Unknown

[Marrick]

Had an offer accepted for our first house back in May. Things have happened quite slowly dince then, but we've always fulfilled our side of things pretty quickly (we had the survey done straight away, had mortgage sorted in a few days and signed all paperwork immediately). Neither us nor the seller seemed to be in a hurry, but I:ve chased the sokicitors once or twice in the meantime.

I contacted the solicitors earlier in the week who sent me the final paperwork, which again we signed and returned the same day. Now we've had contact from the sellers saying if we don't exchange and complete before the 8th they are pulling out.

Is this normal or reasonable? We have to give a month's notice on our rented property and have no spare savings to pay 2-3 weeks rent at the same time as the mortgage. To be honest I feel a bit bullied - they said in response to our solicitor's questions they had no deadline for completion (although the house has been empty for several weeks). We'd have exchanged ages ago if things had moved faster, but in no hurry really. Maybe we should havechased

[Marrick]

Argh sorry, small phone hit wrong button.

Maybe we should have chased it up more. Our solicitor has recommended offering to exchange tomorrow and complete around the 22nd of August. No idea if they will accept. It's a nice house, sensible first time buy and a fairly reasonable price. We just want to get on the ladder. But there would be others. I'd be more upset about the several hundred pounds we've spent on surveys, solicitors fees, searches, electric reports etc. And being back to square one with our mortgage offer expiring in Nov and an extremely slow market here. Don't know what to do!

[FishfingersAreOK]

You could exchange on the 8th but not complete for another 2-3 weeks after that. That way you will not have to actually physically move until your month's notice is up.

It does seem unreasonable for them to suddenly be hurrying you. Did this ultimatum come from the solicitors or the estate agents? If the estate agents then maybe that is their sales target deadline being bandied about rather than the vendors. Did the messenger of this ultimatum explain why/where the 8th came from? Ask.

If they are insistent then you have several choices

1. Accept it.Just find the money to pay both mortgage and rent
   
2. Accept it but as above do not complete until the month is up.
   
3. Accept it but say you would have to reduce the price by x amount to cover the rent - alternatively you could just agree a date to suit you better.
   
4. Say no. Say that as no deadline had been given and you have been working as quickly as the process seemed to dictate you cannot do it. Give them a reasonable date you can do. You are FTBuyers you are in no position to move without giving the month notice. You can afford to buy their house but not pa rent too. (You are a valuable buyer - they would be foolish to lose you). You do risk them following through and pulling out. Are you prepared to accept that?
   
   I would try and find out why the date then try 2 - if not acceptable to them try 3. If you think 4 is an option then is it the right house for you?

[FishfingersAreOK]

Sorry X-post - sounds like your heart is not really in it - maybe the vendors realise this too and are trying a pushy way to get the deal done.

Hope they are sensible.

[Marrick]

Thanks for your reply - I will definity ask where this has come from - if there was a sensible reason we'd be more inclined to come to a compromise but at the moment it just seems a bit bullying and unnecessary. It came through their solicitors, via ours. Maybe from their point of view it seems as though it has been held up by our side. We will happily exchange tomorrow if they want!

Our heart is in it, as much as it can be at this stage! We rent a beautiful cottage at the moment that we could never afford to buy, but we really want to get on the ladder and it's a nice house that ticks all the right boxes and in a great location- I think I meant more that because at this stage in our lives we're not going to be buying a house that we're completely in love with. But I am very excited about owning our own home (if it happens!) :-)