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Howard
Halp pls - managing a buyer's expectations...
I've had an offer accepted but the vendor is very shaky - constantly pushing to progress things more quickly than realistic with the mild threat that he has cash buyers waiting who would process things much more quickly and allow him to buy the house he wants to do up the chain.
Background:
I've been renting for almost five years. We're great tenants, and get on with the owner very well. He split up with his partner and needs to release the equity in the flat to buy a new home. That means that he needs to sell the property I rent from him*. So I decided to buy it. We set up a Notification of Offer letter, which formally accepted my offer with exclusivity subject to me completing certain tasks within a time frame...
I found a mortgage lender who'll lend on these types of properties (concrete), got a decision in principle, had my offer accepted by the vendor, made a mortgage application (which has been agreed), booked in and completed the valuation, instructed a solictor who's currently in touch with his re. the Agreement of Sale. That took < ten working days, which was within the time frame
I'm being told by the bank that it'll take 7 more working days for them to draw up the final mortgage offer, which gets sent to our solicitors to prompt the signing of the agreement. I told the seller that last night and woke up to a text basically saying "that's too long". This element isn't covered in the Agreement of Offer.
Is he just being a nervous seller or worse?
I know that English property law doesn't give the buyer any rights, but given that my offer has been accepted and I've completed the actions he's required me to do, he's just being a bit pushy isn't he?
*Compounding this is that as a tenant, I've also got rights. He's not issued a Section 21 notice yet, so even if he dumped my offer and went for a cash buyer he'd still not be able to complete until at least mid October when the property formally becomes vacant. I'm keeping that fact up my sleeve in case he goes postal and tries to back out of my accepted offer.
Sausage based advice much appreciated.