Is our buyer pulling a fast one?

[mostlyrain]

We have been in a chain for 8 months. There are only 3 houses and we are the middle. FTB buying ours and were buying a vacant property. Sounds simple enough but it's been a nightmare! We were due to complete today but haven't managed to exchange yet due to our buyers messing around. They have been insisting on a completion date of today as their mortgage offer expires. We've been breaking our necks to meet that and were ready to go. When we went to exchange last week we were told our buyers had gone to Australia without signing their contract or paying their deposit. Their solicitor was also on holiday. Cue panic all round! So they finally get the contract and deposit over but have to apply for an extension on their mortgage. This is taking time and were beginning to feel like it's stalling tactics. They now want to exchange and complete on the same day but we've said no as we haven't got a removal company booked and need a bit of time between to arrange logistics (2 small children too). Considering we are the actually the only ones physically moving this seems a bit unfair. Are they trying something on or is it just a catalogue of disasters??

[wowfudge]

Once their mortgage issue is resolved is everything else in place? What does your solicitor say? If so, how about you say as soon as their solicitor is happy with the mortgage extension, you exchange and then completion is three days later?

You are not the only ones moving btw.

[homeaway]

Why can't you exchange and complete on the same day if it is arranged for a few weeks time ??

[mostlyrain]

Completion is next Wednesday so it's not in a few weeks. I'm struggling to find a removal company to pack us and move us for then. We also need the reassurance by exchanging that this is going ahead otherwise we would loose the removal fees which is more than we can afford to loose. We physically can't do it ourselves and have a 1yo & 3yo. We are actually the only ones physically moving on the day as the people were buying off are selling their fathers house and our buyers are in rented so have time to move.

[QuackDuckQuack]

I think they are taking the piss - for the very reasons you have given - you stand to lose if it doesn't actually happen on the agreed date and they have mucked you about with dates before.

[YelloDraw]

Why can't you exchange and complete on the same day if it is arranged for a few weeks time ??

Because nothing is certain until those contracts have been exchanged! Completion date of 1 or 2 weeks post exchange is totally reasonable to request.

[NotCitrus]

Insist on 10 days or more between exchange and completion, and also if they haven't exchanged in the next say week, your house is going back on the market!

[BiddyPop]

Or could you agree exchange and completion on the same day, BUT agree up front that you will be moving out on X date even though you have completed as their FUs have meant you cannot get organized in time to comply with their newly pressurized timetable?

[PigletJohn]

You certainly mustn't agree to exchange and complete on the same day if you are dealing with people who unexpectedly go on holiday on Exchange day.

They are just trying it on. The more you give the more they will take. Consult your agent about putting the home back on the market, and offer to give interested parties a viewing even before it goes back on.

[QuackDuckQuack]

There's also a risk that you would get to the agreed date for exchange and completion with both properties, have committed to moving costs for that date and they say they want £10k off the price. That would be way more pressure than if they did it on the agreed date for exchange only.

[Pradaqueen]

Agree with PJ. Unless you are buying a new or vacant property in a chain of 1, and do not require the services of a removal firm never agree to exchange and completion on the same day. if your solicitor is suggesting that you should be agreeing to it, that would ring alarm bells for me.

[anastasiakrupnik]

You don't need to agree to the exchange/complete on same day - they probably think they're helping by accelerating it like this, but otherwise it all sounds typical. They've got a mortgage, they want to exchange, sounds like a sound buyer.

House-buying is the worst case of chinese whispers where everyone ends up blaming other parties based on what their solicitors/estate agents say. Their take on the Australia thing will be different (didn't know, couldn't get contacts in time etc). Plus FTB are clueless about the process, so not trying it on, just lame.

[TheForeignOffice]

Nothing wrong in theory with exchange and completion on the same day if everyone is reliable (inc solicitors managing there process), trustworthy and it's practical to do so.

But that's simply not the case here.

No way would I do simultaneously exchange-completion in your position.

Good luck.

[TheForeignOffice]

...unless you set the date for a date when you can book removalists, and your solicitor arranges for a formal legal undertaking from the buyer and their solicitor that in the event the transaction does not proceed on the predetermined date/time, they will give you a sum of X to fully compensate you for all costs and inconvenience (you must specify this sum in advance and the solicitor will need to confirm that this amount has been deposited in their business account for this purpose).

Then, I'd consider it.