Negotiating completion date...help!

[Chuckles33]

Hi, can anyone offer advice...

We are selling our flat to a first time buyer who is renting. We are buying a house and there are several properties in the chain above us. Everyone is ready to exchange, but we need to agree a completion date. Everyone in the chain above us wants to complete as soon as possible and so do we.

However, our purchaser doesn't want to overlap paying rent and mortgage, so has suggested completion date of 1st Nov. I am due to give birth on 27th Oct and really don't want to be moving within the last 4 weeks of pregnancy (when i should be resting/nesting, not going through major stress of house move). What's more, our mortgage offer expires on 28th Sep so we would have to get a new (more expensive) mortgage deal.

Apparently, someone further up the chain is threatening to pull out if we don't complete by 20th Sep.

What is normal protocol, when completion dates can't be agreed? My husband thinks we should offer to compensate our purchaser for his overlapping rent, but I'm really not happy about this. We accepted his offer at the end of March, so it's not exactly like we're trying to rush things through. I'm really getting stressed out, not good for baby!

Any advice appreciated? Thanks.

Can the chain club together and cover the rent? If there are a few properties in the chain it might only be a few 100 each?

I really don't know about correct protocol though, 1st November is a ridiculously long way off from 20 September .

What does your solicitor think? Have you tried suggesting to the ftb that the chain is in danger of collapsing and it needs to happen sooner?

Sorry not much help, we're hoping to exchange tomorrow and complete 25 September but I'm not holding my breath.

I was going to suggest you look at covering the rent - depending on how much it is. Or to offer half?

When we rented and bought somewhere we overlapped by two weeks.

Gave us chance to decorate before furniture went in, plus don't forget that their deposit will be refunded so they will have that money coming to them too.

I would tell them that you are due to have a baby, that they must be able to negotiate with landlord about leaving, lots of people do and depending on their rental cost cover some or all of it. Keep thinking of that end goal; moving into that house.

Also tell them that they may be waiting a hell of a lot longer than November as the chain is under threat of collapse and that they may lose all that money they spent on searches and a survey if eventually it doesn't all proceed.

Me personally, I'm the girl who spent £2k living in a hotel for 3 weeks to cover the gap between completion dates so maybe I'm not the best person to ask

If he was a serious buyer he would not be trying to mess you about unless he was an idiot.

For the sake of a few hundred pounds offer to half and enjoy the last few months of your pregnancy. Good luck.

I don't think I understand the purchaser insisting on Nov 1st. Our rental contracts here (have rented two houses, from two different letting agencies, in the middle of our first house purchase now) have allowed us to leave with no penalties if we give one month's notice. The landlord needs to give two months' notice if she wants use to leave (which she does, she wants to sell this house).

So he should be able to get out of his contract, I would think? Also as someone said above, still having a house to live in while you get a few things sorted in the new place sounds good to me. We'll be doing that, if we complete early enough.

Would agree with what has been said about possibly offering to pay rent - some people want it all ways dont they!? We ended up paying an extra month's mortgage and rent simultaneously at the end of our sale as our buyers faffed around,( offer was accepted on the low side on the understanding there would be quick exchange - there wasn't) and it compromised us financially, but we didnt want to lose the buyer so reluctantly had to accept the loss. This is the last thing you need in the last stages of pregnancy, presumably if this has been going on since March, your buyer knew he had plenty of time to give notice on the rental? For what its worth, if there is a large chain, it is worth taking a deep breath, and move heaven and earth to get it all exchanged, even if it means a slight loss over the months rent - chains are breaking very easily at the moment, make sure it is all in the bag and then you can relax.

Notice period usually has to be given to coincide with the rental period, so assuming that the period runs from the 1st of the month, the earliest they could move out if they gave notice today is the 1st November. I assume they (sensibly) weren't prepared to give notice until everyone in the chain was ready to exchange, in case it fell through and they would be left homeless.

I'm not saying that its anyone's problem other than the FTB's own to cover the shortfall, just wanted to point out they are probably being as flexible as they can be with regard to giving notice.

Sympathies! I am in the exact same position as you with buyers who are tenants on two month contract (though I'm not giving birth around completion, I'm back at work from maternity which is also very stressful). We've agreed six weeks post exchange but exchange is getting delayed and I'm PISSED OFF

It is a bit simpler cos our chain is short and conveyancing on purchase isn't done yet so we'll stagger exchange (we're happy to do this cos would sell even if purchase fell through) to avoid it being so long for our sellers.

In your shoes I'd perhaps offer to pay half because you'll lose money by Sept 28th either way? I'd also pull the emotional blackmail card a lot.

Also, have you asked your buyers to go to their landlord and ask him or her if they'll shorten the completion date if they find new tenants quickly? I would personally do that cos Sept is a better time to get tenants anyway.

The thing is for first time buyers, it is so expensive to get on the housing ladder and rent is so high that I do have sympathy.