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Original poster

Completion date what happens if we can't agree?

25 replies

Thisismyusername1 · 23/04/2023 22:32

Property went under offer in October 22. It's a shared ownership flat being sold to FTB. We are moving into rented.

Conveyancer contacted me on Friday (21st) to advise purchaser wants to compete on 28th! This has come out of nowhere as last week we were still discussing extending the lease.

I'm actually on holiday until 5th May (in the uk but around five hour drive away).

I have arranged to collect keys for our new property on 19th May and have suggested 22nd May to our conveyancer.

However, I'm worrying as the purchaser obviously wants to move asap but I cannot do anything until I'm back and although I could stay with family in the meantime it wouldn't be convenient as would have to put everything in storage for a couple of weeks rather just putting it straight into the new property.

Basically all this waffle is to ask what happens if we cannot agree? Could the sale fall through? Thank you for any help

OP posts:
FiveShelties · 24/04/2023 07:38

I would get your solicitor to go back with the date you want and see if you can compromise. Are the contracts ready to be exchanged?

Yes the sale could fall over if your buyer insists on the date and you cannot agree.

Original poster
Thisismyusername1 · 24/04/2023 13:10

Thank you. Yes we are now ready to exchange, it turns out the buyers mortgage offer expires Friday which is why they wish to complete then. My solicitor is going to see if they can extend the offer otherwise they say the sale will fall through so fingers crossed the bank will allow the extended date

OP posts:
MoHunter · 24/04/2023 13:19

Our sale last year fell through due to buyers not telling us about their mortgage expiry date and they couldn't get a new mortgage - however this was in September when Liz Truss happened and mortgage rates /cost of living crisis exploded...😬We did find another buyer quite quickly luckily.

Your buyer should've really told you about this date much sooner!

Yes you could lose your sale I'm afraid... But if their mortgage offer expires now it was likely originally issues end of October (if valid 6 months), and if they had to get a new rate it wouldn't necessarily be considerably higher than it was at that time, I think, as rates have stabilized since then? They've definitely come down since we got ours in early December last year.

KievLoverTwo · 24/04/2023 13:38

Thisismyusername1 · 24/04/2023 13:10

Thank you. Yes we are now ready to exchange, it turns out the buyers mortgage offer expires Friday which is why they wish to complete then. My solicitor is going to see if they can extend the offer otherwise they say the sale will fall through so fingers crossed the bank will allow the extended date

I have been reading that mortgage offers are only getting extended by one month at the moment, for your info, so you may still have to get everything together fairly rapidly.

Original poster
Thisismyusername1 · 24/04/2023 21:50

Thank you for your messages. I am quite shocked the buyer or their solicitor didn't let us know how close to expiry the mortgage offer was.
Last week I was told we were still sorting the lease extension then got the email Friday 4pm they wanted to complete on 28th!
I'm also hopeful they may get the same deal and continue with the purchase.

OP posts:
thaisweetchill · 24/04/2023 22:07

Most lenders give a 45 day grace period after an offer has expired but sometimes has to be requested from their IFA.

Original poster
Thisismyusername1 · 24/04/2023 23:47

thaisweetchill · 24/04/2023 22:07

Most lenders give a 45 day grace period after an offer has expired but sometimes has to be requested from their IFA.

Thank you fingers crossed this happens as I don't really want to start the process again! It's quite lengthy with the shared ownership side of things

OP posts:
DoThePropeller · 25/04/2023 00:09

Personally I’d ditch the holiday and make it happen on Friday if they can’t extend. Property prices have dipped since October in most places and who knows how long it will take with another buyer.

HamBone · 25/04/2023 00:15

You’ve had good advice, OP. You honestly don’t want to put everything into storage for a month-one of my relatives is having to do that due to conveyancing delays and it’s such a pain. They’re even having to rent somewhere short term to live in!

Kerberos · 25/04/2023 00:15

Yep, I'd do what was needed for the sale to proceed, annoying as it is.

Unless you are not bothered about selling and are fine to wait for a new set of buyers?

Kerberos · 25/04/2023 00:17

You can pay a removals service, they'll pack it all up and store for you then deliver it all back to your new house when you're ready for it.

Original poster
Thisismyusername1 · 25/04/2023 00:22

Thank you all. With regard to value as it's shared ownership we have had to have RICS valuations done (and updated during the sale process) so the value will remain the same for the next three months as we are only able to accept offers at this figure.

Obviously would still prefer for the sale to go through with this buyer so will probably have to get back and get it through for Friday if the mortgage offer cannot be extended

OP posts:
Twiglets1 · 25/04/2023 06:45

Hopefully it can get sorted re them extending their mortgage offer.

But I wouldn't lose a sale over a holiday - I would be getting quotes from removal firms for Friday with a view to possibly coming back from holiday even if it is a 5 hour drive.

PotteringAlonggotkickedoutandhadtoreregister · 25/04/2023 06:52

What’s more important? Your holiday or your house sale?

cancel the holiday, sell your house.

MrsBlondie · 25/04/2023 14:37

PotteringAlonggotkickedoutandhadtoreregister · 25/04/2023 06:52

What’s more important? Your holiday or your house sale?

cancel the holiday, sell your house.

Totally agree.

FraterculaArctica · 25/04/2023 14:41

Last time we bought/sold a house we were told it needed to be a minimum of n(might have been 3, or 5) days between exchange and completion to allow the solicitor to draw down the funds from the bank, so this whole timescale sounds completely impractical.

Ilovetocrochet · 25/04/2023 15:02

FraterculaArctica · 25/04/2023 14:41

Last time we bought/sold a house we were told it needed to be a minimum of n(might have been 3, or 5) days between exchange and completion to allow the solicitor to draw down the funds from the bank, so this whole timescale sounds completely impractical.

You can exchange and complete on the same day, I did that in a previous house move.

FraterculaArctica · 25/04/2023 15:06

I know you can exchange and complete on the same day in theory, but the bank still may need a certain number of working days notice to release the funds - doesn't sound like this has been given.

HamBone · 25/04/2023 15:20

Solicitors and banks are always cautious about the time needed to transfer funds. In reality, most transfers can be made in 24-48 hours, but they allow more time just in case of unexpected delays.

YukoandHiro · 25/04/2023 15:21

Legally you have to be out on 28th if you complete then. Otherwise you have to pay rent to the new owners

Original poster
Thisismyusername1 · 25/04/2023 23:28

We haven't exchanged contracts yet so don't think we are bound to pay any rent etc if we don't complete Friday.

I have arranged for a storage unit and most of our stuff has been moved out.

However, there appears to be an issue with the lease extension so we cannot complete on Friday now!

OP posts:
Twiglets1 · 26/04/2023 06:07

Thisismyusername1 · 25/04/2023 23:28

We haven't exchanged contracts yet so don't think we are bound to pay any rent etc if we don't complete Friday.

I have arranged for a storage unit and most of our stuff has been moved out.

However, there appears to be an issue with the lease extension so we cannot complete on Friday now!

That's right - you're not bound to pay rent unless you have exchanged and completed.

Oh dear, looks like the sale will be delayed now anyway with the lease extension. The solicitors won't let you exchange until that is sorted out.

GoodChat · 26/04/2023 06:14

Our buyers delayed 3 times last year. We eventually told them if we didn't complete on the last agreed date we'd pull out completely. They cancelled their holiday to complete.

myheartmyhead · 26/04/2023 06:18

HamBone · 25/04/2023 00:15

You’ve had good advice, OP. You honestly don’t want to put everything into storage for a month-one of my relatives is having to do that due to conveyancing delays and it’s such a pain. They’re even having to rent somewhere short term to live in!

Storage should be the simplest of things to do.

HamBone · 26/04/2023 12:35

myheartmyhead · 26/04/2023 06:18

Storage should be the simplest of things to do.

Show quote history

Yes, @myheartmyhead, having reread the OP’s post, it is. My relative is making a big fuss about it though!

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