Pushy vendors now delaying completion - what are my options?

[MarmiteAndMustard]

Half rant/half need advice.

I’m a first time buyer so no experience in these matters. My offer was accepted on a property back in August. Both parties were aiming for completion early December but it didn’t happen. Around this time the vendors were getting pushy and were ranting at me about how long it was taking, stating that they absolutely could not complete any later than the first week in January. They’ve been very secretive about their onward plans but I believe there is no chain - it’s just me buying from them.

Before Xmas, I suggested a date for this week to allow them some flexibility and they came back saying today. I have booked removal vans etc for Wednesday giving me a couple of days to clean etc (it will definitely need it!). Everything is packed up more or less and I had planned to start moving smaller items today.

At 5.20pm, my solicitor finally got in touch to say they cannot compete until Thursday because the property is not clear and they have a skip there until Thursday. I’m livid that they left it so late to inform me.

My solicitor wants to know how I wish to proceed. I don’t know what my options are. The private rental I’m in has been sold and I need to be out (I timed it all to leave time to clean etc) and I’ve incurred other expenses, not to mention time off work etc! But we haven’t exchanged so I don’t know if I can claim my expenses. I’m so angry about the way I’ve been treated - they must have known yesterday that they wouldn’t be able to complete today - I’m dubious that it will be Thursday even.

How should I handle this please?

Your solicitor should handle it for you! Was a completion date not agreed when you exchanged contracts? And ask your agent if they have visibility across the chain, they should have.

Why haven't you exchanged? Are you planning to do both on the same day,and if so, why?

If you haven't exchanged then no you can't claim expenses. I would push for exchange tomorrow and then completion on X date. If they are vague about exchanging (there shouldn't be any reason to delay that - makes no difference to skips etc) then you know there's an issue and can start stamping your feet.

You haven't exchanged? You have three options

• suck it up
• pull out
• tell them Thursday is fine but you are reducing your offer by £1000 and will reduce it by £1000 for every day they delay after Thursday (but you do have to be prepared to pull out if they don't accept this).

House buying and selling is the pits.

She’s asking how I want to proceed. Their office is now closed. We haven’t exchanged yet, I believe it was going to happen at the same time as completion. My biggest concern is that they won’t be able to do Thursday either. My mortgage funds have been deposited with the solicitors so I now have to pay the interest on it plus insurance etc etc. I can’t believe they’ve done this given their previous attitude! I want to message them directly but resisting so far.

Sorry it’s not my field but I believe that as you haven’t even exchanged yet then you won’t be able to claim any costs. What does your solicitor say and why on earth have they allowed you to exchange and complete on same day when you were looking to complete in December.

Our completion was delayed by 3 days by the bottom of the chain having mortgage difficulties but they paid for everyone’s excess removal costs.

My solicitor suggested exchanging before Xmas but it didn’t happen - not sure why. Can I specify that I want the keys by a certain time on Thursday? Or insist on it being Wednesday? I want to pull out if I’m honest but then I’d be homeless and I have kids. It took them a long time to sell - it needs a lot of work.

The day of completion is only written in stone at the point of exchange. By not exchanging sooner, you are left exposed to the whims of the vendor - they could move completion day to next Christmas if they wanted to and there's not a lot you can do about it.

Purplewithred makes a good suggestion - you need to tie them down to a completion date and exchange contracts quickly.

Can you mve stuff into storage and stay at a hotel for a few nights if things slip to next week?

Regarding a time to get the keys - this is dictated by the money transfer timings. It is very unlikely you would get the keys before midday on completion day. They also need to have moved out.

You have my sympathy - it is a horrendous business!

All the funds are with the solicitor already so unless the bank insist on taking back the mortgage, then it should be good to go.

I can’t afford to stay in a hotel or use storage. I never considered the possibility they’d do this as they were so insistent that they needed to move on the sale ASAP. The house was incredibly cluttered. They’ve obviously miscalculated how long it would take to empty the house but should have known earlier today that it wouldn’t be done today! The skip will be blocking the access as it’s down a single track private road so will need to be moved before I can get in.

Standard for your loan funds to be drawn down the day before Would be unusual for you to get keys before midday particularly if they are moving out on same day

The funds may indeed be with your solicitor, but they need to be transferred to THEIR solicitor for the keys to be released. This is what can take time on completion day.

You need to make a plan for the vendor not being able to complete on Thursday, and choose between delaying and dropping out completely. Focus their attention by threatening to reduce your offer, as suggested upthread, then hold your nerve. Hopefully they are just as keen to get the move done, and it's simple disorganisation.

How on earth do your solicitors have your mortgage funds if you haven't exchanged?!

I would be concerned that without exchange they are not obliged to complete or even sell at all! Sorry OP but you’re in a bit of a vulnerable position.

Thanks everyone - this has been really helpful in calculating my next move. I’m going to insist on exchange tomorrow or I will reduce my offer. I’m fairly certain they’re desperate to sell given how long it was on the market. I suspect they’ve moved already but are taking longer to empty their house. I know they were selling stuff when I had the final viewing (was meant to be ahead of exchange).

I assume funds were drawn down in anticipation of completion today. My solicitor said they may not take the funds back but it will cost me the daily interest.

I will check with the removal company tomorrow how this will affect things.

I didn't think loan funds were drawn down before exchange?

I’m guessing it’s because they were supposed to exchange and complete today. I’ve had an email from the bank informing me the mortgage completed today

If it doesn't go ahead the funds will be returned You will have to pay the interest
Individual Lenders have different time scales for this

the problem with reducing your offer is that the mortgage company may well insist on reissuing your mortgage offer as a result, which can take time. Do check that out in advance as you don't want the sellers to agree to hurry up, only for your mortgage offer to delay it. The mortgage company can do that even though the money is sat with your solicitor

Good point squee, I recall the LTV being a factor in the offer.

I’ve calmed down slightly now. I’m firstly going to speak to the removal company and see how early they’ll need the keys. I know I’m not the only job that day so there may be time restrictions. Then find out if I can insist on a time for completion. If these cause a problem, I’ll insist we complete Wednesday.

I’m just going to have to let go of the time I’d planned to clean both the new and old properties and just make the best of it.

You have a rubbish solicitor.
You need to go round there before you exchange and complete to check on the state of the place.
They need to be OUT when you complete, as in immediately.
Do you have buildings insurance ready to go for when you exchange?

This is an example of why attempting to exchange and complete on the same day is rarely wise.

What have they said OP - do you have any concrete agreement yet?
Buying and selling properties is horrible!

My conveyancer is an online one. I’ve spoken to her today and we discussed in more detail the position. I am insisting on exchange today. My mortgage funds will only be held until tomorrow so I’m also insisting on completion tomorrow.

I’m anxiously waiting for my solicitor to confirm if we are exchanging today (refreshes emails again).