Vendors asking to change completion date

[crimsonlake]

Half expecting this.
Made an offer on a house, raised it a little on the agreement that the vendor would move out on an agreed completion date.The vendor said she would move in until the purchase of her property completed with family so no problem.
Three weeks before we complete and prior to exchange just had a message saying they cannot complete until a couple of weeks due to their vendor.
What the heck! Really cross as they are trying to go back on their agreement as my purchase was never supposed to be dependent on their own, as in no chain as such. This is the reason I increased my offer? I have just reminded their estate agent of this.
I am in temporary accommodation as I completed on my own sale a few months ago and my belongings are in storage. It needs to be on the date we agreed as I have to vacate where I am staying and have nowhere to go unless I go in to a hotel or sofa surf. Hoping they come back and say that the will now accept the first offer I made since they cannot honour our agreement before I need to state the obvious.

Should also have added that I was interested in this property as the vendors led me to believe they were not subject to a chain. I was only interested in making an offer on a property with no chain due to my own circumstances and would not have made the offer otherwise. Really feel as if I have been misled on this.

I'm afraid that no vendor like this EVER moves in with family, it is always a lie. She's now found a house and doesn't want to move twice.

You need to make forceful noises that she must stick to her plan or you walk. You can't make her do anything but tell the agent to pass on how much longer the delay will be if she has to find a new buyer.

You might be better posting in legal, I’m not sure but hope it works out. Very unfair of them to try and pull and fast one.

As as said I had my suspicions... The fact is I honoured my agreement to move out when I sold my property and have been living in limbo for four months. and suffering the costs. Seems as if I have also found myself in a chain when I was told there was none, feel like walking based on this alone.

Have you exchanged yet?

No, thank goodness but due to soon.
It is the principle of being misled and finding myself in a chain when that is something I clearly was avoiding.
As I have said I am incurring storage costs as well as renting. If we do not complete on the agreed date I will have to go in to short term rented or sofa surf. Something which they should be doing and not forcing me to continue. I am getting more annoyed as the evening progresses.

I wouldn’t normally advocate gazundering, but.....

Mmm, I thought gazundering was when the vendors accepted another offer when they had agreed one with another buyer?

If I were you I would resume house hunting, because it sounds like your vendor will be pulling out of the sale if her onward purchase were to fall through.

In the meantime, I would say either the original date or a a delay alongside a reduction in price comensurrate with your increased costs.

No, that's gazumping - offering over another buyer to get the house.

If you offered more on condition that she moved out on a specific date and she's not moving out on that date, you could say you are going to reduce your offer to the original one - that's gazundering, offering less than the agreed price.

That’s gazump. Gazunder is when you have had an offer accepted and then lower it. In your case, you would be completely justified.

I would ring the agent and tell them that in light of the fact that you are now in a chain and incurring additional costs, that you would like the vendor to consider a new offer from you. I would calculate how much the extra time will cost in fees and adjust accordingly.

Reduce your offer to reflect a: what you would have offered for a property in a chain and b: your increased costs and hardest of all remember this is a financial transaction not an personal attack/let down. If you want this property reiterate your original offer was based on x completion date if that is no longer the deal your offer is now y.

TitttGolightly, I understand, lower my offer. Yes, seriously considering it as I increased it to what the vendor wanted on the agreement they would move by my suggested completion date which they did.
In my response to their request I pointed this out, perhaps over the weekend I will have to carry out my threat.

Thing is the vendor knows if you walk away that you will have to find somewhere else to live as any other purhase will take longer.

If you want to walk away on principle then do. It principles cost money.

You're in a no win situation. Start looking elsewhere in the meantime you have nothing to lose.

Exactly Somerville that is also my concern now.
Just popping out to pick up my son, but will read others helpful posts shortly.

We previously had this and threatened to reduce our offer by £10k if they couldn't make the exchange date. We were prepared to walk away although we loved the house. Funnily enough they managed to meet the deadline.

Eh? The vendor won't have to pay for anything at this stage - they haven't exchanged.

I'd go back with either stick with original date or reduced purchase price and see what happens. Our vendors were chain free then found somewhere to buy - although they wouldn't agree to complete just before Easter they did move out and put half their stuff in storage instead of completing on their purchase as part of the chain.

But that wasn't what she was asking about - they're highly unlikely to exchange then try to change the completion date as they won't have a leg to stand on.

In the OP's position I'd stress I'm chain free, having sold already and now I'm being messed about, that I was prepared to move twice, but will not be put in the position where I need to move a third time. If she doesn't need a mortgage she could relatively quickly purchase a chain free house. From a negotiating point of view you could concede a small amount of time. Or be prepared to walk away.

I know people say they won't move out and in with family but we did, moved into a hotel for a few weeks. Yes it was hell and cost us a fortune but we weren't prepared to lose our forever house that we are now in.

We did move a completion date, brought it forward a week on another house as they were getting married and going into a new build. The builders put a rush on the house so it was finished earlier than expected. But we were in rented so only the house we bought and a brand new house in the chain.

I would be making noises about reducing the price due to the change of circumstances but without actually reducing at this point, just let it be known to the estate agents that you are considering this.

Thanks all and I will be mortgage free. This is what irks also as I am purchasing with the equity from my house sale following a long financial battle after divorce. I work as a supply teacher, am in my late 50s and it is impossible to resume my former career. Hence my income is very erratic and I am living partly on my equity and what little I earn. Renting is eating into my lump sum.

Also yes I have continued looking despite my offer being accepted just incase but nothing else in my price range has come up.
I paid just a few thousand off the asking price, although I felt that given my excellent position as a cash buyer I was in a position to make a much lower offer.