The nervous wait to exchange....

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Regy53 said:
We are fairly chain free between the people we are buying from, they wanted to exchange last week and complete last week of Jan. They couldn’t understand why I wasn’t happy to do that. I just felt so much can change in that time, including what condition the house is in? Or is it normal to have such a long period?
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~4 weeks isnt a huge amount of time, but it depends really, why the wait? there may be some reason for it but it's hard to say...

When I bought a place (no chain from either party) we exchanged and completed on the same day. If I recall correctly we were supposed to exchange about a week prior, but due to a **** up from the solicitors I was buying from it couldn't happen, so it all happened at once to avoid extending the process, I supsect my solicitors may have given thier solicitors a polite rollocking to move things along.
 
koolpc said:
4 weeks is bonkers! Have they said why such a gap?
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No they want to complete and a date at end of Jan, then this week came threats that we need to exchange at latest before Xmas. I just said no. I dont mind a week before but not a month. The seller and I have exchanged numbers which is useful but got the old what’s going on text…
 
Well the key date is the completion date...exchange can happen any time as long as it's before completion, even possibly an hour before.

If they want to exchange before xmas, why not also complete the same day or week? bit of a mystery.

Maybe if they still need to live in the house for a few more weeks for whatever reason, logistics, new house not ready, moving etc... maybe they just can't/don't want to move out over the christmas period, but that wouldn't really explain the rush to exchange.
 
Regy53 said:
No they want to complete and a date at end of Jan, then this week came threats that we need to exchange at latest before Xmas. I just said no. I dont mind a week before but not a month. The seller and I have exchanged numbers which is useful but got the old what’s going on text…
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Sounds like you have the upper hand if you are ready to complete and they aren't. I'd probably put the pressure on them to both exchange and complete before Christmas.
 
I guess they want to exchange before Christmas so they can enjoy it knowing it’s not going to fall through and then want the comfort of having a month to get themselves sorted / ready for move.

I agree, however, it’s far too long. Two weeks maybe if they are struggling to arrange removals etc. but a month is pushing it a bit.
 
But also consider when you realistically want/need to get the keys and move in... considering it's the christmas period.

They maybe pushing for exchange just for peace of mind.
 
koolpc said:
Tell them you are willing to exchange a week or at the very most 2 weeks before completion.

4 weeks is unacceptable.
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Well, ok, but why? If @Regy53 isn't going to realisticaly want to move in before Jan 1st, for example, what odds does it make?

It still doesn't really explain why they want to exchange now and complete at the end of Jan, though... pick the phone up and ask them?
 
mattyfez said:
Well, ok, but why? If @Regy53 isn't going to realisticaly want to move in before Jan 1st, for example, what odds does it make?

It still doesn't really explain why they want to exchange now and complete at the end of Jan, though... pick the phone up and ask them?
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He should, but it's pretty obviously going to be that they want to have their cake and eat it - security of exchange but without having to move out until it suits them.
 
EvilRob said:
He should, but it's pretty obviously going to be that they want to have their cake and eat it - security of exchange but without having to move out until it suits them.
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I agree.. that's why it's a negociation, and that requires a sensible conversation. The exchange/completion/moving date is just another negociation after the sale price has been agreed.

The sellers should be more forthcomming with the reasons why, but equaly the buyer has a duty of care to themselves (as it's in thier interest).

If there's a simple reason for a longer than usual gap between exchange and completion, there's no need to be having some sort of 'mexican stand-off' via text message when a quick phone call probably clarify the situation, one way or another.
 
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It did get sorted in the end by the way i just refused…. They accepted after two days of emails. My text back to the sellers was all was fine just exchange nearer the advised completion date.

I think as per above they wanted to have security but equally thats a lovely place to be for them. I didn’t want a month of somebody living and removing stuff from a house im committed to buy.. there’s things like a 20-30 k swim spa etc and while there very nice people i just felt uneasy. Im glad my thoughts are shared though i feel less guilty now for the kick back
 
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Regy53 said:
It did get sorted in the end by the way i just refused…. They accepted after two days of emails. My text back to the sellers was all was fine just exchange nearer the advised completion date.

I think as per above they wanted to have security but equally thats a lovely place to be for them. I didn’t want a month of somebody living and removing stuff from a house im committed to buy.. there’s things like a 20-30 k swim spa etc and while there very nice people i just felt uneasy. Im glad my thoughts are shared though i feel less guilty now for the kick back
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Something like a 20k spa? (filthy sex pond) will have already been agreed in the inventory, so that's almost a moot point, along with things like fridge/freezers/, window blinds, carpets, plug sockets etc.

It's always stressfull for both parties, reading between the lines it sounds like the vendors were just looking for progress and comitment before the christmas blackout.
That's not to say my assumption is correct, but that's how I'm reading it.
 
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Feel like I've hit a brick wall with my purchase and not sure if it's worth going ahead now.

1. The house/land is unregistered with land registry and my solicitor tells me this can take 12+ months to be granted. The sellers solicitor ha e advised they will assist with any questions that arise from this but won't undertake the issue. I feel the sellers solicitor should undertake myself and they are handling this at arms length when it's still the sellers property, not mine.

2. The seller had new windows fitted 8 years ago (2015) and there's no proof these were done the correct building regulations. My solicitor asked for an Indemnity policy but the sellers solicitor has refused. My solicitor has advised a Level 2 survey should be done to ensure it complies and take it from there.

3. The seller also filled in the fixtures and contents documents incorrectly and regarding the garden quite vaguely too. I asked for this two months ago to be clarified and haven't heard anything since even after chasing.

The house is in a nice location and I do really like it. Are the issues above a reason to withdraw and look elsewhere or would you persist and give it time?

Cheers :)
 
Deibu said:
Feel like I've hit a brick wall with my purchase and not sure if it's worth going ahead now.

1. The house/land is unregistered with land registry and my solicitor tells me this can take 12+ months to be granted. The sellers solicitor ha e advised they will assist with any questions that arise from this but won't undertake the issue. I feel the sellers solicitor should undertake myself and they are handling this at arms length when it's still the sellers property, not mine.

2. The seller had new windows fitted 8 years ago (2015) and there's no proof these were done the correct building regulations. My solicitor asked for an Indemnity policy but the sellers solicitor has refused. My solicitor has advised a Level 2 survey should be done to ensure it complies and take it from there.

3. The seller also filled in the fixtures and contents documents incorrectly and regarding the garden quite vaguely too. I asked for this two months ago to be clarified and haven't heard anything since even after chasing.

The house is in a nice location and I do really like it. Are the issues above a reason to withdraw and look elsewhere or would you persist and give it time?

Cheers :)
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Only you can decide. Is it worth it for you. Can you wait at least 12 months etc etc...
 
Number 1 just means it hasn't been sold since land registry went digital, I would guess. This is no big deal and would happen as a matter of course once you buy the house and it gets registered under your name by your solicitor.

The windows are no big deal. The sellers are being stubborn not paying when they probably should, but if they went in 8 yrs ago then any issues would be noticeable by now.

The last point just needs more chasing. I wouldn't be put off by any of the above.
 
Is the land registry thing really a year to sort?!..

Assuming England is different to Scotland but ours was the same, no sale for over 40yrs, our solicitor sorted the paperwork before we even moved in and it was fully registered (from memory) a few weeks after that.

Windows.. Meh, if they seem OK then you don't gain much by getting paperwork, I imagine any warranty is long gone and the council aren't likely going to come after you for it.

Contents - chase again. What is missing you expected to be on there?
 
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Sadly yes, no idea why it takes so long. Have read that it's because they didn't always have to be registered before 1998 and the seller had lived there for almost 50 years so can see why it needs going.

With the windows it's annoying more than anything as feel the paperwork should be easily available or the installer contacted.

Contents - Seller has put not present for a lot of items that were there when I viewed it and has later said when I viewed it again she may leave them NFS like the sofa and armchair and some other bedroom furniture too. In the garden she mentioned taking some of the plants but never said which ones. Don't mind her taking 'some' but she needs to quantify which ones and now many. Don't want to exchange/get the keys and then find the garden has been torn up.

On the contents document the options were include/exclude/not present. Surely she should have put exclude for things that she is taking but was present when I viewed the property.
 
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