Buying a property...seller wants to complete early...!
Discussion
Hi
I hope some one can help me. I am a first time buyer and so far all the legal stuff has been plain sailing.
I did enquire about before making an offer that seller is not in chain.
I have made several Enquries throughout the process to get the update on progress and now solicitor has sent me the contract and said we are close to exchange.
I have been stating from the beginning that I have to give my landlord notice and did manage to change my tenancy to rolling rather than extending.
Now out of the blue my sellers estate agent rings me and says that we should really push and you should ask your solicitor to get things done quickly to which I agreed and three days later he called me and said that they want to complete on 19 September as sellers mortgage offer expires on 20th
I did not give notice to my landlord as my solicitor advised me against it and said unless the exchange is done nothing is concrete and it may result in homelessness
Now the sellers agent kept calling me since two days stating that if we don't complete I will lose the property and I think I am being bullied in to agreeing to this as I don't want to lose the property.
But I cannot afford to pay rent and mortgage payments and interest from the day of completion
Moreover I will need to make changes to my daughters nursery and all too...
I am not sure what my options are?
Hope someone can advise me.
Regards,
First time buyer
I hope some one can help me. I am a first time buyer and so far all the legal stuff has been plain sailing.
I did enquire about before making an offer that seller is not in chain.
I have made several Enquries throughout the process to get the update on progress and now solicitor has sent me the contract and said we are close to exchange.
I have been stating from the beginning that I have to give my landlord notice and did manage to change my tenancy to rolling rather than extending.
Now out of the blue my sellers estate agent rings me and says that we should really push and you should ask your solicitor to get things done quickly to which I agreed and three days later he called me and said that they want to complete on 19 September as sellers mortgage offer expires on 20th
I did not give notice to my landlord as my solicitor advised me against it and said unless the exchange is done nothing is concrete and it may result in homelessness
Now the sellers agent kept calling me since two days stating that if we don't complete I will lose the property and I think I am being bullied in to agreeing to this as I don't want to lose the property.
But I cannot afford to pay rent and mortgage payments and interest from the day of completion
Moreover I will need to make changes to my daughters nursery and all too...
I am not sure what my options are?
Hope someone can advise me.
Regards,
First time buyer
Who else are they going to step in and buy the place in a week if you don't complete when they want? Almost certainly nobody can/will.
They want out earlier than originally planned then they should be taking the cost (e.g. your month of rent payments) on the chin as a consequence of that.
They want out earlier than originally planned then they should be taking the cost (e.g. your month of rent payments) on the chin as a consequence of that.
LooneyTunes said:
Who else are they going to step in and buy the place in a week if you don't complete when they want? Almost certainly nobody can/will.
They want out earlier than originally planned then they should be taking the cost (e.g. your month of rent payments) on the chin as a consequence of that.
This.They want out earlier than originally planned then they should be taking the cost (e.g. your month of rent payments) on the chin as a consequence of that.
I was in exactly the same situation when I bought my first place. Sellers knew I needed to give two months notice, but decided they wanted/needed to move faster. I told them I was fine with this if they paid the rent, which they did - some legal thing about withholding a piece of the deposit that I got back on completion (I forget the details!).
On the plus side, it also made moving a piece of cake for me - I had a few weeks to redecorate and get furniture delivered before I moved from one flat to the other.
Buying a house is rather stressful - and expensive.
As stated, they are hardly going to find another buyer who will complete by the 19th, so work out your additional costs and agree to complete early if they drop the price by that much. You don't have to move instantly - you could use the opportunity to clean up the new house etc.
If the story is true the sellers have the whole chain at risk.
As stated, they are hardly going to find another buyer who will complete by the 19th, so work out your additional costs and agree to complete early if they drop the price by that much. You don't have to move instantly - you could use the opportunity to clean up the new house etc.
If the story is true the sellers have the whole chain at risk.
It invariably comes down to money. If the seller's mortgage offer really does expire on the 20th, they do need to complete by then (however stupid they are for not checking sooner). If you've told them all along that you need sufficient notice then you'd be quite justified in asking for your extra out of pocket expenses - I bet a month's rent won't be too much in the context of the purchase.
Of course, the seller could say no and simply decide no longer to sell to you...
Of course, the seller could say no and simply decide no longer to sell to you...
Thanks for all the advise.
If I could afford it then I would have agreed to the completion date and just moved on but I can't afford to pay rent and mortgage at the same time. I also don't want to be in a situation losing the property which means losing all the money spent towards mortagage advise, solicitor etc....
I will propose seller to pay for my rent.
If I could afford it then I would have agreed to the completion date and just moved on but I can't afford to pay rent and mortgage at the same time. I also don't want to be in a situation losing the property which means losing all the money spent towards mortagage advise, solicitor etc....
I will propose seller to pay for my rent.
Thanks for all the advise.
If I could afford it then I would have agreed to the completion date and just moved on but I can't afford to pay rent and mortgage at the same time. I also don't want to be in a situation losing the property which means losing all the money spent towards mortagage advise, solicitor etc....
I will propose seller to pay for my rent.
If I could afford it then I would have agreed to the completion date and just moved on but I can't afford to pay rent and mortgage at the same time. I also don't want to be in a situation losing the property which means losing all the money spent towards mortagage advise, solicitor etc....
I will propose seller to pay for my rent.
Hi there
You are the person in power here. You are a first time buyer with nothing to sell, the sellers should be aware of that and if they are sensible they will not want to lose you. You hold all the cards so to speak and you need to use this to your advantage.
With regards to the the mortgage offer, its quite normal for the finance company to extend the offer as long as they know the situation. However there could be more to it than that,the sellers financial situation may be worse now than when they applied for the mortgage and they are fearful that they can not gain the same level of borrowing. But they should be speaking with their Solicitor and lender.
I remember being in the same situation as you when I bought my first pad, it felt overwhelming and because I didn't know what to expect or understood what happens when you buy a house, I was pushed into doing what the sellers wanted and it cost me. Now I have bought and sold quite a few houses (and work in the financial industry) I always kick myself about it.
What I am trying to say is relax, tell the sellers Estate Agent exactly what you want or your walking. Don't forget the Estate Agent need you because you are the key to the sale for their commission. The sale won't fall through unless the seller, estate agent and their solicitor don't know how the industry works!
Adam
You are the person in power here. You are a first time buyer with nothing to sell, the sellers should be aware of that and if they are sensible they will not want to lose you. You hold all the cards so to speak and you need to use this to your advantage.
With regards to the the mortgage offer, its quite normal for the finance company to extend the offer as long as they know the situation. However there could be more to it than that,the sellers financial situation may be worse now than when they applied for the mortgage and they are fearful that they can not gain the same level of borrowing. But they should be speaking with their Solicitor and lender.
I remember being in the same situation as you when I bought my first pad, it felt overwhelming and because I didn't know what to expect or understood what happens when you buy a house, I was pushed into doing what the sellers wanted and it cost me. Now I have bought and sold quite a few houses (and work in the financial industry) I always kick myself about it.
What I am trying to say is relax, tell the sellers Estate Agent exactly what you want or your walking. Don't forget the Estate Agent need you because you are the key to the sale for their commission. The sale won't fall through unless the seller, estate agent and their solicitor don't know how the industry works!
Adam
fordmon said:
Thanks everyone..
I spoke to my solicitor and am awaiting replay.
My mortgage advisor said that the enquires raised are still pending and until completed we can't complete anyway and they should have informed us about the time line earlier.
Will let you guys know ..
Thanks
"I spoke to my solicitor and am awaiting replay.I spoke to my solicitor and am awaiting replay.
My mortgage advisor said that the enquires raised are still pending and until completed we can't complete anyway and they should have informed us about the time line earlier.
Will let you guys know ..
Thanks
My mortgage advisor said that the enquires raised are still pending and until completed we can't complete anyway"
Not quite understanding this?
How would your mortgage advisor know what enquiries have been raised and are still pending, given that you've not had a reply from your Solicitor?
Was your mortgage advisor & Solicitor recommended to you by the Estate Agent?
Sounds like your solicitor has asked questions what haven't been completed. once there happy with the answers given you can complete. In the mean time ask your landlord how much it will cost you to leave early then pass it on to the sellers and then if they want to complete early they pay these fees.
You have the power to when you complete or not as to the mortgage expiring Sarnie will probably advise as im sure they mean there fixed rate is expiring
You have the power to when you complete or not as to the mortgage expiring Sarnie will probably advise as im sure they mean there fixed rate is expiring
Rude-boy said:
Sarnie - I'm sure your people don't do this but in the last 6 months or so I seem to get more weekly (and some call twice weekly...) update calls from mortgage brokers than I do from agents...
Nope, we don't do that at all, which is why I asked the OP the questions as it seemed odd that the mortgage advisor was giving information out about enquiries still being outstanding etc.After the Offer is issued, thats largely our work done then. We then just let things take their course, us phoning multiple times isn't going to get anything completed any quicker!
We'd probably only call the Solicitor if the Offer expiry date was coming up or we'd not heard from the client for a few weeks, which happens.
I got an update from my solicitor yesterday and apparently they been made aware of the mortgage offer expiring may be a week ago and the actual expiring date is 1st.october and not 19th sep as said seller's estate agent.
I made it clear to my solicitor that i cannot afford to pay for two properties and if seller's are willing to pay my rent then I can move.
Seller's agent called me today asking me if i am willing to move by end of this month and i did tell him that i cannot afford to move as i will have to pay for two properties. He started insisting, saying i will lose the property and the property prices are going up and i will lose everything i spent so far. he then said if sellers can contribute something then am i willing to move.
i agreed that if seller is willing to pay then i can move. He said he will speak to sellers and call me back. He called me back in like 10 mins an said that seller is not prepared to pay as they have already reduced the property price. ( we offered more but the bank valuation came back 3000 less so they agreed to take less).
Then he kept insisting that the i will lose property and all the money spent so far. I did say that if i lose then the sellers will lose too ....
But he kept on insisting saying they don't have to move but would like to move so they wont be homeless as me (i told him i will keep living in the tenancy...)
He said i can think through the night and will call me tomorrow to find out......
I am not sure should i give in ..take it on the chin and move on (which means no money for white goods in the house) and will have to borrow some from friends...
Any thoughts?
I made it clear to my solicitor that i cannot afford to pay for two properties and if seller's are willing to pay my rent then I can move.
Seller's agent called me today asking me if i am willing to move by end of this month and i did tell him that i cannot afford to move as i will have to pay for two properties. He started insisting, saying i will lose the property and the property prices are going up and i will lose everything i spent so far. he then said if sellers can contribute something then am i willing to move.
i agreed that if seller is willing to pay then i can move. He said he will speak to sellers and call me back. He called me back in like 10 mins an said that seller is not prepared to pay as they have already reduced the property price. ( we offered more but the bank valuation came back 3000 less so they agreed to take less).
Then he kept insisting that the i will lose property and all the money spent so far. I did say that if i lose then the sellers will lose too ....
But he kept on insisting saying they don't have to move but would like to move so they wont be homeless as me (i told him i will keep living in the tenancy...)
He said i can think through the night and will call me tomorrow to find out......
I am not sure should i give in ..take it on the chin and move on (which means no money for white goods in the house) and will have to borrow some from friends...
Any thoughts?
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