House buyer is stalling on completion

[Deedann]

Hi everyone, I have an issue with our house buyer stalling the completion date. The price was agreement and contracts were signed but then he came back and wanted £6000 of the selling price, stating thst he hadn't realised how much work was needed to make the house habitable.....we marketed the house as a complete renovation sale and he had already looked at the house. He also said that he needed to find someone to rent their existing property and didn't want to pay two mortgages, he has had since the beginning of December to do this. we agreed to reduce the selling price by £2000 on the premise that he completed immediately. he has now come back and is asking for another 4 weeks!!!

[PlanB]

Re: House buyer is stalling on completion

Once the contracts for the sale have been signed and exchanged both the buyer and the seller are legally committed and cannot pull out. At that point the buyer normally pays a deposit of 10% of the agreed purchase price which they could lose if they fail to 'complete' and you would get to keep their money. They cannot renegotiate the price or the completion date unless it's by mutual consent or the buyer discovers that the seller has lied about information given.

Have you actually exchanged contracts or simply signed them ready to exchange but haven't actually exchanged (this is done in a phone call between the two solicitors) because that would change everything?

[leclerc]

Re: House buyer is stalling on completion

Hi everyone, I have an issue with our house buyer stalling the completion date. The price was agreement and contracts were signed but then he came back and wanted £6000 of the selling price, stating thst he hadn't realised how much work was needed to make the house habitable.....we marketed the house as a complete renovation sale and he had already looked at the house. He also said that he needed to find someone to rent their existing property and didn't want to pay two mortgages, he has had since the beginning of December to do this. we agreed to reduce the selling price by £2000 on the premise that he completed immediately. he has now come back and is asking for another 4 weeks!!!

I would add that this is an old tactic of buyers or more importantly investors in property, in that they ask you to drop the price and then pay up. I think the simple thing is state that he has by a given date to complete on the mortgage or the house will go back on the market and someone else will get the house. Can you clarify PlanB's question first since I was under the same impression?

[alham]

Re: House buyer is stalling on completion

Just to add that contact normally has a completion date written in.

[IanM]

Re: House buyer is stalling on completion

Hi everyone, I have an issue with our house buyer stalling the completion date. The price was agreement and contracts were signed but then he came back and wanted £6000 of the selling price, stating thst he hadn't realised how much work was needed to make the house habitable.....we marketed the house as a complete renovation sale and he had already looked at the house. He also said that he needed to find someone to rent their existing property and didn't want to pay two mortgages, he has had since the beginning of December to do this. we agreed to reduce the selling price by £2000 on the premise that he completed immediately. he has now come back and is asking for another 4 weeks!!!

Do you have to sell the house at the earliest opportunity or can you afford to wait for another buyer?

[enquirer]

Re: House buyer is stalling on completion

I've had this nonsense several times. That's why I always insist that the property remains on the market until a hefty non-returnable deposit is paid over.