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Original poster

Seller threatening to pull out if we don't exchange in 2 weeks :(

99 replies

Definitelynotme · 17/08/2015 15:07

Had an offer accepted back in June. Some trouble getting the mortgage agreed, but this happened last week. In the meantime we have moved forward, so solicitor engaged, searches completed, survey carried out. A few minor requests from solicitor but nothing major. We are first time buyers, place is currently let, tenant is moving out end of September.

Just heard via estate agent seller is now threatening to put the house back on the market if we don't exchange in 2 weeks . They know we have the mortgage approved and paid out to solicitors. They know we can't move until 1 October as this is their deadline for the tenant moving out. So what are they playing at?! Also we are told by our solicitor they have not had any responses from the seller's solicitor on any requests raised.

We have done everything we can and are so close to completion, what can they achieve by threatening us now?!

OP posts:

OVienna · 17/08/2015 15:09

have they had a higher offer?

petalsandstars · 17/08/2015 15:11

You can exchange if everything is ready and complete in October if negotiated with solicitors and mortgage company okay with it.imo.

swillows · 17/08/2015 15:11

You can exchange now if everyone is happy (but obviously not if seller's solicitors not yet answered your queries) but you don't have to complete at the same time - this can be a few weeks later.

LIZS · 17/08/2015 15:13

Have they already issued notice to the tenant? They may be waiting for exchange to do so in which case deadlines are important. If you haven't exchanged you are n't that close to completion. Have you signed the contract yet?

Mitzimaybe · 17/08/2015 15:18

Call the estate agents and ask them what's going on. Tell them your side is sorted and the only thing holding up exchange is their responses to your queries. It may just be that the vendors haven't heard anything in a while so they are trying to push it along, but they should be pushing their own solicitors rather than you. The estate agent will often help in this situation (although they probably won't if someone else has made a higher offer.)

If you get satisfactory responses to the queries, is there any reason why you couldn't exchange in two weeks?

Bearsinmotion · 17/08/2015 15:19

Wouldn't know if they have had a higher offer (this worries me!).

We have the contract (received this Saturday) and are signing tomorrow with witnesses we have agreed. They say they have issued notice to the tenant - originally we were told they were selling because the tenant had decided to move.

We have a couple of minor queries but otherwise we'd be happy to exchange...

BrendaFlange · 17/08/2015 15:20

Well, there is no reason why you can't exchange within 2 weeks is there?

Tell your solicitor that this is what you want to do: exchange within 2 weeks, with a completion date of 1 October.

Tell the EA and your solicitor to chase them on the outstanding queries.

The fact is that any new buyer will not be able to exchange quicker than you unless they are a cash buyer.

They are just wanting an exchange so that they can give notice to the tenants.

Bearsinmotion · 17/08/2015 15:22

It was the estate agent who told us they were threatening to pull out. Apparently she sounded sympathetic when she told DP, we have done everything we can our side, and had said previously we wanted to exchange by the end of August!

Bearsinmotion · 17/08/2015 15:24

Only reason not to exchange in 2 weeks is if we don't get a response from the seller's solicitor...

PolterGoose · 17/08/2015 15:25

This reply has been deleted

Message withdrawn at poster's request.

Bearsinmotion · 17/08/2015 15:26

#namechangefail!

Bearsinmotion · 17/08/2015 15:27

Interesting point Poltergoose - I questioned this but DP and mortgage broker said it wasn't an issue...

Roseandbee · 17/08/2015 15:34

Tell them you are happy to exchange within 2 weeks, and can they please chase up their solicitor who seems to be holding everything up!
People in glass houses...
Hope it gets sorted soon x

anotherdayanothersquabble · 17/08/2015 16:17

From their perspective, you had the offer accepted in June and have taken somewhere between 6 and 10 weeks to get your mortgage sorted. They have possibly felt in the dark for all of this time and are wanting to have the contracts exchanged to relieve their moving stresses and give them some reassurances that the property is not going to be empty but still owned by them when the tenants move out in 6 weeks time. Exchange followed by completion 4 weeks later is not that unusual. Is there any reason why you can't do this?

Speak to the estate agents, reassure them that you are serious, have everything in place and are waiting for responses to queries from their solicitors. Remind them that the end date is driven by the sellers as the property will not be vacant before then (the property must be vacant before you complete, surely!!) and that the threat is unnecessary.

RedDaisyRed · 17/08/2015 16:26

So there is no reason you cannot exchange in a week then? We exchanged in a week of offeringo n this place. If everyone gets on with it perfectly possible and then your completion date says late in the year. That works fine and gives you certainly. It sounds wonderful from your side too. What is not to like?

TiredAssShowgirl · 17/08/2015 16:29

DON'T exchange til the tenant is out. I'm surprised if your solicitor would let you.

The tenant in the place we are buying was super keen to leave, telling us about how much they were looking forward to moving somewhere else when we viewed. They were given notice in Feb when we had our offer accepted, they are being evicted by court order on Thursday, 6 months and one week later!

If you exchange you are stuck. If the tenant doesn't want to leave, waits about for a high court eviction (takes 6 months from notice being served in my very recent experience) or trashes the place after eviction you are stuck. Possibly why the sellers want to force you to exchange - if the tenant has shown reticence to quit!

CointreauVersial · 17/08/2015 17:18

Our solicitor wouldn't let us exchange until tenant had actually moved out.

emwithme · 17/08/2015 17:28

Echo the people above - DO NOT exchange until the tenants have vacated and you've had a chance to check the place is still in the condition you expect it to be in.

minitoot · 17/08/2015 17:36

Sorry, no idea but we are in the opposite position - had an offer accepted on a house, we are cash buyers (it's a small house! :)), waiting for information from the seller so we can proceed with timber and damp survey and have been waiting for this info for weeks. Apparently they are 'getting it together'. I don't know what the delay is. Hope you can get yours sorted quickly! And I agree, don't exchange until you know tenant is gone.

Bearsinmotion · 17/08/2015 17:41

Interesting range of views! I do think if we do insist we wait for the tenants to leave before we exchange the sellers will put it back on the market .

I think we need to talk to our solicitor again ...

PolterGoose · 17/08/2015 17:50

This reply has been deleted

Message withdrawn at poster's request.

Bearsinmotion · 17/08/2015 17:58

This is one reason I am pissed off with the sellers hassling us when the completion date is driven by them, based on when the tenant should be moving out. Will talk to DP tonight and solicitors tomorrow, although our solicitors haven't raised it so far

lighteningirl · 17/08/2015 20:29

Please do not exchange unless the tenant has moved out

Bearsinmotion · 17/08/2015 20:45

Thanks everyone. Really useful feedback as I have raised this concern with DP and he keeps saying it will be fine (because the tenant is a middle class older lady ).

We really don't want to lose the house and I think there will be a real risk if we insist on vacant possession before we exchange :(. I hate this process :(

Bearbehind · 17/08/2015 20:53

The risk of losing the house is nothing compared to the risk of exchanging on a house without vacant possession.

I didn't think solicitors would even consider this but if it is an option then you need a watertight contract whereby if you can't complete as the tenants haven't vacated then all your costs are met by the vendor- it might put them off pushing so hard.

They absolutely cannot be sure the tenant will move when they think they will- at the end of the day, middle class older lady or not, she'll look out for number one if needs be.

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