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  • FIRST POST
    • 1993
    • By 1993 15th May 18, 7:27 PM
    • 8Posts
    • 1Thanks
    1993
    Are we being unreasonable?
    • #1
    • 15th May 18, 7:27 PM
    Are we being unreasonable? 15th May 18 at 7:27 PM
    Hi All, I'm new to the forum so please bear with me!

    We are in the process of buying our first home and our vendors had already put an offer in on a house before we viewed and offered on theirs. We had our mortgage offer, homebuyers survey and searches all done as quickly as we possibly could to ensure as smooth a transaction as possible, keeping updated with the EA and our solicitors along the process. We were asked by the EA if we could move any earlier than our original ballpark completion date. We had to juggle some finances but we agreed we could move a couple of weeks sooner than originally planned, on a day that suited our vendor. An exchange and completion date was agreed (both within the same week), subject to everything going through ok with the solicitors.

    On the day of exchange, we were informed there is an issue with our vendors' onward purchase and they won't be able to exchange with us for at least another week as a result. By this point we had already booked our annual leave (we work shifts and need to give a couple of weeks notice) and set up buildings/contents insurance on the property (condition of our solicitor prior to exchange) as we were led to believe everything was ok up until this point and given no reason to think otherwise. We spoke to the EA, our solicitors etc. who said they would try to get it sorted for the following week. After several more phone calls to all parties, we are no further and it looks like we can't complete a week later either.

    After becoming quite cheesed off by this point, we have told the EA that we need to move very soon or we will have to push it back to the end of next month when we can next get time off, regardless of whether their onward purchase is sorted out in time - asking them to break the chain and complete with us and rent/move in with relatives until their purchase issue is resolved.

    Are we being unreasonable? I do feel slightly guilty in having to issue an ultimatum as I'm sure all they want is a smooth transition and are probably having a nightmare themselves, but we have done everything we could to get this sale moving in the time frame they set and now it's an issue at their end that's causing problems. We just hate being in limbo not knowing when we are actually going to move!

    Many thanks all
    Last edited by 1993; 15-05-2018 at 7:33 PM.
Page 1
    • zx81
    • By zx81 15th May 18, 7:32 PM
    • 17,771 Posts
    • 18,875 Thanks
    zx81
    • #2
    • 15th May 18, 7:32 PM
    • #2
    • 15th May 18, 7:32 PM
    You can give any ultimatum you want. Maybe they'll be happy to move into rented. But if they're not able to accommodate you, then it won't make any difference.

    It all depends on how much you want the house and how much they want to sell to you.
    • 1993
    • By 1993 15th May 18, 7:49 PM
    • 8 Posts
    • 1 Thanks
    1993
    • #3
    • 15th May 18, 7:49 PM
    • #3
    • 15th May 18, 7:49 PM
    Thank you, we love the house and really want it to work but we can't keep asking for annual leave on the off chance they decide to exchange only for it to be set back again!

    It's likely they won't be willing to break the chain which is understandable but they would be adding an extra month onto the sale getting another completion date that suits us all, so either way it's not an ideal situation for any of us.

    Can't wait for it all to be over
    • mrginge
    • By mrginge 15th May 18, 7:57 PM
    • 4,513 Posts
    • 8,412 Thanks
    mrginge
    • #4
    • 15th May 18, 7:57 PM
    • #4
    • 15th May 18, 7:57 PM
    My advice would be to stop trying to exchange and complete on the same day.
    • 1993
    • By 1993 15th May 18, 8:00 PM
    • 8 Posts
    • 1 Thanks
    1993
    • #5
    • 15th May 18, 8:00 PM
    • #5
    • 15th May 18, 8:00 PM
    Thank you, our exchange and completion dates weren't the same day but they were originally in the same week. All we want is to be sure the house is ours and we can calm down a bit then, but they won't exchange with us until their purchase problem is resolved. We're stuck not knowing when anything is going to happen and it's really frustrating as we've done everything in our power to do everything they want and when it came to signing it over there's suddenly a problem.
    • AnotherJoe
    • By AnotherJoe 15th May 18, 8:00 PM
    • 9,853 Posts
    • 11,018 Thanks
    AnotherJoe
    • #6
    • 15th May 18, 8:00 PM
    • #6
    • 15th May 18, 8:00 PM
    I would just push back your move date to the month or so away date that suits you. Also insist on a week between exchange and completion as a minimum.
    They had their chance and blew it.

    (And no I dont think you are being unreasonable)
    • dunroving
    • By dunroving 15th May 18, 8:02 PM
    • 1,268 Posts
    • 882 Thanks
    dunroving
    • #7
    • 15th May 18, 8:02 PM
    • #7
    • 15th May 18, 8:02 PM
    My advice would be to stop trying to exchange and complete on the same day.
    Originally posted by mrginge
    I'd definitely agree. The advantage of a two-stage process is that at least once you have exchanged, you know (theoretically) when everything will come to a close. With a simultaneous exchange/complete arrangement, there are no guarantees at any stage, until the purchase is finalised.

    I'm constantly astounded at the labyrinthine chains that some people are in, and the absolute lack of control they have over their house sale and purchase. I have every admiration for people who manage to see it all through to the end despite being dicked around by various people up and down the chain.
    (Nearly) dunroving
    • bobwilson
    • By bobwilson 15th May 18, 8:06 PM
    • 405 Posts
    • 111 Thanks
    bobwilson
    • #8
    • 15th May 18, 8:06 PM
    • #8
    • 15th May 18, 8:06 PM
    reason is in the eye of the beholder
    • jbainbridge
    • By jbainbridge 15th May 18, 8:06 PM
    • 1,783 Posts
    • 1,156 Thanks
    jbainbridge
    • #9
    • 15th May 18, 8:06 PM
    • #9
    • 15th May 18, 8:06 PM
    The only way to guarantee a completion date is to exchange first. If you need time to book leave etc. then tell your solicitor. We had 2 weeks between exchange and completion last time ... it gave us plenty of time to book removals and made the whole thing less stressful.

    And no you!!!8217;re not being unreasonable ... sounds like your vendor is messing you about. That said getting the deal concluded generally takes a bit of compromise! Good luck!
    • franklee
    • By franklee 15th May 18, 8:09 PM
    • 3,710 Posts
    • 4,001 Thanks
    franklee
    By this point we had already booked our annual leave (we work shifts and need to give a couple of weeks notice)
    we can't keep asking for annual leave on the off chance they decide to exchange only for it to be set back again!
    Right so you explain this to them and say you need 2 or 3 weeks between exchange and completion. You then stop organising, wait until you have exchanged and then you book your leave. Pretty sure most people would prefer some gap between the two to organise themselves, it's the trying to exchange and complete too close together that is causing the logistical problems.
    • bingohighway
    • By bingohighway 15th May 18, 8:10 PM
    • 9 Posts
    • 519 Thanks
    bingohighway
    We had a gap. Booked the leave closer to when we thought would complete
    • 1993
    • By 1993 15th May 18, 8:11 PM
    • 8 Posts
    • 1 Thanks
    1993
    Thank you all for your kind replies - we feel exactly the same way, the exchange/completion being so close together wasn't something we purposefully arranged but as the vendor has to move on a certain day of the week that was what we ended up planning.

    Now that it's all up in the air we would be happy to exchange and complete a couple of weeks apart to give us time to book more leave, but they won't even exchange until this issue is resolved (who knows how long that's going to take!)
    • franklee
    • By franklee 15th May 18, 8:15 PM
    • 3,710 Posts
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    franklee
    but they won't even exchange until this issue is resolved (who knows how long that's going to take!)
    Originally posted by 1993
    That is totally reasonable as if their purchase falls through they would be left homeless if they had already exchanged with you. As for how long it's going to take I'd set your estate agent onto asking the other EA to find out exactly what the issue is and how it's being addressed. Or if you are in contact with your vendor ask them. Then I'm afraid it's just a case of waiting it out so try not to stress about things that are out of your control
    • 1993
    • By 1993 15th May 18, 8:18 PM
    • 8 Posts
    • 1 Thanks
    1993
    Thank you

    I'm hopeful it will work itself out in the end - it didn't feel like anyone was in any particular rush to get things sorted, but after discussing where we stand I think it may get them moving at a quicker pace to get the issue fixed urgently so we can all move and be happy!
    • bobwilson
    • By bobwilson 15th May 18, 8:22 PM
    • 405 Posts
    • 111 Thanks
    bobwilson
    In fact exchange is no guarantee of completion and anyone who says it is, doesn't know the law. Either side can default on the contract, especially the seller. He'd only lose a couple of £thousand at most if he defaulted. The buyer however would be liable to lose their deposit (usually around 10% the price).

    There have also been cases where the buyer defaulted through no fault of their own- the mortgage company changed their mind at the last minute (which they're entitled to do), and the buyer ended up losing their 10% deposit.

    People say "it's rare" but it's only rare until it happens to you. I know of people it has happened to. Exchanging and completing on the same day minimises this risk.
    Last edited by bobwilson; 15-05-2018 at 8:26 PM.
    • dunroving
    • By dunroving 15th May 18, 8:25 PM
    • 1,268 Posts
    • 882 Thanks
    dunroving
    In fact exchange is no guarantee of completion and anyone who says it is, doesn't know the law. Either side can default on the contract, especially the seller.
    Originally posted by bobwilson
    Do you know what proportion of transactions this applies to? I would imagine an infinitesimal number. And in cases where it does, the aggrieved part has legal redress, whereas in a simultaneous exchange/completion scenario, there is pretty much no redress if either party changes their mind.

    Either way, the point still stands that there is much more certainty in a two-stage purchase than a simultaneous exchange/completion one.
    (Nearly) dunroving
    • bobwilson
    • By bobwilson 15th May 18, 8:27 PM
    • 405 Posts
    • 111 Thanks
    bobwilson
    In fact exchange is no guarantee of completion
    Originally posted by bobwilson
    Do you know what proportion of transactions this applies to?
    Originally posted by dunroving
    I do actually. It applies to 100% of property transactions in the UK, until the law is changed.

    there is much more certainty in a two-stage purchase than a simultaneous exchange/completion one
    Originally posted by dunroving
    There is no such thing as a "simultaneous exchange/completion" in the UK; exchange has to happen before completion. The question of certainty is a matter of opinion.
    Last edited by bobwilson; 15-05-2018 at 8:30 PM.
    • dunroving
    • By dunroving 15th May 18, 8:29 PM
    • 1,268 Posts
    • 882 Thanks
    dunroving
    Yes, it applies to 100% of property transactions in the UK, until the law is changed.
    Originally posted by bobwilson
    I meant what proportion of transactions result in a default between exchange and completion.
    (Nearly) dunroving
    • bobwilson
    • By bobwilson 15th May 18, 8:31 PM
    • 405 Posts
    • 111 Thanks
    bobwilson
    I meant what proportion of transactions result in a default between exchange and completion.
    Originally posted by dunroving
    That may have been what you meant, but it isn't what you asked
    • dunroving
    • By dunroving 15th May 18, 8:36 PM
    • 1,268 Posts
    • 882 Thanks
    dunroving
    I meant what proportion of transactions result in a default between exchange and completion.
    Originally posted by dunroving
    That may have been what you meant, but it isn't what you asked
    Originally posted by bobwilson
    So, now I am asking it ... do you know?
    (Nearly) dunroving
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