FTB exchange versus completion question

[TinyTroubleMaker]

FTB here, I've now got as far as survey and searches done. Half packed my current house, which is proving difficult with kids at home during the holidays but half way there.

Now the vendor's estate agent has got in touch to say the new build they are moving to, won't be ready until October so that's the earliest we can move. I get the impression they knew this so quite annoyed.

The estate agent is pushing for us to exchange now, which is 2 months before we can move. Is that normal? What is the risk to me if I do this? Is there a benefit? Any advice? I have never done this before so unsure whether it's something that I should agree to.

I see. I know prices are going up, it must be a horrible position for you to be in. Nobody can be sure what prices will do in the next year or two, unfortunately. I'd love to say, the market has been artificially overheated by the ridiculous stamp duty holiday and by covid generally, and so it may cool down, possibly a lot. But there is no way to be sure of that.
I wonder if your vendors suspect prices may fall before their so far mythical house is ready, and want to tie you in. By the same token, if they have any way to get out of the deal, they could back out if they think they could get more later on. They don't seem to have much in the way of principles either way. It's a dilemma.

If you're still considering the place, or think you might get them into rented, then a good roofer looking at the gutters/cladding would give you more idea. They might, with their experience, be able to make a guess at the condition of any rafter ends given what they actually can see. If they have just gone a little bit at the very ends, it's not that bad a problem to fix. In older buildings the rafters are often much heftier than they really needed to be, so can take a bit of wear.

Aside from that, basically the vendors want to sell their house, and then live in it rent free indefinitely while they have another house built in their own time. They ought not to have gone on the market until the house was built, or nearing completion. This is months into the process, and has the house even been started yet?

I can see the point about prices, but I think this is a problem that will only get bigger- and they aren't going to spend a penny on that house once they have a guaranteed sale, so anything that's an issue will only deteriorate over time.

Another thought- a deposit is payable at contract- basically an indefinite interest free loan to your vendors.
Again, they're being CFers.

@TinyTroubleMaker

Yes I don't see how they 'can't' go into a rental. That would solve the whole thing. Obviously it's a hassle isn't it.

Tell them they can move into your rental 🤣🤣 You’re the one holding all the cards here. Your vendors want to buy a new build, they are the ones who need to be inconvenienced, not you. I’d go back to the solicitor and tell them that you want to move ASAP, that it’s not your concern if the vendors have to rent for a while, and if that can’t be done, you will be putting your house back in the market.

issue will only deteriorate over time

Yes this is already 4 months after offer accepted, and not wishing to drip feed but they didn't seem the most inclined to DIY of any kind. When I looked round, house was grubby. Walls had been painted but without moving furniture so down sides of cupboards they've not covered the whole wall. They came across as slobs TBH. At the time I thought well I'll just come in, deep clean and paint everything before moving in. But the longer it takes to complete, the longer for any problems they ignore to build up.

Also they lied when I viewed, said the 12 year old boiler had been serviced recently and was fine. I know from solicitor since it hadn't been serviced in about a decade and they just had to have that done. It passed.

I'm getting some quotes, to be well armed when we go back to them.

Wondering whether the boards could just be removed and the house rendered. Still depends what's underneath, and whether that looks OK or sh*t. Would look different to all others on the same street.

You’re the one holding all the cards here I do wonder whether given the lack of available property in the area, they will feel they have the cards as it were. Depends how much they want that new house.