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Offer Conditional On Completion Date

#1 User is offline   nuki 

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Posted 11 March 2012 - 07:57 AM

Hi all, can I make an offer conditional on a certain completion date e.g. make an offer tomorrow conditional on a june 1 completion date? how common is this?

I would like to make an offer tomorrow on a flat and owners are in a chain but ea said they might be willing to rent but i need to put this in writing. my tenancy agreement expires june 9.

thanks

#2 User is offline   thejaksie 

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Posted 11 March 2012 - 08:18 AM

View Postanukis, on 11 March 2012 - 07:57 AM, said:

Hi all, can I make an offer conditional on a certain completion date e.g. make an offer tomorrow conditional on a june 1 completion date? how common is this?

I would like to make an offer tomorrow on a flat and owners are in a chain but ea said they might be willing to rent but i need to put this in writing. my tenancy agreement expires june 9.

thanks


Sure , just tell them your conditions but make sure the exchange is ASAP so that that doesn't hold up the process beyond 1 June

#3 User is offline   Mrs Bear 

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Posted 11 March 2012 - 08:19 AM

View Postanukis, on 11 March 2012 - 07:57 AM, said:

Hi all, can I make an offer conditional on a certain completion date e.g. make an offer tomorrow conditional on a june 1 completion date? how common is this?

I would like to make an offer tomorrow on a flat and owners are in a chain but ea said they might be willing to rent but i need to put this in writing. my tenancy agreement expires june 9.

thanks


You would then need to exchange contracts and complete on the same day, more often they're a week or two apart. On exchange you pay 10% of the price and this is not normally (if ever) refundable if you pull out, so would need to make sure both sets of solicitors are well aware and are not a load of shambolic ditherers.

You can only ask, but I'd certainly have a word with your sol. first.

It goes right against the grain to say it, but unless you already know a very good one to act for you I have found that using the sol. recommended by the EA can speed things up. I did this a few yrs ago, against my better judgement, but the sol. was very good, answering emails within hours.
It is in the EA's interests, after all, to ensure that the sale goes through quickly.

Daughter also recently used sol. recommended by EA, and the whole thing went from offer to completion in 6 weeks flat. Which saved her and b/f a lot of money on temp. accommodation at £100 a week for a tiddly room with nowhere to put anything.

#4 User is offline   Normski 

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Posted 11 March 2012 - 09:41 AM

You can make it a condition that the vendor dyes their hair ginger, if you want, but without a specific clause drawn up and agreed by both parties solicitors then any condition means nowt.
However, there's plenty of time to comfortably complete before your deadline so arranging your requirements should be no skin off anyones nose.
To add, are you sure you're double-sure now is the right time to buy for you?

#5 User is offline   nuki 

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Posted 11 March 2012 - 10:07 AM

View PostNormski, on 11 March 2012 - 09:41 AM, said:

You can make it a condition that the vendor dyes their hair ginger, if you want, but without a specific clause drawn up and agreed by both parties solicitors then any condition means nowt.
However, there's plenty of time to comfortably complete before your deadline so arranging your requirements should be no skin off anyones nose.
To add, are you sure you're double-sure now is the right time to buy for you?


hi all, thanks for the responses. I will speak with the solicitor before making the offer, my concern is to make sure I don't enter a chain and it appears that the sellers are willing to break it by renting.

my daughter will start in reception yr in September and I would like us to settle somewhere before that so yes I believe it's the right time to buy for me.

#6 User is offline   porca misèria 

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Posted 11 March 2012 - 03:17 PM

Here's a wheeze I once heard someone telling me they'd done:


Suppose you think it's worth £x but only if they make your completion date.

Offer, say, 10k less, with an "additional" £10k subject to your completion date being met.

#7 User is offline   tim123 

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Posted 12 March 2012 - 06:17 PM

View Postanukis, on 11 March 2012 - 07:57 AM, said:

Hi all, can I make an offer conditional on a certain completion date e.g. make an offer tomorrow conditional on a june 1 completion date? how common is this?

I would like to make an offer tomorrow on a flat and owners are in a chain but ea said they might be willing to rent but i need to put this in writing. my tenancy agreement expires june 9.

thanks


is there a reason why you can't (as opposed to don't want) stay a month or two longer?

#8 User is offline   nuki 

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Posted 12 March 2012 - 08:51 PM

View Posttim123, on 12 March 2012 - 06:17 PM, said:

is there a reason why you can't (as opposed to don't want) stay a month or two longer?


Current tenancy agreement expiry date and owner wanting lease renewal (not rolling contract).

#9 User is offline   tim123 

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Posted 13 March 2012 - 10:18 PM

View Postanukis, on 12 March 2012 - 08:51 PM, said:

Current tenancy agreement expiry date and owner wanting lease renewal (not rolling contract).


so just ignore it and stay there - what are they gonna do?

tim

#10 User is offline   Son of Taeper 

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Posted 14 March 2012 - 02:22 PM

View Postanukis, on 11 March 2012 - 07:57 AM, said:

Hi all, can I make an offer conditional on a certain completion date e.g. make an offer tomorrow conditional on a june 1 completion date? how common is this?

I would like to make an offer tomorrow on a flat and owners are in a chain but ea said they might be willing to rent but i need to put this in writing. my tenancy agreement expires june 9.

thanks

So the ea said the vendor "might be" willing to rent.
My feeling is "would be" willing to rent needs to be in writing (and not from you.)
We did this sort of thing just before the last crash.
We set our property at a price to sell and insisted on a quick completion.
The buyer ended up with a bridging loan on a property that was worth less than they paid for it as they had not sold their existing property, we moved into rented and sat out the worse of the crash then bought back into the market.
I felt a bit sorry for them to start with, but then though to myself, they got a very good deal on my place, had they not been so greedy on the existing property, they would not have required a bridging loan in the first place.
The views expressed in my posts are my own based upon what I read on other information supplied by other HPC members.
These should not be used a a definitive answer to any posts I attempt to answer.

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