He can make the target clear, but in my opinion it isn't feasible unless it's a simple cash transaction where he can skip most of the checks. Realistically if you would rather pull out than pay the £15k stamp duty I'd be seriously considering not proceeding at the moment. Obviously pulling out means whatever you decide to buy will incur stamp duty in the future. 8 weeks (with 2 bank holidays) would be pushing it for a simple sale at a very quiet time for solicitors, at the moment things are absolutely mental. I think if I was you I'd be feeling comfortable and safe that you'll complete before the following stamp duty jump in September and the June one would be a "we're just going to have to pay it" unless some miracle happens.
The nervous wait to exchange....
- Thread starter noj
- Start date
When we made our offer we were "comfortable" (as can be) with potentially missing the deadline, but obviously there's still a chance to get it done in time so we're going ho for that. Pulling out is bottom of our list but it's the sort of thing that creeps into mind when you're having doubts.
We're not in a chain at all though.
Already had an update- seller's solicitors have received their "stuff" and will be forwarding to our solicitors today. We articulated very clearly to the agent that we made our offer with the expectation that the sellers would work with us to make the June deadline and we are not impressed with any sort of delay. Our solicitors seem very good (touch wood) so I'll give them a bell tomorrow and see what's what.
Sounds like we're in the same situation as you guys. FTBs, buying freehold from landlords. We want to push our solicitors but we 'only' instructed them on 16th April. Seller's tenants moved out last week, our solicitors haven't received a contract from sellers but haven't told us what else they've been doing in the meantime... They are responsive at least but we're worried they're just waiting. Last week she said she "wasn't worried, yet" about completing before end June...
Does anyone have a fair idea of what the solicitors should be doing in terms of process/order? lol, loaded question I know... But surely they can be starting the searches etc?
Had the girlfriend in earlier shouting that she doesn't want to ***** £15k down the drain to the government for no reason whatsoever. What a farce
Whilst the general point stands, it's not quite as bad as you're saying - it's only £12.5k not £15k, as it tapers to no SDLT on first £250k instead of 500k from 1 July to 30 September.
We're finally back up and running on our chain after our initial buyer pulled out due to new cladding info coming to light which means banks won't lend on the flat anymore. We have managed to substitute in a cash buyer who is comfortable with the cladding and willing to move extremely quickly...not bad going given we're only 2.5-3 weeks on from when our other buyer pulled out!
I'm very glad that we ordered our searches, for both the one we're buying and the one we're selling, back in March though! This means we can hand them over to our buyer without delay, not that he NEEDS searches being a cash buyer.
We're pushing the house we're buying to confirm that they're putting risk mitigation in place for if the searches don't come back in time on their onward purchase, ie making sure their lender and solicitor are on board with using search indemnity insurance as this feels like the critical path. As the house we're buying is eligible for multiple dwellings relief, the SDLT difference between 30 June and 1 July is £25k not £12.5k!
Our offer was actually conditional on making end of June, with a reduced value if we miss it. Not enough to offset the difference entirely, but as they're buying too they're also very keen to make sure that everyone makes the holiday, so hopefully we can get it sorted.
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Can you explain more here? How does one order their searches? Isn't this something the solicitor has to do as part of their process?
Would love more info on this too. I was reading up on indemnity insurance and wondering if/how we could use that as a backstop to just tell the solicitors to get it done as someone else listed above (unless it was you)?
Also, when do you get to find out a proposed completion date? When the solicitors are all done or?
Associate
- Joined
- 4 Jun 2020
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- 2,410
Back when I exchanged on my shared ownership, the solicitor basically did it on the day that the early completion incentive was to expire, and that was with a 2 week extension on the date due to delays from the HA's solicitor.
The exchange was done 8 months after the house was built, and the incentive timer started ticking down after land registry was done which was about 5-6 months after it was built.
The exchange was done 8 months after the house was built, and the incentive timer started ticking down after land registry was done which was about 5-6 months after it was built.
We instructed the solicitor to order the searches as soon as we knew we wanted to sell (normally buyer's solicitors order these, but nothing to stop seller ordering them.
We even ordered the searches for the house we're buying before our offer was accepted as we were confident we could come to a deal. It took 3 weeks to come to an arrangement but we're still ahead of the game because of this.
Search indemnity insurance is incase the searches don't come back in time, as these are currently a huge source of delay. Your solicitor should advise you as to if they think you should look at this. Phone them and have a chat if you're not comfortable with what's going on,
The proposed completion date is generally agreed by both parties at exchange when the solicitors are done their stuff yeh.
It appears I was a little too positive in my last update. It has all gone downhill and now the purchase, for all intent and purpose is off.
The sellers estate agent contacted us on Tuesday saying that their prospective purchase had fallen through but they were looking at other options.
On Wednesday the Estate Agent then confirmed that the sellers had decided to put down money for a new build. It would complete construction in Q1 2022 but they were willing to vacate so that we could complete in June.
Yesterday the Estate agent got in contact again and said that the sellers now required an additional amount of about £6k (£6,249 to be exact) to cover their mortgage redemption fee. As they were no longer porting the mortgage to a property and instead going for a new build their lender required full repayment.
We flat out rejected the proposal as the memorandum of sale had stated the agreed price was non-negotiable and we had already offered £5k over the guide price of £400k to £415k. The homebuyers survey we commissioned (which appears to be £425 wasted) said that the valuation of £420k was at the upper end of what the property was worth.
They then came back and asked we contribute £4k to ensure we completed by 30 June 2021 (being £2k under the stamp duty for first time buyers) which we again rejected as the property simply is not worth that amount and on principle we would rather pay the stamp duty.
This appears to have spooked the sellers who have now requested that the Estate Agent relist the property with a guide price of £425k to £450k and I am now probably close to £1,500 down in professional fees due to their decision.
The new guide price is up to £50k higher which is an absolute joke.
The sellers estate agent contacted us on Tuesday saying that their prospective purchase had fallen through but they were looking at other options.
On Wednesday the Estate Agent then confirmed that the sellers had decided to put down money for a new build. It would complete construction in Q1 2022 but they were willing to vacate so that we could complete in June.
Yesterday the Estate agent got in contact again and said that the sellers now required an additional amount of about £6k (£6,249 to be exact) to cover their mortgage redemption fee. As they were no longer porting the mortgage to a property and instead going for a new build their lender required full repayment.
We flat out rejected the proposal as the memorandum of sale had stated the agreed price was non-negotiable and we had already offered £5k over the guide price of £400k to £415k. The homebuyers survey we commissioned (which appears to be £425 wasted) said that the valuation of £420k was at the upper end of what the property was worth.
They then came back and asked we contribute £4k to ensure we completed by 30 June 2021 (being £2k under the stamp duty for first time buyers) which we again rejected as the property simply is not worth that amount and on principle we would rather pay the stamp duty.
This appears to have spooked the sellers who have now requested that the Estate Agent relist the property with a guide price of £425k to £450k and I am now probably close to £1,500 down in professional fees due to their decision.
The new guide price is up to £50k higher which is an absolute joke.
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wow that's bad form. Any grounds for a small claims court to get your money back since they've basically reneged on your sale?
Deleted User 298457
Deleted User 298457
Sold "subject to contract"; I doubt it.
Should have gone back and paid £3k or something towards their costs. Can't sleep in your moral high ground.
Sold subject to contract so not a lot I can do, but as you said, it's really bad form and pretty scummy of them.
The lease on our flat lasts till October so not a huge rush, but would have preferred to complete sooner rather than later. The fact is back on the market for more than the difference between what we offered and what they needed for the mortgage redemption fee just shows they were after the money imo.
Deleted User 298457
Deleted User 298457
Well... yeah... and when you sell your house you'll also be "after the money". Finding houses sucks and tactics like this are not uncommon. Likewise when you sell, prepare to be stitched up by a home buyer report stating 20k of repairs are required which the buyer then uses to knock a whole bunch of cash off of the sale price.
It sucks but to some extent you've cut your nose to spite your face on this one, IMHO.
I completely agree and said exactly that to the estate agent. It's the principle and granted I've now lost out on the house, I felt like it was completely underhand and unreasonable.
Deleted User 298457
Deleted User 298457
Totally agree. It is a shame really. I guess they had mad maths on their side about moving out, renting for a bit, or whatever else - and the logical conclusion was to get you to contribute on the basis it was "still cheaper". If you've paid for searches and what not, the estate agent may offer the new buyer the chance to buy your searches from you which may mean you recoup a bit.
Soldato
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- 2 Jul 2019
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Garden looks nice! a lot of upkeep but worth it. Congrats
Soldato
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- 2 Feb 2010
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- 11,159
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- Crowmarsh
Congrats, looks a really nice place 
Just wanted to say that I agree with your decision of walking away. Asking for more money because of their change of heart or circumstances is just not on. You could have met them in the middle but what with the relisting it sounds like it would have never been enough. If they think someone is going to pay more for their flat just because they have an increase in costs their side then they'll soon be proven otherwise. Some people live in cloud cuckoo land.
Just had all of our documentation/reports etc. through from the solicitor to read and sign. Interestingly enough on the fixtures and fittings they state they are not including (i.e. are taking) the fridge/freezer, dishwasher, and washing machine. Considering the property was rented out (tenants left a week or so ago) I can't fathom why they wouldn't leave these for us, or at worst offer them to us at a price? 
That's weird, right?
It's quite annoying as coming from our rented place we have none of these things.. And we want to redo the kitchen (after the loft conversion), so it'd be difficult to pick appliances we'd want in the new kitchen right now...
That's weird, right?It's quite annoying as coming from our rented place we have none of these things.. And we want to redo the kitchen (after the loft conversion), so it'd be difficult to pick appliances we'd want in the new kitchen right now...