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Original poster

Buyers pushing back moving day

27 replies

trevthecat · 12/02/2019 11:45

Offer received in October, we are all ready to move. Aiming for 22nd February, so next week. Both ours and buyers mortgage offers expire in the next few weeks. Know we can get an extension but would rather be moved in! Our buyers have been nagging to get in sooner and rang solicitors panicking about mortgage expiring. We've sorted everything to be ready for next week. We're all packed, childcare sorted for moving day etc. Today they have rang estate agents to say they want 15th march as moving day 😐 they have added 5 weeks onto the sale! There reason is they are in rented and don't want to pay for both. I get that but both mortgage offers are running out, we both want to move! Is there anything we can do? Or advice to push them a bit? Oh for information the house we are buying is empty so dates are not a problem on that side.

OP posts:
PigletJohn · 12/02/2019 12:48

have contracts been exchanged?

MrsPatmore · 12/02/2019 13:18

Could you and the other party afford to pay their rental costs to get things going quicker?

GU24Mum · 12/02/2019 14:41

It's a pain if you've both been working towards a date and they haven't ever said that they'll complete then but only on the proviso that you have exchanged by X weeks beforehand.

Your choices (some of which may be a bit unpalatable are):

Unpack some things, re-arrange childcare and go with the buyer's date. A bit of a pain but no real cost.

Say that you won't complete that far ahead - but in this market, most buyers will know that you aren't really going to pull out for the sake of a bit of inconvenience/money.

Come to an agreement with them that they will move earlier than 15th and that you will meet them somewhere in the middle for their rental costs.

wowfudge · 12/02/2019 16:14

I would play hardball and get the EA to talk with them. You've pushed things at their insistence, it's not fair of them to muck you about. They won't have to pay out their rent and mortgage at the same time anyway, the first mortgage payment is in arrears. Have they tried negotiating with their LL over the rent?

Presumably you are trying to set a completion date in order to exchange and fix that?

How much notice are they required to give? Get the EA on the case - they won't want to lose the commission.

wowfudge · 12/02/2019 16:17

No way would I offer to pay their rent. It can't be a surprise that they need to give notice and they should have budgeted in order to give notice at exchange to ensure they weren't without a place to live. Some ftbs really do only think about themselves.

PigletJohn · 12/02/2019 17:19

if, as seems likely, they haven't exchanged contracts, then I would view them as a potential buyer who is footling about and time wasting.

Discuss with the EA putting the house back on the market if contract exchange does not take place on the date you previously expected.

Advise the buyers that you will consider changing the Completion Date only when you know they are ready to exchange.

They show no sign of being serious. Perhaps they have an alternative home in mind and want to keep you dangling as a backstop.

RogueV · 12/02/2019 17:23

I would say no

Undies1990 · 12/02/2019 17:33

I was in exactly this position 5 years ago!

We had a moving date agreed but within the last few weeks before that date, our buyers wanted to delay the chain by 3 weeks because they were in rented and didn't want to pay both rent and mortgage for those 3 weeks.

I and the others in the chain refused to delay - our estate agent advised us to call their bluff and threaten to pull out. It was a very nerve wracking situation, however the estate agent said they and the other estate agents would not allow the chain the fall apart at such a late stage and they would effectively pay our buyers rent if necessary, just to keep the chain intact!

All ended well for us; we called their bluff, threatened to pull out and luckily completed on the originally agreed. Our buyers ended up paying their rent and mortgage for three weeks.

Why don't you seek your estate agents advice? Maybe they will offer the same sort of thing just to stop the chain collapsing if it gets to that stage.

Good luck; hold your nerve!

Kamma89 · 12/02/2019 17:36

Agree with wow & fudge that they may be wobbling so you need to get EA on the case asap to confirm. However, even if your local market isn't in huge trouble the perception of the housing market & need it in general is negative & you need to be prepared for them to play hard ball too.

When we moved from rented into our first home we got the chain to pay our rent, as ftb we didn't have equity anywhere where as the rest of the chain could easily absorb the cost. We were prepared to go with another house though if they didn't so stood firm. Renting is stressful in this country & they'll be facing bullshit charges their end most likely so don't ruin your sale over what in the grand scheme of things isn't a lot of money.

senua · 12/02/2019 18:14

If they were asking because of a sudden change in circumstances then you might be understanding but they have known about "they are in rented and don't want to pay for both" since the start of the process. They should have asked for mutually-agreed exchange and completion dates, taking into account notice periods etc, long before now.
Call their bluff.

didireallysaythat · 12/02/2019 18:28

Our mortgage provider would not extend our offer - have you got it in writing they will? If not let them know you might need to delay the date even more if you need to reapply. Might focus their mind....

Original poster
trevthecat · 12/02/2019 18:31

We are completing and exchanging on the same day. Ea aren't interested as the chain is FTB, us, empty house. I've spoken to our estate agent today and they don't think they can do much. I've asked about different ideas but the useless agent just said she would email them. Our solicitor has suggested we offer to contribute towards the cost of their rent. We have offered £250. But won't know until Thursday as our solicitor doesn't work Wednesday's! The whole system is mental! Completely agree with pp that they would of known this could happen and should of saved up money in the event of having an overlap. It's been all about them from the start. Reduced price after their offer, leaving things they have asked for (they offered money but we said no, we will just leave them as didn't want to complicate things) we've organised for the house to have a deep clean, had the chimney swept. Feel like we've been too soft!

OP posts:
Gazelda · 12/02/2019 18:35

I'd reluctantly agree on condition that contracts are exchanged now with the March date agreed for completion.

Don't exchange and complete the same day - you leave yourself wide open to them springing another surprise on you.

senua · 12/02/2019 18:45

We are completing and exchanging on the same day.
Any good reason why?Confused

Original poster
trevthecat · 12/02/2019 19:08

I have no idea! Thought that's how it's done. We've already signed all paperwork but it's not been dated. I'm not sure how it works if you do different days. We did both same day last time as FTB

OP posts:
wowfudge · 12/02/2019 19:18

Jeez - don't exchange and complete same day. Madness and definitely not the done thing or advisable.

They might pull out that day and leave you high and dry. Tbh knowing what you've now said I'd exchange on the agreed date and complete 3 or 4 weeks later. I'm not surprised they are pushing back and I think you should insist on a gap between exchange and completion. I suspect it's seen as low risk as you're buying an empty house, but you don't want the stress of everything happening, or not, same day

Btw - you shouldn't have offered them anything and the EA needs a rocket and needs to pick up the phone to the buyers. Wth is she earning money for?

wowfudge · 12/02/2019 19:20

To exchange and complete on different days you agree the completion date before or at exchange. It's then contractually binding. The buyers need to get their deposit to their solicitor and their finances need to be lined up.

senua · 12/02/2019 19:24

I'm not sure how it works if you do different days.
You sign a contract (exchange) on, say, the last day of the month to move (complete) on the last day of the following month. Now you have moving day set in concrete everyone can book things like removals, childcare, giving notice to the landlord (so you don't double up on rent and mortgage!). And nobody can pull nasty stunts like gazzumping/gazundering at the last minute.

wowfudge · 12/02/2019 19:27

If your buyers agreed to exchange and complete on different days and didn't complete, they would lose their deposit and would have to cover your costs incurred because you then can't buy the house you want. In practice this doesn't happen very often because of the financial penalties.

Original poster
trevthecat · 12/02/2019 19:27

Right, thanks for explaining. This has not been offered and when we spoke to our mortgage advisor early on he said all done same day. It's the norm for the area apparently.my mum and partners parents said the same. Oh god, worried now.

OP posts:
senua · 12/02/2019 19:29

It's the norm for the area
Where are you. It's not the norm in most areas of England!

wowfudge · 12/02/2019 19:29

Have a think about and sleep on it. If you want to offer your buyers anything I would offer them the guarantee of their purchase going through and a few weeks of not paying rent and mortgage. Sod what's normal for the area - do the sensible thing.

RandomMess · 12/02/2019 19:32

You pay more to exchange and complete on the same day and it has more risks!!!

Usual is 2 weeks between exchange and completion.

senua · 12/02/2019 19:33

we spoke to our mortgage adviser early on he said all done same day.
Since when is he in charge!? Speak to your solicitor.

PenguinPandas · 12/02/2019 19:37

I would exchange asap and complete later - somewhere between 22 Feb and 15 March. I have done exchange and completion on same day but normally with a mortgage one week plus is normal inbetween for extra checks to be done. Once you've exchange everyone is committed or loses 10% normally. Before exchange anyone can walk.

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