Buyer just asked if we can complete next week, we can't, would they be likely to pull out?

[CrapBag]

I have just had an email from our conveyancers asking if our buyer can complete next week. Contracts have not been exchanged and according to the online tracking system, they haven't even approved the contract yet.

This has come completely out of the blue for us. It has been 2 months today since he offered (and its a shared ownership so the process has been a little different and its been only 5 weeks since the housing association approved the buyer). All in all, not very long.

A couple of weeks ago we had to pull out of our purchase and within 3 days we had found somewhere else and had an offer accepted so we were back on track. However we have had to start the mortgage application process again as we couldn't stay with Nationwide as they weren't willing to lend very much. We are going through a broker who said Halifax should lend us what we need, the application has gone to them today and he said it is taking about 25 days for the mortgage offer to come through.

Obviously our solicitors knows all of this and when asking if we can complete next week, they have asked about us moving into temporary accommodation. This is not possible for us. The rent would cost over 2 and half times more than what we are paying now plus there would be a 6 month contract which is no good to us when we are hoping to complete in about 2 months or less. There are 3 of us in the chain, our buyer, us and our vendor. It shouldn't get complicated.

I am now worried that our buyer could pull out. Part of me thinks he won't. He is a first time buyer and I am fairly sure he lives at home. He is already living in the area where our house is, it is a low share and he can buy this outright, he wouldn't be able to do this with any others and shared ownership 2 bed houses are pretty rare, they are usually flats. However I am concerned that they have mentioned us moving into temporary accommodation. It is too long to stay with relatives too, they can't put the 4 of us up for a couple of months, there just isn't the room there.

Is it normal for a buyer to ask this or should we be worried?

It's weird that he's asking this even before exchange. Sounds like he's quite new to the process. Maybe he's worried about rising prices?

Say no, and don't panic. 2 months us nothing. But do come back with a more realistic completion date - and exchange date too - so he knows what to expect.

Rising prices won't affect us, not shared ownership. The price is set and even though we would have to get another valuation done if he does pull out, they won't value it as high as the ones you can buy outright.

A few in this street have been valued at 10k over what ours is, because they aren't shared ownership.

You would have thought his solicitors would have said to get the contract exchanged before asking about completion dates then?

You have to have a completion date agreed before exchange can take place.

just say you can't do it. You can't exchange until you have your mortgage offer, therefore you can't complete until you have exchanged.

exchange is a commitment to buy. You can't do that yet.

end of, really! Just pass on to your buyer that you need to wait for the mortgage to be confirmed.

Ah right, I didn't know this.

Problem is we cannot agree a completion date at the moment as we need to know that our mortgage will be approved before we do anything. We have the AIP but we had that before and were turned down at application so we are slightly cautious this time.

If Halifax take the 25 days the broker said they are taking, we cannot agree a date for a month yet, then we have to check the vendor is willing to agree the same date.

Getting stressed now!

You won't be able to exchange without everything in place so don't panic.

He does sound a bit green and a bit keen. If you haven't got your mortgage offer yet then nothing can happen; it's what held us up and we ended up c

Sorry phone

Ended up completing nearly two months after our agreed ballpark date. Neither our buyer nor the developer quibbled because this is just what has to happen sometimes.

Our buyer is pushing to complete too but we've just calmly said no as it's just not possible. I don't think they understand much about the process tbh. It's frustrating but there's nothing we can do

We lost our first mortgage (Halifax) after the AIP and the valuation were fine, they changed their criteria mid application. Still fucking charged us for their trouble.

We moved in on Friday. This whole process has been the single most stressful thing I have ever done. Well worth it though.

Ok, I won't panic too much yet.

It has been a short time in house buying terms so I am not sure of the sudden rush.

I am willing to try and push things through quickly, we are fed up ourselves and just want to get moving but its bloody Halifax that we are going to be reliant on now and with these new mortgage rules, I am not going to hold my breath!

Oh god Eleanor that is worrying. Is that when the new rules came in? We are already applying under them anyway and it is a fecking pain tbh! It seems to be so over the top with how strict the are being now.

If you've got the AIP under the new rules you should be fine I think, we were slap bang in the middle of the rules change...

Ah right. Hopefully we should be ok then, we did get the AIP last week so it shouldn't be a problem.