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Original poster

Help! Buyer wants two months between exchange and completion

22 replies

Magpieblue · 13/11/2013 14:57

Hi everyone, I'd appreciate some advice because I seem to be in a bit of a panic. After many months of delays on the house I'm buying, I'm now ready to exchange with both my buyer and seller, and had been hoping to complete within two weeks or by the end of Nov at the latest. Except suddenly my buyer has said he wants to wait two months until completion so he can give notice to his landlord. I'm infuriated and I don't know what to do.

I can't wait two months - I'll be heavily pregnant by then, and my partner will be away for several weeks so I'll probably have to move on my own. And I don't know if the man I'm buying from will wait either.

Has anyone experienced this before? I've never heard of such a long period between exchange and completion, and I also don't understand why this has only come up now - should the estate agent, or my solicitor (useless) have found this out - basically, who should I shout at? And what do I do? I'm so tempted to either find a new buyer - which shouldn't be hard, because I got 7 offers on my house within a day of it going on sale (good area of South London) but this may be cutting off my nose to spite my face. But I am angry. Or pull out and put it back on the market after the baby is born? Or am I being unreasonable not to wait?

Sorry for ramble, but I'm stressed and my head's all over the place. Any advice appreciated.

OP posts:

LIZS · 13/11/2013 15:00

Buyer should have factored in the cost or issued notice by now. 2 months on tenant's side isn't usual. Yes EA should have known the situation sooner.

5amisnotmorning · 13/11/2013 15:03

Tell your EA that you are thinking about pulling the sale as it will be impractical to move in that timeline with a baby and specify the date you want completion.

We have sold in SE London in similar position and tbh I would be telling my buyer to suck up the extra rental costs or risk losing the house as we had 37 viewings in an open weekend and 5 over asking price offers. At this stage they are also financially invested in mortgage fees and surveys so the 2 months rent they will lose would be offset against the same costs on another property if you pulled out.

Leopoldina · 13/11/2013 15:03

get your agent to say NO while pointing out the seven offers within a day. They'll have to suck it up (the 7 offers in a day suggest you won't be out of pocket if you have to go through with it).

5amisnotmorning · 13/11/2013 15:05

BTW I am heavily pregnant and we are virtually forcing our vendors into rental accommodation prior to Christmas as we NEED to be settled before the baby arrives as also have a toddler. Luckily they have been very understanding!

YouAreMyFavouriteWasteOfTime · 13/11/2013 15:11

you need to tell you EA 'No - not possible for x,y z, reasons' then leave it to the EA to sort it.

I thought my EA was useless but he surprised me dealing with something similar to this very skilfully.

Leopoldina · 13/11/2013 15:15

pointing out to the agent that you'll remarket with a different agent if they can't' get this over the line satisfactorily should also focus their minds

Original poster

Magpieblue · 13/11/2013 15:25

Thank you all. It's nice to know I'm not being unreasonable which is how I've been made to feel. It's as if the EA is working for them, not me. The thing I'm worried about is if I make these threats, they might just call me on it and pull out (and they did offer much more than anyone else, and over asking price). So we may end up having to go with someone else's lower offer, plus risk losing the house we're buying, and I can't decide if this is me just being petulant to consider it.

OP posts:

poocatcherchampion · 13/11/2013 15:39

you could always back down if it doesn't go your way. you must give it a shot!

mistlethrush · 13/11/2013 15:50

Can you offer them a bit towards their rent as money off the asking price if they complete by a certain date?

handcream · 13/11/2013 15:59

I do wonder how any houses get sold. A buyer makes an offer and until exchange both sides can drop out.... However, I think you should try and make it a bit shorter - lets say 6 weeks. The removers will love you because you will have a definite date and be able to give them lots of notice.

I would do before the baby is born. You will be tired, however once the baby is born you will be more than tired....

handcream · 13/11/2013 16:02

I also find that if you are as nice as pie whilst stating what you will be doing works the most. No shouting or threats (I am sure you wouldnt!) just say you understand why he wants to give 2 months notice but sadly you cannot agree...

Bowlersarm · 13/11/2013 16:06

I think your ea needs to check with your vendor when they want to complete as well.

If they aren't bothered then maybe you could try and work with the two months. If they won't consider two months, then it's not something you can do whether your buyers want it or not.

handcream · 13/11/2013 16:09

I think the OP is saying that the buyer wants to exchange very soon but have a two month gap until completion. Last time I brought a house there was typically 3-4 weeks between exchange and moving in.

Bowlersarm · 13/11/2013 16:10

Typically it's four weeks, but it can be anything if everyone in the chain agrees to it.

wannaBe · 13/11/2013 16:14

every house I've ever bought before has had a two week exchange/completion. the typical timescale is about two weeks, I would tell him two weeks or pull out.

mistlethrush · 13/11/2013 16:19

My MiL had a 2 day gap. But both vendor and purchaser were happy with that.

Bowlersarm · 13/11/2013 16:20

We have has everything from 3 weeks to 10 weeks over the years. It can be anything. But everyone has to agree!

HarderToKidnap · 13/11/2013 16:23

We had two months between exchange and completion. We needed to give two months notice on our rented house, very normal, and weren't prepared to give notice until we'd exchanged as we'd have then been homeless if vendor had pulled out after we'd given notice! Our vendor was amenable but if they hadn't been we'd have kept looking. We were in a good position to buy and lots of houses were coming on the market.

I think it is what works for you really. It's great to sell to a ftb in rented as they don't have anything to sell. And a long period between exchange and completion means you get the nail biting bit out the way quickly and then have plenty of time to pack, book removers etc.

Also, are you going to be able to get another offer, go through the surveys, exchange and then complete in two months if you do pack in this buyer?

Of course, if you can't possibly consider it then you'll have to go back and say no. I don't think they are unreasonable for asking though as they would have out themselves in such a precarious position if they gave notice before exchange.

Original poster

Magpieblue · 13/11/2013 18:28

Thanks again, I feel better having got a bit of perspective. Harder I do see it from their point of view not wanting to give notice until they have the security of exchange, thanks for pointing that out. I would be the same. I think its just the way it has suddenly been sprung on us with no warning that has thrown me. We've built up a pretty good relationship with the buyer, he's been over several times to look at the house, measure up for new carpets, and we've been having lots of friendly email chats about leaving him our washing machine, advice on garden etc and he's been really nice about the baby. I even introduced him to the neighbours who happened to be out the front at the same time! But now we're all going back through the EA and solicitors and it feels like the relationship has gone a bit sour. Hate house-selling/buying.

I think I'm going to offer to pay some of his rent. I feel like a bit of a pushover but I can't really face a fight at the moment, and maybe this is the reasonable thing to do anyway.

OP posts:

lighthousesea · 13/11/2013 20:03

You sound far too nice! This is his problem and he should have made plans.

Good luck. I can see from a heavily pregnant perspective it might be worth it to secure your house sale.

HorraceTheOtter · 13/11/2013 20:15

This reply has been deleted

Message withdrawn at poster's request.

specialsubject · 13/11/2013 20:23

standard notice tenant to landlord is one month. For landlord to tenant it is two months.

so they probably don't need two months. Even if they do, in your position in a seller's market and with a forthcoming event that won't wait, tough.

get the message to them.

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