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Original poster

Advice please: cost caused by seller's delay

237 replies

moniack · 03/04/2016 00:29

Hi, I'm a first time buyer in London. BF and I had our offer accepted on a house at the beginning of Dec 2015. We were told there was no chain but the seller was very, very slow with providing legal documents (only got them by the end of Feb and still some outstanding questions). It turned out that there is not only a chain, but a very complicated one with selling two to buy one, family inheritance issues blablabla... The seller said twice that they were going to exchange but then later cancelled because their seller couldn't exchange with them that day. From what the agent told us, they missed the April 1st stamp duty deadline because of their seller's fault. They had to re-negotiate and their seller agreed to compensate for that. It seems that if we pull out now, it's going to leave them over a shit creek without a paddle. But both BF and I are really pissed off, they just assume that we are desperate and never going to change our mind so they would only exchange when it's completely safe for them, not to mention lying to us from the very beginning. We are now thinking of asking for a reduction, not a greedy one, just to cover the last two months rent, something 3k, less than 1% of the house price.

People who have sold houses before, could you be so kind to advise if it's a reasonable thing to do. We can afford to lose the house as we actually budged higher than this current house and the stamp duty thing may cool down the market a little bit now. But I don't want to create bitterness and worried they might accept and then do some damage to the house before they leave. (they seem to be quite selfish people judged from their behaviour).

Thanks again.

OP posts:
bearbehind · 04/04/2016 13:51

You are due to complete on a property today but you've booked other viewings?

Original poster
moniack · 04/04/2016 13:53

Why it can't both be true? They said they were due to change twice in the second half of March, in order to complete by 31st March. There is a time gap between exchange and completion.

OP posts:
Original poster
moniack · 04/04/2016 13:55

First of all, due to exchange today, not completion. Second, they said they were due to exchange twice, but they didn't, that's why I booked viewings because I don't trust them anymore, they can't always play "wolf is coming" on people. Do hope I managed to be clear this time.

OP posts:
bearbehind · 04/04/2016 13:57

There doesn't have to be a time gap between exchange and completion- it can be done on the same day.

If your sellers have agreed to pay their buyers stamp duty costs then it's pretty clear completion was set for then and now we are just 2 working days on from that and you should complete today.

I truly don't understand your incredible impatience.

If you didn't have any indication of exchange date then I can understand imposing a deadline but what are you trying to achieve now?

bearbehind · 04/04/2016 14:02

If you are due to exchange today you should know the completion date, or have agreed that it will be on a date to be agree to be mutually convienent to both parties- that's the whole point of exchanging- you're committed to the sale and incur penalties if you don't complete.

LittleBearPad · 04/04/2016 14:02

What reason do you have to believe you won't exchange today other than exchange has previously been delayed. Has your solicitor told you it isn't happening.

Original poster
moniack · 04/04/2016 14:04

You don't even know their story is true or not. Like someone else in the thread pointed out, they might have already lost their vendor, and is still lying to us by saying we are going to exchange by x date, and new excuses would come on that day. Given that they already lied to us about the chain, it's not impossible.

OP posts:
bearbehind · 04/04/2016 14:07

It's true you can't know the truth on the other side but they're not saying we'll exchange by x date- they are telling you they will exchange today. That doesn't sound like someone who las lost their upward chain.

If it doesn't happen today then you need to see what the excuse is then.

LittleBearPad · 04/04/2016 14:08

But if that was the case they wouldn't be talking about exchanging today.

Original poster
moniack · 04/04/2016 14:08

I haven't heard anything from my solicitor about exchanging happening today so far. But I called up earlier and said I'd like to put a deadline now and penalty after that, and he agreed to communicate that. No reply yet.

OP posts:
Original poster
moniack · 04/04/2016 14:13

No, they said to us we were going to exchange by XX March, and excuses on that day, and it happened again. Yeah, they were very clear both times about exchange dates when they spoke to us, but it just did't happen. And they were clear about Monday, too. Like I said yesterday, let's see what happen today, and no messing about after this week.

OP posts:
Original poster
moniack · 04/04/2016 14:20

I thInk I need to take a break from this tortuous thing for the moment and distract myself with something else (wish I got more to do today ). Thank you all again except for one.I will update and hope you are all right and things will get sorted this week.

OP posts:
Original poster
moniack · 04/04/2016 14:21

Ok, I think I need to take a break now. Thank you all again except for one. Do hope you are all right and things will get sorted. Will update afterwards.

OP posts:
AwakeCantSleep · 04/04/2016 14:21

OP I doubt exchange will happen today given you haven't got a completion date agreed across the chain.

The penalty thing is really not a good move. Your vendor may well be ready to exchange with you, but the thing about a chain is that exchange happens (pretty much) simultaneously across the whole chain. So if your vendor's vendor is waiting on a gas safety certificate for example and won't exchange until it's all in order then that's hardly your vendor's fault, and there is nothing he can do about it (bar breaking the chain and invoking expensive bridge finance which may not even be available). Chains can be delayed for a myriad of reasons - illness, death, unemployment, bankruptcy, fire damage, neighbour disputes, long haul holidays or business trips, school place availability, pending planning applications, people simply changing their minds, the list is endless.

Your solicitor should be in contact with the rest of the chain, and be able to find out where the holdup is. Do you know how long your chain is, and what everyone's position is?

Original poster
moniack · 04/04/2016 14:22

I don't know why I posted the same thing twice, sorry for that...

OP posts:
LittleBearPad · 04/04/2016 14:32

Yes but completion could simply be agreed to be 2 weeks after exchange, whenever that is.

bearbehind · 04/04/2016 17:46

Did the exchange go ahead as planned?

Original poster
moniack · 04/04/2016 18:59

No, now they are saying "oh we will exchange tomorrow".

Why I'm I not surprised, haha.

OP posts:
Original poster
moniack · 04/04/2016 19:02

Deadline and penalty idea supported by our solicitor (a very experienced partner). So it's probably not such a bad idea as some of you presented.

OP posts:
bearbehind · 04/04/2016 19:05

It does sound like it is close- have a look on the long running threads- there's lots of people who get delayed by a few days when trying to exchange.

What deadline and penalty did you go with?

How long after exchange have you agreed to complete?

Original poster
moniack · 04/04/2016 19:11

To AwakeCantSleep,

Their solicitor said everyone's position is about to exchange, just wait for the their mortgage company to provide the fund, as he was told by the seller's solicitor. And all will be sorted tomorrow, but the problem is they said the same thing last week.

Well, just have to accept that, and look at other places at the same time.

OP posts:
Original poster
moniack · 04/04/2016 19:15

We set Wednesday, as the seller's solicitor promised they will exchange tomorrow for sure. Penalty is one month rent, something 1k. No reply from them yet, because obviously their solicitor can't promise that.

We are flexible with completion, they proposed one week and we said ok.

OP posts:
AwakeCantSleep · 06/04/2016 11:39

Any news OP?

bearbehind · 06/04/2016 11:43

I'd be willing to bet that exchange occurred yesterday and this whole thread was massively jumping the gun........

Lighteningirll · 06/04/2016 12:48

It's always stressful buying a house personally I am distraught at being excluded from the thankyous Grin hopefully it's all gone through and this time next week the op is happily ensconced in her new home