[quote GoingBacktoSchool123]@vickyc90 on what basis could you now pull out if your sale?
You've exchanged and notice to complete has been served so you are obliged to complete. Once the notice expires your buyer can either force you to complete or terminate try contract and claim damages including their abortive costs, cost of finding temporary accommodation and any additional costs incurred in securing another property.
You are not being magnanimous in agreeing to complete on your sale. You are contractually obliged to do so. Your seller is in a completely different position and hopefully will get sound advice from their solicitor and not be bullied by you into doing something very foolish.
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Nobody is obliged to complete as we haven't exchanged our buyer has basically said a date if we don't go for it they will take their business elsewhere as their landlord will only extend their lease by 6 months minimum I believe. Plus their mortgage expires which is a standard month extension which still takes us passed her new date. We will do simultaneous exchange and completion with them on Friday regardless.
I am saying the same to our vendor she exchanges and completes by middle of March or we will take our business elsewhere as at the end of the day this is a business transaction, her property is appealing as we could extend and we like the area.
Another property is available it is slightly more money needs a lot less work but as it for sale by a small scale developer he has searches in place and we could complete very quickly.
Delayed searches insurance is very very common now with the market moving so quick a large number of banks will also accepted vs the situation before COVID where it was unheard of. Our bank accepts them so if we go for the new build it is the route we will take if necessary.
At the end of the day we are purchasing an asset we will make it a home we like her house but not enough to be messed around when her documentation to her solicitor clearly states that she is not doing an onward purchase.
Our buyers and ourselves have been ready since the second week of January so we have been reasonable with her.
We don't actually mind moving out to wait if she had said she was doing the onward purchase from the start. My issue is she has communicated in writing she was happy with the original dates then after that has decided to change them and not tell anyone until the last minute.
This is our first attempt at simultaneous exchange and completion and it will be our last. If we had pushed for exchange in January with the long completion we could serve notice to complete on her. Lesson learned on that part.
So we will be putting it to our solicitor and hers on Monday (like our buyers have to us) she has three options
Indemnity insurance which we will cover
Expedite her searches at her or our cost
Move out and then complete on her onward purchase
She has until 12pm on Tuesday to respond after that we will withdraw and look for something else. From actually talking to her (it's a very small town it's perfectly normal round here our buyers have my mobile number and added me on Facebook hours after the offer was accepted) she was not made aware of the issue by her solicitor or any other options.
I am going to bow out of this for the evening and will up date on tomorrow but for the final time her solicitor has had ample opportunity to do the majority of the searches she is waiting on the local authorities search which tells you very little hence the insurance is so cheap! it wouldn't even cover the cost of a takeaway pizza, it's that cheap Kirsty would be proud she could use it in a Tweet!
I have also recently learned that the property she is buying is a developers resale so she could have site of his searches!!!!
The top and bottom in my opinion is she hasn't packed as her solicitor has said we would be fine with it without actually asking the rest of the chain if they will wait.