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Original poster

Advice please: 1 day till exchange, vendor has changed completion date by 4 weeks!!

32 replies

MeMeMeow85 · 02/08/2018 15:18

We’re supposed to exchange tomorrow. The vendor has just announced that they need to push the completion date back by 4 weeks!!!

Their plan of “we’re going into rented” has turned out to be totally untrue, as they found a house they want to buy last week and only just started their mortgage application.

I’m so so annoyed!! We’re chain-free and living in a rental that expires in 3 weeks.

I really want to pull out altogether. We originally wanted to complete in 6-8 weeks... based on the new completion date it would be 15 weeks since our offer was accepted!!! There has been zero advantage to us being chain-free.

Someone please talk me down before I tell the vendor where to go!!!

Their new plan is now going to cost us over £2.5k in additional rent that we wouldn’t be paying if we completed when we originally planned. Arrrggghhhhh. This isn’t supposed to be stressful

OP posts:
Gizlotsmum · 02/08/2018 15:21

Ask them to cover the extra rent? Insist on 3 weeks? 15 weeks is still pretty short but you also have to balance pulling out and needing to find somewhere else.

beeefcake · 02/08/2018 15:22

Ask them to cover the additional rent

SockMatchmaker · 02/08/2018 15:34

How likely are they to find another buyer quickly? If not very likely tell them they have three options, you exchange tomorrow morning and either complete on the original date or they cover your rent, or final option is you pull out, they decide by tomorrow lunch time etc

bilbodog · 02/08/2018 16:04

I would be deeply suspicious if they think they can buy this house they have just found in as little as 4 weeks - if that is what they mean? Sounds like some more information is required before a new completion date is agreed. However, if this is your dream house it may well be worth sucking up some extra expense to make things work - maybe get them to pay half if they dont agree to pay all your extra expenses. Being in rented doesnt take all the stress out of a move - just some of it.

specialsubject · 02/08/2018 16:49

unfortunately 'going into rental' is always a lie unless you were buying from me a few years back. there is nothing you can do and you are looking at another three months or so. sorry.

if you gave notice speak to your landlord asap - and next time do not give notice until exchange. if you were given notice you are in a stro nger position as you do not have to leave.

Singlenotsingle · 02/08/2018 16:55

If you pull out and start looking again, chances are it'll take you even longer,!

Original poster
MeMeMeow85 · 02/08/2018 18:03

Thanks all. Landlord just confirmed that he’s happy to extend our rental, so no issue with being “homeless”, but I’m really not happy about vendor reneging on the previous agreement that they would go into rental. The inconvenience and cost of this change seems to fall on us instead of them.

Will let them stew until Monday.

If we don’t go ahead with the purchase, another 6 months or so in rental is fine. Hopefully more houses will come onto the market in September and I’m pretty sure that the market will deteriorate further (especially with the rate increase today), so hopefully prices will fall further.

OP posts:
senua · 02/08/2018 18:04

three options, you exchange tomorrow morning and either complete on the original date or they cover your rent, or final option is you pull out, they decide by tomorrow lunch time etc

Fourth option is that you don't exchange tomorrow but you don't actually pull out either. Let them stew over the weekend and see what happens.
Meanwhile, speak to the LL about extending the rental.

specialsubject · 02/08/2018 18:06

yes , it does indeed inconvenience you not them but there is nothing to be done. you could suggest exchange with a big gap to completion ?

senua · 02/08/2018 18:07

Ha! X-posts. I needn't have bothered posting, OP got my message the psychic way.Grin

FiestaThenSiesta · 02/08/2018 18:08

Ask to see proof. If they just “started” they haven’t been approved and may not be. So it’s at least 3 months not 3 weeks

senua · 02/08/2018 18:11

Ask to see proof. If they just “started” they haven’t been approved and may not be. So it’s at least 3 months not 3 weeks

That doesn't work. That will give the vendor an excuse to delay even longer. They need to accelerate the completion date to nearer the original date.
The why and wherefore of the change of date is irrelevant (to OP).

llangennith · 02/08/2018 18:14

This happens a lot. The lies people tell to get what they want:
"We'll move into rental"
"We've already sold our house"
"We're chain-free"
"Our mortgage has been approved".
Then they start asking rubbish questions to delay things, like "Are the velux blinds operated manually or electrically?" and you're thinking 'wtf?'
No help to you now but I'd say unless it's your dream house then stay in rented and look for somewhere else to buy.

123bananas · 02/08/2018 18:19

Think on it, how much do you like this place? Are you prepared to wait for another few months for it? Can you push back exchange closer to the new completion date to give you more leeway if their mortgage takes longer to arrange?

We pulled out of the house we were due to buy before exchange because they wanted to pay us rent to stay in our newly purchased house while they did up their new home! Don't regret it at all as the place we did buy is so much nicer.

Bibesia · 02/08/2018 18:28

Ask to see proof. If they just “started” they haven’t been approved and may not be. So it’s at least 3 months not 3 weeks

But if they exchange with a defined completion date, they will have to stick with that anyway, and it won't be OP's problem if their purchase takes longer than they expect.

theluggageslegs · 02/08/2018 18:56

If they’ve just found a house to buy last week the chances of them being ready to complete on that transaction within four weeks is laughable. I’d hold them to their original date or pull out, especially if you’re happy to wait and see what comes up.

FiestaThenSiesta · 02/08/2018 19:29

If they are thick enough to think it takes 3 weeks to buy a house, do you really think they’re the sort to be out at 5pm on Friday? Or the kind who will still have all their shite unpacked and announced to the OP that their friend’s cottage has fallen through and where are they meant to go, blah blah blah.

It’s not that easy to throw out someone who’s occupying your new house with all their belongings. Not like you can call the sherif and they dump all the belongings on the public sidewalk because trespassing is a criminal offence.

897654321abcvrufhfgg · 02/08/2018 19:30

Ask them to go to a hotel for the 3 weeks!!

loveka · 02/08/2018 19:34

This happened to us. They said time and time again that they would go into rented, to our faces too, as in 'oh we are happy to go with your/your buyers timescales'.

After 6 months (complicated) of saying this they pulled out on the day of exchange, saying the house they were buying had had a bad survey. They hadn't told anyone they were in the process of buying anything! Not even the estate agent or their solicitor!

Fuckers.

SpottingTheZebras · 02/08/2018 19:38

I really want to pull out altogether.

I would tell them you exchange on the agreed date or else you are pulling out. If they found somewhere last week, I would be amazed if they think they will be in on the new completion date. That means you are likely to be waiting another two or more months. At least.

GU24Mum · 02/08/2018 22:23

It doesn't matter how long their new purchase will take if they exchange tomorrow/Monday and write in, say, 3rd September as the completion date.

Is the £2,500 the net cost (ie rent less what the mortgage would be)? There's no reason you can't ask them to reduce the price by that amount though of course it's really a case of who will blink first/agree a compromise.

namechangedtoday15 · 02/08/2018 23:01

Also consider that your mortgage offer may expire if they drag their feet - and given the rate rise announced today, you may not get the same mortgage rate if you have to apply again.

In terms of cost (ignoring my point above) it's not going to "cost" you the additional rent as you're "saving" what you would have paid in mortgage payments.

DorothyGarrod · 02/08/2018 23:42

Play hardball with them - exchange with the original completion date or you pull out. The market is getting more and more uncertain all over the country, they would be daft to lose you.

sunshinesupermum · 03/08/2018 08:01

consider that your mortgage offer may expire if they drag their feet - and given the rate rise announced today, you may not get the same mortgage rate if you have to apply again. This

Original poster
MeMeMeow85 · 03/08/2018 08:43

Thanks all. I’ve been awake since 4am. So upsetting that we are supposed to be exchanging today! I’m going to stall now though and go no contact with them today whilst we decide what we want to do.

Overnight I started to think of all the small things we were going to compromise on with this house (e.g. I don’t particularly like the new kitchen the vendor put in, need to do xyz work).

Trying to be pragmatic. There will be other houses that may be better and if the market falls a bit further it will cover the additional rent and increased interest rates etc whilst we start our search again.

It isn’t even about the money actually. I’m majorly pissed off with the vendor’s attitude and arrogance.

OP posts:
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