Agent has said i need to exchange by Friday, before the damp proof survey and other assessments

user1471538283 · 04/01/2021 22:03

I wouldn't go ahead without your survey and other things and I doubt your solicitor would let you. What if there is something seriously structurally wrong?

Your vendor can put it back on the market but they will start from scratch.

From my experience if the vendor is being this difficult I would let it go. I know it's such alot of money but one of my vendors was so difficult and I went through with it. I ended up losing so much money

ScarletUnderkill · 04/01/2021 22:09

Don’t be bullied by the agent. They want their commission and they are only thinking £££💲💲💲💲.

Don’t go ahead without doing your full research.

redfernsydney · 04/01/2021 22:18

Don't be bullied and be wary of damp proof survey. .what are they trying to sell you?

Somuddled · 04/01/2021 22:58

Don't let them bully you. If the ultimatum they have been given further along the chain is real, you should be able to get it in writing from their solicitor, not the agent or them. If you do go ahead with the earlier date, insist on a significant drop in price to mitigate your risk. See if a sudden big drop in price suddenly makes their timeline change.

IfTheSockFits · 04/01/2021 23:16

Use your own damp surveyor, don't use the agent's one.

As other pp's say - don't let them bully you. I reckon they want you to sign on the dotted line quickly so you don't back out when expensive problems are uncovered.

They won't want to have to find a new buyer all over again if they are under pressure from higher in the chain, will they?

Dinosauraddict · 05/01/2021 00:59

There's a really easy answer here: 'As you know, exchange on X date won't be possible, as surveys are booked for Y date.' (Repeat as required.)

Chalfontstgiles · 05/01/2021 05:09

Oh you need to tell them to politely sod off on this. Use your own surveyor 100% and just try and stick to plan. This sounds like blather and rubbish. The process takes which the process takes, remind them your’e committed but that the agents pushiness is now causing you concerns!

KihoBebiluPute · 05/01/2021 05:26

Getting ballpark figures for the worst-case scenario to replace the number in the below, send back something like:

"The assessments that are booked for Thursday 7th and Tuesday 12th are indispensable prerequisites for me going ahead with the sale as planned. Allowing time for the professionals involved to report back to me, I do not expect to be in a position to exchange before Friday 15th January. I understand the vendors position but I cannot be railroaded into ignoring these processes which are vital to ensure I am not left with unforeseen liabilities and expenses. The only way I could agree to exchange by Friday 8th January would be to proceed on the assumption that the outcomes of the planned assessments will be a 'worst case scenario' and will identify essential work to the property costing circa £50,000 and therefore reducing the sale price by this amount. Please let me know if the vendors wish to exchange on Friday 8th with that reduction in place, or whether they would prefer to wait until I have the professional reports back in which case I would anticipate being able to exchange with a higher sale price assuming that the worst-case scenario is not confirmed by these assessments."

custardbear · 05/01/2021 05:49

No way! What are they going to do, put it on the market, sell and exchange with someone else quicker -
Not gonna happen
Tell them you need these specialists first to assess the problem, also, if it's a flat would the cost be shared amongst the other owners? (Not had a flat before but I'm sure others are often liable foe such costs concerning the structure)

PowerslidePanda · 05/01/2021 08:59

The Agent has told me that the vendors have only found out today that they need to exchange by this Friday or their onward purchase is going on the market as their sellers are greedy and tired of waiting (my offer was accepted early in october)

Not your problem, frankly! I get that they want to keep their vendor happy but they need to keep their buyer (i.e. you) happy too. They can't buy that house, or any other, without selling theirs first. It would be different if the delay was because you're mucking around, but it's not - it's for a very valid reason. It'll take as long as it takes, and would no matter who their buyer was. Not your problem if their own vendors aren't patient enough.

Theunamedcat · 05/01/2021 09:02

@KihoBebiluPute

Getting ballpark figures for the worst-case scenario to replace the number in the below, send back something like:

"The assessments that are booked for Thursday 7th and Tuesday 12th are indispensable prerequisites for me going ahead with the sale as planned. Allowing time for the professionals involved to report back to me, I do not expect to be in a position to exchange before Friday 15th January. I understand the vendors position but I cannot be railroaded into ignoring these processes which are vital to ensure I am not left with unforeseen liabilities and expenses. The only way I could agree to exchange by Friday 8th January would be to proceed on the assumption that the outcomes of the planned assessments will be a 'worst case scenario' and will identify essential work to the property costing circa £50,000 and therefore reducing the sale price by this amount. Please let me know if the vendors wish to exchange on Friday 8th with that reduction in place, or whether they would prefer to wait until I have the professional reports back in which case I would anticipate being able to exchange with a higher sale price assuming that the worst-case scenario is not confirmed by these assessments."

Send this

DameCelia · 05/01/2021 09:08

Ask the agent for details of their indemnity policy in case your mortgage lender refuses to lend on the property once your solicitor has sent the results of the damp survey to the lender. Obviously you'll be claiming on the agent's insurance for money to buy as you'll be committed to buying once you've exchanged.
Usually works.

Original poster

Tomoveorno · 05/01/2021 10:39

Thank you everyone - i will contact the agents this morning

OP posts:

Dinosauraddict · 05/01/2021 18:26

What did they say today?

GenderApostate19 · 05/01/2021 18:38

Damp ‘surveyors’ are usually companies flogging damp proofing products.
Tread carefully.

Original poster

Tomoveorno · 05/01/2021 21:12

Hi thanks for checking in @Dinosauraddict. I contacted the agent saying i would need to use my own surveyor and not theirs and that I wanted my builder to come in and have heard nothing .

On reflection, I should definitely have followed @Theunamedcat wording more closely.

Ive also just noticed that the flat is still showing as ‘for sale’ on Rightmove which makes me wonder if they have recieved a higher offer as the agent indicated to me yesterday that the market is ‘on fire’ right now. I am in SW London and had not noticed this 😬

Feels like a nightmare from beginning to end!

OP posts:

Theunamedcat · 06/01/2021 08:32

Can you afford to let this one go? They cannot sell and exchange by Friday but if they are lying about this then your stuffed really

Contact them once more to finalise the deal if they refuse to engage move on? And leave a bad review for the estate agents they have potentially lost clients just dont buy a house via them again

Original poster

Tomoveorno · 06/01/2021 14:25

I arranged to view the flat one more time this morning as I wanted to check that I still really liked it, on the very unlikely extent that exchange could still take place.

I spoke to the vendor whilst there and he is quite adamant that they will lose their onward property if they do not exchange by Friday. He also said that he is not reducing the price regardless of what any survey states as the valuation did come back at the purchase price.

Does this mean that the flat is adequately priced regardless of the issue with the damp and chimney? Going round in circles and I wish i could solve this

OP posts:

DrIrisFenby · 06/01/2021 14:30

Walk away. Chalk the money up to experience and walk away...

You need to be certain that you are not buying a money pit and that is why you have a survey. Sudden urgency to exchange at the point where you have discovered an issue is a massive red flag about a mile wide!

Hard as it is, walk away.

Theunamedcat · 06/01/2021 14:32

Then he loses his sale he cannot demand that you take his flat regardless he is the one who has no choice here you have plenty you get the survey or you walk and personally if there are damp issues and he won't accept a reduction i would be running anyway

GypsyLee · 06/01/2021 14:35

The agent has nothing to do with it once you have gone to your solicitor.
No way would I give my details to a vendor either.
Just because he's had a valuation doesn't mean he shouldn't drop the price.
I'd walk away tbh.

CaraDuneRedux · 06/01/2021 14:36

Possible structural issue with the chimney? Better to lose 3K than have yourself lumbered with 100K+ of flat you can never resell because of a structural issue that you allowed yourself to be rail-roaded into ignoring. (Take it from a woman who owns a house which can't be resold due to an illegal loft conversion, and who can't fix the loft conversion because of party wall legal issues...)

Walk away now.

PowerslidePanda · 06/01/2021 14:37

Does this mean that the flat is adequately priced regardless of the issue with the damp and chimney?

Nope! The bank's valuation is only skin deep - it looks at the property as its presented and how that compares to other things that have sold recently. They're not interested in any expensive hidden work you might need to take on - that's why if you want a structural survey or even a home buyers report, it'll only happen if you foot the bill for such checks.

CupcakesK · 06/01/2021 14:43

I’m no expert here, but not assume the valuation the vendor is talking about is your mortgage company’s valuation. This valuation is usually very superficial - I.e has the property got 4 walls, a roof and functioning kitchen and bathroom and therefore mortgageable. As far as I’m aware they don’t pick up more specific problems such as damp and the chimney.

If you like the property and are willing to do some remedial work, depending on what your surveys come back with, then hold on for them and use that to negotiate the price down. However, if your heart isn’t in it or you don’t want to do the work then walk away. Don’t be bullied!

viques · 06/01/2021 14:47

Imagine for a moment that the flat is a second hand car you want to buy, you have seen the car, and like it, you have even had a little test drive or two in it and it suits you , just what you’ve been looking for, but being sensible you have asked the RAC to check it over for you because you aren’t a mechanic and although you can see it looks clean and shiny you don’t know what is going on under the bonnet and you know that car repairs can be expensive to put right. But the owner has phoned you up and said if he doesn’t get the money for the car he won’t be able to go ahead buying his newer bigger and better car. He says the car is fine, he’s been driving it around and it hasnt given him any problems and anyway even if it wasn’t fine he wouldn’t be reducing the cost to pay for any repairs. He also says he wants the money by Friday, though he knows the RAC are booked in for next week.

Would you buy the car?

Now, back to your house purchase...........