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House sale with a time limit on completion - why?


Austin Allegro
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Austin Allegro

Just seen a very nice cottage for sale at a reasonable price. But in the small print there's this:

*NOTE* The prospective buyer for this property will be required to exchange contracts within 28 days and complete within 56 days.

Any idea why? It shouldn't be a problem for me as I'll be a chain-free cash buyer, but what's the point of limiting the completion time, especially as it seems to have been on the market for some time anyway.

Are they trying to discourage people from having a survey done, perhaps?

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Hancock
34 minutes ago, Austin Allegro said:

Just seen a very nice cottage for sale at a reasonable price. But in the small print there's this:

*NOTE* The prospective buyer for this property will be required to exchange contracts within 28 days and complete within 56 days.

Any idea why? It shouldn't be a problem for me as I'll be a chain-free cash buyer, but what's the point of limiting the completion time, especially as it seems to have been on the market for some time anyway.

Are they trying to discourage people from having a survey done, perhaps?

Itll be this modern auction method, which seems to be a pile of shite for the buyer as it comes with huge fees for you to hand over to the agent.

Edit buyer not seller.

Edited by Hancock
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The EA should, by law, tell you that it is an auction. It should have the date and venue etc within the listing.

It could be that it's already been sold to someone via the Modern Method of Auction (MMoA) and the buyer has 56 days to find some other sucker as they don't want it / can't get the finance, so are looking to find someone else, otherwise they will lose their non-refundable deposit.

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Hancock

Youd think with the speed of communication in 2021, 56 days would be seen as a ludicrously long amount of time to buy a house.

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spygirl
1 hour ago, Austin Allegro said:

Just seen a very nice cottage for sale at a reasonable price. But in the small print there's this:

*NOTE* The prospective buyer for this property will be required to exchange contracts within 28 days and complete within 56 days.

Any idea why? It shouldn't be a problem for me as I'll be a chain-free cash buyer, but what's the point of limiting the completion time, especially as it seems to have been on the market for some time anyway.

Are they trying to discourage people from having a survey done, perhaps?

 Never rush buying a house.

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Green Devil
21 hours ago, Austin Allegro said:

Just seen a very nice cottage for sale at a reasonable price. But in the small print there's this:

*NOTE* The prospective buyer for this property will be required to exchange contracts within 28 days and complete within 56 days.

Any idea why? It shouldn't be a problem for me as I'll be a chain-free cash buyer, but what's the point of limiting the completion time, especially as it seems to have been on the market for some time anyway.

Are they trying to discourage people from having a survey done, perhaps?

A seller can do anything they want to discourage time wasters or people not proceedable. 

In this case they are probably looking for a cash buyer thats all. Everything can be done in 28 days no problem apart from searches or mortgages perhaps. 

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Frank Hovis
On 08/03/2021 at 19:00, Hancock said:

Youd think with the speed of communication in 2021, 56 days would be seen as a ludicrously long amount of time to buy a house.

I know somebody who agreed a sale last week and the estimated time for the council to do the basic searches is - wait for it - nine weeks.

As you cannot get the searches done within 56 days then you would be insane to buy it.

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Hancock
5 minutes ago, Frank Hovis said:

I know somebody who agreed a sale last week and the estimated time for the council to do the basic searches is - wait for it - nine weeks.

As you cannot get the searches done within 56 days then you would be insane to buy it.

It shouldn't take 9 weeks, should allow private companies to do this to speed things up. 

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Frank Hovis
1 minute ago, Hancock said:

It shouldn't take 9 weeks, should allow private companies to do this to speed things up. 

It didn't take anything like that pre-Covid; two weeks maybe.

Obviously council workers are incapable of actually doing any work when working from home.

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Hancock
8 minutes ago, Frank Hovis said:

It didn't take anything like that pre-Covid; two weeks maybe.

Obviously council workers are incapable of actually doing any work when working from home.

Its not just council workers, its seemingly everyone who works from home and does so form of service work, including those in the private sector.

I can only presume its the same for every company.

 

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Frank Hovis
Just now, Hancock said:

Its not just council workers, its seemingly everyone who works from home and does so form of service work, including those in the private sector.

I can only presume its the same for every company.

My old company's finance team is still mostly turning it around though the quality has dropped - mistakes reported.

An employee working from home is of less value to a company than one in the office and working from home has been previosuly seen as a perk.

All those employees who have begun to think of it as the new normal have another think coming.

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Hancock
12 minutes ago, Frank Hovis said:

My old company's finance team is still mostly turning it around though the quality has dropped - mistakes reported.

An employee working from home is of less value to a company than one in the office and working from home has been previosuly seen as a perk.

All those employees who have begun to think of it as the new normal have another think coming.

Ive had to do a few FOI requests and DSARS and they are all well past the 28 days deadline.

Once reliable companies not paying invoices on time.

Contacted the NHS physiotherapy directly last year as this is how its done now, got a call from some women who said she'd send exercises out ... and she didn't bother, despite me asking her on 2 occasions .. put in a complaint and was told she's done nothing wrong!

Could go on but you know the score.

I for one will smile when many of these jobs get outsourced to India, as they've brought it on themselves.

 

Edited by Hancock
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My mate completed a few weeks ago now, but it took him about 6 months to get there. The hold-ups were the Council not providing the searches or something along those lines. He didn't push too hard because every time the solicitor "looked into it" there was another £300 bill on the doormat.

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I see no reason not to have conveyancing on a fixed price these days. There is an online quote comparison site which I used although due to complexity [multiple titles, old deeds etc.] I emailed first and accepted a higher quote. Way the comparison site works is they take ca 400 from solicitors which is a pretty high % if you go through them so best to fill in some false details for something 10 miles away to get an idea, then you can go to solicitor direct or If anyone wants a recommendation, PM me.

Advantage of the site is they have standard conditions including no completion, no fee! Going to solicitors direct they are unlikely to offer that without negotiation although actually IMO it's not reasonable to expect it, it is reasonable to have the results of failed process defined.

There is no reason to visit, all can be done with phone and email and snailmail and the guy I used [from the NE] was excellent. I exchanged contracts only slightly over 2 months post offer including end of year shutdown. I could have completed immediately but owner wanted a month thereafter and we only delayed an extra 2 weeks due to lockdown.

Edited by BWW
ETA: 300 for every contact is just taking the piss. [Old school standard for some of the profession though]
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