What's the lawful position?

We agreed a sale of our property in December 2022. The sales contract (through an estate agent) said for the the sale to complete on or before 31/3/23.

The buyers are now asking for an extension until May 23.

This was told us by our solicitor, and asked for our view. We have said no. We have a house purchase based on receiving the sales proceeds as per the contract.

Are the buyers chancing their luck...can we insist they complete, have they any wriggle room?

Yes, I know we can/will ask our solicitor, but wondering if anyone here have suffered this, and what was the outcome?

TIA for any helpful advice

I’d have thought that if the purchaser had signed a sales contract, it’s 31 March or, they pull out and lose their 10% deposit.

Thanks Glassfull. That's our view too.

Sundaze wrote:We agreed a sale of our property in December 2022. The sales contract (through an estate agent) said for the the sale to complete on or before 31/3/23.

The buyers are now asking for an extension until May 23.

This was told us by our solicitor, and asked for our view. We have said no. We have a house purchase based on receiving the sales proceeds as per the contract.

Are the buyer's being cheeky CF...can we insist they complete, have they any wriggle room?

Yes, I know we can/will ask our solicitor, but wondering if anyone here have suffered this, and what was the outcome?

TIA for any helpful advice

The possible problem here might be that "The sales contract (through an estate agent) said...." .

Always have your independent solicitor read, review and possibly rewrite any contract to protect your interests, rather than the estate agents interests, before signing any contract. Our solicitor rewrote a number of clauses in our sales contract, including ones to protect us if the sale fell through due to the seller. (I know that you're the seller but it works both ways)

Thanks Paul58.

The initial sales contract was drawn up by the estate agent, then subsequently passed to our solicitor.

Both parties have signed, and the buyers have paid the 10% deposit.

The contract states the penalties if either side withdraws. It's the extension which is the problem (for us).

I'm pretty sure if the buyers don't complete on or by 31/3 they're in breach of contract.

Just out of interest if you or the sellers pull out then what's the chances of you selling by the time specified. I assume the purchase you are making will also fall through. At least at the moment you have a sale agreed and they are asking for an extension, this in not totally uncommon. Maybe ask your seller if they are open to an extension. If either parties pull out you are not guaranteed another sale at the price agreed.

Hi swcoulthurst, thanks for your thoughts... The chances of obtaining a new buyer and completing by the original date is not realistic, which the buyers presumably also know.

Yes, we would lose the purchase, through no fault of ours. We just feel we're being played, what would happen if we get to May, and they ask for another extension? They haven't given any valid reason for wanting the extension.

We've arranged removals,the sale of our car, now it's all up in the air...

Put this to them,via a written contract via solicitor.
You go ahead buy yours if they pay the interest on a bridging loan until they complete on yours,
That will soon tell you if they mean to complete at there extension date,

For you to get the deposit, you will have to go to the Notary on 31 March & if your buyers don't complete the purchase they lose their deposit.

You will need to pay your solicitor & Notary fees etc. also the estate agent may want their fee from the deposit too.
Depending on deposit amount, you may not be left with much

Kaz123 wrote:For you to get the deposit, you will have to go to the Notary on 31 March & if your buyers don't complete the purchase they lose their deposit.

You will need to pay your solicitor & Notary fees etc. also the estate agent may want their fee from the deposit too.
Depending on deposit amount, you may not be left with much

Can’t see the Estate Agent claiming their fee when they failed to secure a sale