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There already will be a penalty if the seller pulls out prior to completion. It should be the amount of your deposit, but could vary.
I think you would be very lucky to be moved in before xmas anyway. 2 months from offer accepted to completion is pretty quick in my experience. I'd say late January would probably be a fair expectation for completion. Their wanting to complete in March isn't that much of a stretch, and with a baby on the way it's completely understandable. If you really want the house I'd cut them a bit of slack, be a little bit human and go for it.
Lebowski-
If you really want the house I'd cut them a bit of slack, be a little bit human and go for it.
The problem isn't with the timescales - well, it kinda is, but - the problem is that the seller wants to Exchange as quickly as possible whilst fixing the Completion date to March.
The 'human' way of dealing with this would be to appear willing whilst dragging out exchange as long as possible so that should the market take a nosedive you can still punch the abort button whilst not lending them £30k interest free for x months, which is pretty much the opportunity and cost the sellers are trying to take from you by insisting on timing things their way.
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There already will be a penalty if the seller pulls out prior to completion. It should be the amount of your deposit, but could vary.
From what I could find on the internet, the penalty for a buyer pulling out is usually the value of the deposit, 5-10% of the sale price. But for the vendor there is no deposit for them to forfeit so it looked to me like unless you have special clauses written up then the seller can walk off after exchange relatively scott free?
Howard
Hovis
I would definitely want a penalty in the contract for them if they pulled out after exchange. I don't see why it shouldn't be the same penalty as I would endure.