How much to push?

Gazelle1985 · 10 March 2018 at 12:06PM

We accepted an offer on our house from a FTB at the end of November and had an offer accepted on a house to buy in early December. Our vendor had an offer accepted on a vacant leasehold flat at the beginning of January (top of the chain).

Our buyer has been ready to exchange for 2 months and we've been ready to exchange for 5 weeks, but everything is being held up by our vendor's purchase.

The estate agents (who are managing both the house we are buying, and the flat our vendor is buying) have been telling us that we should be exchanging 'imminently' for the last month, but in reality we have no idea when we'll be exchanging. Apparently they are waiting for replies to enquiries, but who knows how long that will take.

In the meantime, our buyer is becoming increasingly frustrated and pushing very hard for exchange, which is very stressful for us. We don't have any family nearby that we can stay with temporarily and also have pets, so completing on our sale and purchase separately would be very difficult for us. Our solicitor has asked our vendor's solicitor for him to consider temporary accommodation but thinks it is unlikely he will agree.

We're terrified of losing our buyer, but unsure what (if anything) we can do. Any advice?!

betsie · 10 March 2018 at 12:57PM

Phone up the estate agent Monday and tell them you will loose your buyer and the chain will collapse if an exchange date is not agreed that week with exchange no later than 2 weeks from Monday. The EA won!!!8217;t want to loose 2 lots of commission so might get his finger out if you are lucky. Don!!!8217;t worry about upsetting them you have been very patient. The joys of buying and selling houses

JoJo1978 · 10 March 2018 at 7:20PM

If your buyers are FTB try to find out whether their impatience is fuelled by a real need to move by a certain date, or if they are just frustrated with the lengthy process which is unfamiliar to them. I'd only start making ultimatums etc. if I'd done that and had actual knowledge, rather than just a fear, that the buyer would pull out. I would also try to get the EA to do the running, rather than yourself, so that your vendors don't get told the pushing is being done by you.

When we sold in December the delays in the upward chain did present a risk that our buyer would walk, so we decided to exchange on that sale anyway. The upshot of that decision was that our vendors then became worried that we'd wander into rented in their area too and also pull out. So they changed their mind about not being able to move out themselves until the problem above them was sorted. So we ended up completing on both the same day anyway, despite exchanging later on the purchase. It was a gamble because we had nowhere sorted to stay but we didn't have any pets.

Good luck, hope it gets sorted soon

Gazelle1985 · 11 March 2018 at 8:14AM

Thank you for your replies. Good idea to try and find out whether our buyer needs to move by a particular date - I suspect he is just (understandably) getting frustrated by how long it's taking though. Is 2 months a reasonable amount of time to wait for exchange or do you think we are within our rights to try and get our vendor to committ to a date for exchange?

Amanda_Cm · 11 March 2018 at 9:50AM

Gazelle, are you my vendor?
Joking but we are in similar situation as first time buyers in a chain of three. Problem top of the chain - negative equity on their otherwise no chain property. 12 weeks since offer accepted.
We are not in a rush to move from where we rent but some people may be because the LL is selling or different reason. I knew it may take long and said to myself that I will give notice only if we had exchanged.
I am pushing a bit, not too hard because otherwise I will not get any information about the delay. That's the frustrating bit. You feel out of control and you don't know what is going on.
We really like the house and I am looking on Rightmove every day but I can't find anything that covers same or more boxes than this one.
That's why we wait and I am trying to be calm and understanding. I will be really sad if the chain collapses but probably will be still stick to our vendor if he still wants to sell.

Amanda_Cm · 11 March 2018 at 9:58AM

Also I don't want to lose the aprox 1.9k in fees
I know renting is like loosing money but prices are gone up in our area so if we look for house again now we are getting a bit less for our money.
Hope your buyer thinks the same.

lookstraightahead · 11 March 2018 at 10:08AM

I would just move out and rent rather than waiting and losing your buyer. If it falls through you are then in a much better position to buy down the line .

Gazelle1985 · 11 March 2018 at 4:49PM

The lack of control is the hardest thing, and indefinite waiting time...I'm really struggling with having no idea when we'll be moving. I want to try and insist that we agree on a deadline to exchange but not sure if it'll work.

Amanda_Cm · 11 March 2018 at 5:02PM

Speak to the EA! He can talk to your buyers and explain the situation. They can explain theirs as well. His job is to keep the chain intact and in the end of the day you are paying him to do that.

Gazelle1985 · 16 March 2018 at 4:40PM

Hi,

We have said that we’re not willing to wait indefinitely and asked whether our vendor is willing to vacate but the estate agent and solicitors seem to be refusing to acknowledge this question and are refusing to commit to (or even entertain the idea of) any timescales. The hold-up is because it he is buying a leasehold flat, and apparently there are ongoing enquiries with the management company, so it could take many more weeks/months I think.

We have now been ready to exchange for 6 weeks. Our buyers have been waiting to exchange for 10 weeks. We accepted their offer 4 months ago.

Is it reasonable for us to be getting fed up of waiting?

hazyjo · 16 March 2018 at 4:58PM

So the chain wasn't complete until early Jan.

Nothing should have been started until then. That's only been 10 weeks or so.

Average takes 12 weeks. Leasehold slightly longer. I really don't know why people (your buyers in this instance) slam down deadlines. By all means go as quick as you all can, but I stand by the fact the only thing that causes grief, stress, tears, frustration and anger is when people start throwing down deadlines and throwing their toys out the pram when it doesn't happen.

Really, there is nothing unusual about this chain at all. Trouble is, some EAs will tell their clients 'it should take 6-8 weeks' or other such optimistic BS. It can take that, but more likely 12.

Perhaps speak with the EA to try to explain this to your buyers. They are being impatient - probably for no actual reason at all.

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How much to push?

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