ad

Seller refusing to negotiate completion

L

Liamaustin24

New Member
Hello,

I'm a first time buyer, and I'm near to moving into my first house. Draft contracts have been completed, I have paid for multiple surveys (combined with solicitor fees, approx. £2000).

The issue is, myself and my solicitor suggested a completion date to the vendors. I wanted to do this in advance, as I rent currently and need to give a month's notice to my landlord. The plan was to agree a date 5/6 weeks in advance while some small enquiries were tied up.

When I offered on the property, the vendor stated they have a vacant property in which they had an offer accepted for, hence it should be a quick process. This sale/property has fallen through and is now off the market.

The vendors now claim to be looking for a rental property to live in temporarily 'as to not hold up the sale'. They have known about their initial house purchase falling through for over 6 weeks. They are a little older, and have a cat - hence are very picky about the area they rent in, and need somewhere 'pet friendly'. There are very few rental which allow pets. They flat out refuse to agree to or negotiate a completion date until their accommodation is sorted.

I am worried about them either offering to purchase another house (tacking on 2/3 months to my completion date) or taking weeks/months being picky finding a rental. Am I really expected to wait indefinitely until they find somewhere perfect to live? Is there anything I can do aside from threatening to pull out of the sale? I can't afford to lose about £2k and a house I really like.

I am new to this process, so apologies for my lack of understanding.

Thanks in advance :)
 
N

nmb

Well-Known Member
This is a very difficult situation for you and while you can be nicey nicey it may be time to get a little more determined. Maybe suggest to the seller's agent that a delay in completion might force you to review the sale price with markets under pressure from the coronavirus. You are taking a chance pushing it but you could be left hanging on for weeks or even months.
 
P

PostBrexitInvestor

Member
There will come a point with any property purchase where you need to walk away if the delays continue and start to impact your own life. In this case you probably have not reached that point yet but (as mentioned above) you might need to play hardball and mention a possible price reduction if the delay was to continue or even float the idea of calling the deal off. This would prompt, where possible, the seller to get things moving as the potential loss of money/a sale can do wonders to focus the mind!
 
Veronica

Veronica

Administrator
Perhaps while the delay continues you should keep looking at other properties. You might find one that you like more or if the seller knows you are looking for something else they might be prompted to speed up the completion.
 
Top