hello everyone. We are moving back to the UK and having sold our house would like to make an offer on a property. Having cash & mortgage in place we will hopefully be in a strong position in that our offer will not be dependent on selling an existing property.

    Our problem is that we need to guarantee completion within a set time period (3 to 4 months from the date of the offer). My question is can we set a completion deadline as a condition of our offer? With the vendors agreeing to move out to temporary rented accommodation if they are unable to move themselves by our deadline? If so, how best to go about doing this? If you were presented with this as a vendor what would your reaction be? Assuming we are willing to offer the full asking price.
Page 1
    • Surrey_EA
    • By Surrey_EA 9th Feb 18, 4:59 PM
    • 1,484 Posts
    • 1,892 Thanks
    Surrey_EA
    • #2
    • 9th Feb 18, 4:59 PM
    • #2
    • 9th Feb 18, 4:59 PM
    Another one of those questions where the answer is: "it varies."

    Every seller will have their own little set of circumstances that will determine whether they will agree to such a request or not. The house you choose to make an offer on might be vacant which makes life easier. Or it might be occupied by a large family who need to find another house to move in to and are not prepared to consider moving in to rented.

    You're just going to have to cross this bridge when you identify a suitable property, and understand the circumstances of the seller.
    • davidmcn
    • By davidmcn 9th Feb 18, 5:01 PM
    • 7,383 Posts
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    davidmcn
    • #3
    • 9th Feb 18, 5:01 PM
    • #3
    • 9th Feb 18, 5:01 PM
    Also, it's not going to be binding. If you get close to your deadline and it's not going to happen in time, are you really going to pull out and start again elsewhere?
    • ReadingTim
    • By ReadingTim 9th Feb 18, 5:03 PM
    • 2,561 Posts
    • 3,669 Thanks
    ReadingTim
    • #4
    • 9th Feb 18, 5:03 PM
    • #4
    • 9th Feb 18, 5:03 PM
    Rather than persuading someone else to go into rented, why don't you? And if you won't, why should anyone else?
    • HappyFrog
    • By HappyFrog 9th Feb 18, 5:12 PM
    • 32 Posts
    • 24 Thanks
    HappyFrog
    • #5
    • 9th Feb 18, 5:12 PM
    • #5
    • 9th Feb 18, 5:12 PM
    To answer previous comments: Yes we would be prepared to pull out as we would then have no option but to go into rented accommodation ourselves, and we are nor persuading anyone to do anything. We are making an offer with conditions attached - which the vendors can choose to accept or not depending on how keen they are to sell there property. The difficulty I see is that the offer/acceptance doesn't become legally binding until contracts are exchanged, by which time a completion date will have been agreed....
    • Cheeky_Monkey
    • By Cheeky_Monkey 9th Feb 18, 5:17 PM
    • 1,629 Posts
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    Cheeky_Monkey
    • #6
    • 9th Feb 18, 5:17 PM
    • #6
    • 9th Feb 18, 5:17 PM
    I imagine that a lot of sellers would humour you and agree to it (verbally), just because they want a buyer for their house, whilst potentially knowing that it would mean absolutely nothing in reality.
    I used to be indecisive - now I'm not so sure
    • Margot123
    • By Margot123 9th Feb 18, 5:32 PM
    • 803 Posts
    • 812 Thanks
    Margot123
    • #7
    • 9th Feb 18, 5:32 PM
    • #7
    • 9th Feb 18, 5:32 PM
    I imagine that a lot of sellers would humour you and agree to it (verbally), just because they want a buyer for their house, whilst potentially knowing that it would mean absolutely nothing in reality.
    Originally posted by Cheeky_Monkey
    My thoughts exactly!
    The seller will have no concern for the buyer's individual circumstances, and may even attempt to up the price at the last minute knowing the buyer is desperate by stipulating such terms in the first place.

    OP this could backfire on you bigtime.
    • eddddy
    • By eddddy 9th Feb 18, 5:32 PM
    • 6,140 Posts
    • 5,964 Thanks
    eddddy
    • #8
    • 9th Feb 18, 5:32 PM
    • #8
    • 9th Feb 18, 5:32 PM
    The difficulty I see is that the offer/acceptance doesn't become legally binding until contracts are exchanged, by which time a completion date will have been agreed....
    Originally posted by HappyFrog
    But would you want it to be legally binding?

    What if you want to later change your mind about buying, because...

    - your mortgage lender decides that the property isn't suitable security for a mortgage, and won't lend on it?

    - pre-contract enquiries uncover a history of noise and anti-social behaviour by the neighbours?

    - a survey finds subsidence in the property?

    etc, etc


    FWIW, there is no legal reason why people couldn't enter into a legal binding contract as soon as the offer is accepted (in fact, it often happens when people make pre-auction offers) - but the concept doesn't work for the majority of typical buyers and sellers.
    Last edited by eddddy; 09-02-2018 at 5:37 PM.
    • Thrugelmir
    • By Thrugelmir 9th Feb 18, 5:53 PM
    • 58,216 Posts
    • 51,580 Thanks
    Thrugelmir
    • #9
    • 9th Feb 18, 5:53 PM
    • #9
    • 9th Feb 18, 5:53 PM
    My question is can we set a completion deadline as a condition of our offer?
    Originally posted by HappyFrog
    What's your plan B if the purchase falls through?

    Seems easier for you to find short term accomodation and put the bulk of your possessions into storage. While you wait for formalities to be completed.

    You maybe at the bottom of a chain. Therefore you cannot dictate events as they are outside not only your control but your vendors as well. You need to find out what position the vendors are in. Then plan forward from there.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • ACG
    • By ACG 9th Feb 18, 5:56 PM
    • 16,715 Posts
    • 8,687 Thanks
    ACG
    It can be done, but it only becomes binding once you have exchanged contracts. Your solicitor can put a long stop date in there.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • PasturesNew
    • By PasturesNew 9th Feb 18, 5:58 PM
    • 62,183 Posts
    • 363,944 Thanks
    PasturesNew
    It's tricky because there are so many things that could cause delays along the route that are out of the hands of most people.... especially if there's a chain involved.

    Where people go to auction to sell/buy it's a different ballgame with completion specifically being in 14 or 28 days, but those type of people and transactions will usually already have special agreements in place on the legal front etc and will be paying a premium to complete by X date with solicitors etc knowing it's an auction and often no mortgage involved and few searches etc.

    Why don't you go into short term rented if the dates don't come together for you? I'd suggest it's easier for you to go into short-term rented as you've less "baggage" lifewise than a settled person... just contact holiday home owners/similar to rent for 2-4 weeks/whatever.
    • AnotherJoe
    • By AnotherJoe 9th Feb 18, 6:02 PM
    • 9,058 Posts
    • 9,960 Thanks
    AnotherJoe
    Hello everyone. We are moving back to the UK and having sold our house would like to make an offer on a property. Having cash & mortgage in place we will hopefully be in a strong position in that our offer will not be dependent on selling an existing property.
    Originally posted by HappyFrog
    Yes that may help.


    Our problem is that we need to guarantee completion within a set time period (3 to 4 months from the date of the offer). My question is can we set a completion deadline as a condition of our offer? With the vendors agreeing to move out to temporary rented accommodation if they are unable to move themselves by our deadline? If so, how best to go about doing this? If you were presented with this as a vendor what would your reaction be? Assuming we are willing to offer the full asking price.
    Originally posted by HappyFrog
    Oops !! First you were in a strong position because you dont have to sell or have a chain below you, and now you impose inflexibility and costly conditions which wipes out that advantage you had and makes you less attractive as a buyer!

    Why do you "need to guarantee completion within a set time period" ?
    What happens if completion doesn't take place within that period?

    If it was me then unless i was desperate to sell because there was something bad about my house or I'd had problems selling it, my attitude would be "if you are so keen on rented, go in yourself".
    • Tom99
    • By Tom99 10th Feb 18, 4:02 AM
    • 1,957 Posts
    • 1,290 Thanks
    Tom99
    Until you exchange contracts you will not be able to insist on a completion date. That will be at least a month down the line and after you have spent money on fees.

    You best bet is to question the sellers closely as to where they are going and take a view on that to start with. If they are the end of the chain, that's good; if they have agreed their own purchase with a short chain that might work. But if they are only just looking at where they might go you must expect some delay.

    You making a condition up front that the seller must move onto rented accommodation will only put sellers off considering your offer. Many will turn down you offer just on that alone.
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