Still no completion date?!

[Waytooearly]

Hi all,

Genuinely asking whether I'm being unreasonable. I've never bought a property before.

I'm buying a flat, no chain on either side, shared ownership (I've been found eligible) I've got deposit and mortgage offer, all good from my end.

The original estimated completion date was 17th Jan. Unfortunately my landlord wants to rent to his daughter so I am moving out this weekend. Putting my things into storage and found a nice cheap airbnb for a month near my work.

For the last three weeks I've been emailing EA and my sols saying, 'Right, so if we're not completing on 17th Jan what's the plan?'

I've asked them to ask the vendor what the estimated time frame is and they just... haven't.

According to copied correspondence from my sols the vendors need to provide a contract and transfer, lease, a Deed of Covenant, and some information bits on the PIF. I don't see how these are taking months to obtain.

I've finally lost patience and emailed my sols, saying in the absence of any other info I need to assume that the vendor isn't ready to sell. I asked her (again) to get a time frame from the vendor.

I have an appointment to view another flat in the same building,this Wednesday. Also no chain. Same price.

I know that I would be going back to square one with new place (and would lose search fees) but my gut is telling me something isn't right.

My questions:

1. Would you also assume that several weeks' delay in getting basic docs indicates a problem on the vendor's side? (If there is a reasonable explanation no one's shared it.)

1. If the alternate flat is fine, can I make an offer with a specified term that we complete in a month?

Thanks if you've read all that.

So you don’t have an exchange date? (In the UK you exchange before completion, can do same day but v rare)

1- they could be dragging their feet for any number of reasons, you could threaten to pull out its a buyers market...alternatively there’s nothing to stop you looking at other flats whilst they take their time

2- a month is tight, I closed in 2 with no additional surveys.

Sounds as though you haven’t received even the basic info from the sellers. Either they are stalling or they are incompetent. I wouldn’t have given notice on your flat until you exchanged contracts, if I were you. Sorry.

It would normally take three months from offer to complete on a property, so you'd probably be waiting a lot longer if you offered on another flat in the same complex, especially if they are waiting for documents that the leaseholder or flat management company need to provide!

But you probably already know this, because it's been said before. You are only two months in on your current purchase, IIRC.

So your questions 1 - no. 2 - you could, but it is extremely unlikely and they may not accept.

I can see you are frustrated, but if they don't have the documents then I can see why they are not coming up with a date.

You need loads of info. If they haven't even provided the contract or lease yet then you haven't really started yet (unless your sol means they are awaiting confirmation the vendor has signed the Contract?) The transfer is normally drafted by the buyers solicitor. Deed of covenant can be prepared by the management company for the freehold or again usually the buyers solicitor. PIF info will be from the vendor.

Shared ownership is a pita. That might well be holding it up especially if you are also buying with a mortgage. They require all sorts of extra info & drafting. In fact, that might be related to the deed of covenant too.

If you are looking at another flat in the same building then you will probably face similar delays as the core info will be from the same msbai company. Also, same requirements for shared ownership.

Good luck.

Thanks for sharing.

I had no choice on my current place, unfortunately. Landlord gave me notice. It's my own fault for not buying sooner; I've had the deposit money for months. Just was enjoying life. D'oh.

I still have a gut feeling that there's something not right with vendors, though. The vendor's sols did at one point said they'd have to get some of the lease stuff from the Housing Association, but they also said that would take 'ten days'. That was last month.

But the transfer? Contract? Hello?

Should I be concerned that I have asked my sol and EA to get a new estimated timescale and they've ignored me?

Probably the most frustrating part is being ignored by your solicitor. This is someone whose job it is to keep you in the loop. A short email or call would do. Paying shed loads of money to someone who doesn't communicate is pants. Go in and see the EA and explain your issues as they should also be liaising all round.

We bought a house in Feb, went to see it and the owners told us they have already bought a new build just needed the house to sell, so no chain. It took 8 fucking months.
8 bastard months.
Apparently they didn't buy a new build that was already built. They're was delays on the building of their house.

I ended up writing a damn nasty letter with the quotations from the estate agents claiming no chain ect, said I am fully aware they need the sale of their house to move into their new one but it's taken so long were not even interested anymore and was planning to pull out, I wrote the email on the Monday, we got the keys that Wednesday.

Buying a house is stressful enough, but the beat advise I can give you is keep pushing. Keep contacting them, whether it's calling them every day or sending an email every so often asking for an update. Email are great because you gave written proof of everything, use it to push it forward.

Is this the same as was posted a week ago? Sounds similar re the other property in building. If it is then as was said, 8 wks is a very quick turnaround

Ah cross-posted.

Thanks for the thoughtful answers. Looks like I need to chill. (But still mither.)

I'll still look at the other flat, just for the heck of it.

And it has been Christmas etc. In my experience shared ownership deals can take a while

Also added to the email that if we didn't pull out we was absolutely under no circumstances now paying the full amount as the only reason we did was because there was no chain. You're the boss!

As advised on your other thread, lose your shit with the Agent. They get paid the most and do the least. Make them put pressure on the seller and their solicitors. Make them earn their commission.

I take it everyone knows you're effectively homeless now?

Not sure when the transaction started but it is usually 10/12 weeks if you’re lucky. A lot more work for shared ownership. Can you ask your landlord if you can extend for another month? Not advisable to move out before exchanging contracts. Why don’t you pop into the estate agents and ask if they can contact the seller direct to find out position if no joy with your Solicitor. Give your Solicitor a phone for an update if not answering email.

I do get the 'usually 12 weeks' but in this case, the vendor has taken over a month to provide basic docs. Christmas or no, why is my sol still waiting for a transfer and a lease after a month of chasing? I fear it's a bad sign.

Sorry to jump on OP's thread but for those who are saying that shared ownership sales take longer, do you know why this is? I'm selling my SO flat to buy a house so would be interested to know (no I'm not OP's vendor!)

You're not fooling anyone Mrs. B. Get cracking or I'll buy the flat just above you!

But srsly I can answer that a little.

As a buyer I had to be found eligible for shared ownership, and I had to make sure I found a mortgage that was suitable. I sorted all of that quickly though, because I am not an asshole.

As you'll see above, the vendors have to have a lease ready and covenants.

Top tip: maybe get these doc ready before you get an offer. (Not that I'm bitter Mrs. B)

Your solicitor should draft the Transfer but that can be done between exchange and completion. Unless it's a Transfer already on the title.

Leases come from the Land Registry, generally via instant download, so that should be with you so long as the seller has paid his solicitors for it.

Have you had your mortgage offer? The housing association will need to approve it.

You could also ask the HA if they have sent their information pack (which the seller pays for) to the seller's solicitors.

Honestly your solicitors sound a bit crap. Can you physically go there and ask for an update and see what paperwork they're waiting for? I was high pressure with our solicitors we were in quite a long chain,buying and selling and still completed in 12 weeks. Because I picked a local solicitor and I kept physically going in and they couldn't avoid me then.

I would send the EA an email to say you're about to offer on a flat in the same block,same price etc with XYZ estate agents. Should they wish to avoid this and keep their sale you want an answer the same day to this email to confirm what's happening. You want to see direct correspondence from the vendor to EA stating why there is a hold up or you pull out. (Obviously this only really works if it's a different EA selling the other flat!)

It's a buyers market OP. Go and see the other flat and find out their position them decide what to do. You hold the cards here. Presumably the searches will be reusable for the new flat if in the same building?

Yes, I had the mortgage offer three weeks ago.

I sent it to my sols but didn't think to send it to housing association. I will do that tonight. Can't hurt.

While I'm at it, I can mither the Housing Association to send lease info, information pack, and other bits to get things moving.

Thanks for the tip!

Is there really no chain? People lie, that's my first thought. The other is the current occupiers haven't been able to secure a rental . Typically it takes 3-4 months in England even without a chain. Luckily you no longer have to exchange a week before completion due to instant bank transfers

Yeah, that's a thought. The apartment is still full of stuff as though currently lived in. It was an elderly lady and her daughter living there, elderly lady has gone into care home and daughter moved in with new husband.

Maybe they can't face clearing out flat? It is full of family things like old toys etc.

Other flat is entirely empty.

Yeah I know you can tx and complete on same day. That might be the limit of what I remember from Property Law class. That and how to witness a deed. :)

It does not need to take 12 weeks to buy a house. If all is straightforward it can easily be done in 6 weeks.

In my experience you need to hound your solicitor. Ask exactly what info is required & give him your completion date. Instruct that he gives this to vendors solicitors. Then ring them every single day for progress. They might be totally sick of you but I have found it's the only way to get things done. Follow up any call with an email. In the end they will be desperate for you to complete so you stop bothering them! If there is an issue you need to know now before you waste any money. Good luck!

I have also recently exchanged & completed the same day. Again it can be done, is just dependent upon funds being available.