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b_girl
Posts: 266 Forumite
Hi,
I’m looking for some advice on my current house situation. My husband and I have only purchased one property before which was a new build flat so the process was very straight forward. Now we’re in a tricky situation and we’re not sure what we can do.
We are in the process of selling our flat (accepted offer on it in early Jan) and found another house to move to (again, our offer was accepted in early Jan). Our buyer wants us to be out by the end of April.
Our seller has made an accepted offer on their next house at the same time as we made the offer on their house. However, they are now waiting on those people to find another house. According to the EA they are only looking for houses in one particular road so I’m not sure how long it is going to take them to find somewhere.
About a month ago our sellers said that if their sellers had not found anywhere in 2 weeks they would move into rented accommodation as they didn’t want to lose us as buyers. However, 2 weeks passed and we were informed that they are now refusing to move until they can move into their next house.
EA advised us to keep looking around for other properties but to keep our offer on the table, which we have been doing but haven’t found anywhere we like as much/is as suitable as this place.
Now we’re in a situation where we have a month before our buyer wants us out and still no progress on the house. We have took a year to sell our one bedroom flat (had very little interest in it) and as we now have a 5 week old baby we don’t want to risk losing our buyer.
It seems our only options are to either rent (but obviously couldn’t sign up to a long term lease so that could be quite problematic) or for my husband to move into his parents’ tiny bungalow and me and my baby daughter to move 30 miles away to my parents’ house.
I suppose what I want to know is, is there anything we could do to ‘hurry up’ our sellers? We don’t want to make empty threats but we feel like this situation could go on and on. I can’t see why they are doing this as surely if we pull out then they’ll also have to pull out of their next house?
I would appreciate some advice on this situation. We’re getting very worried. Is there anything we can do or is it just a case of waiting?
I’m looking for some advice on my current house situation. My husband and I have only purchased one property before which was a new build flat so the process was very straight forward. Now we’re in a tricky situation and we’re not sure what we can do.
We are in the process of selling our flat (accepted offer on it in early Jan) and found another house to move to (again, our offer was accepted in early Jan). Our buyer wants us to be out by the end of April.
Our seller has made an accepted offer on their next house at the same time as we made the offer on their house. However, they are now waiting on those people to find another house. According to the EA they are only looking for houses in one particular road so I’m not sure how long it is going to take them to find somewhere.
About a month ago our sellers said that if their sellers had not found anywhere in 2 weeks they would move into rented accommodation as they didn’t want to lose us as buyers. However, 2 weeks passed and we were informed that they are now refusing to move until they can move into their next house.
EA advised us to keep looking around for other properties but to keep our offer on the table, which we have been doing but haven’t found anywhere we like as much/is as suitable as this place.
Now we’re in a situation where we have a month before our buyer wants us out and still no progress on the house. We have took a year to sell our one bedroom flat (had very little interest in it) and as we now have a 5 week old baby we don’t want to risk losing our buyer.
It seems our only options are to either rent (but obviously couldn’t sign up to a long term lease so that could be quite problematic) or for my husband to move into his parents’ tiny bungalow and me and my baby daughter to move 30 miles away to my parents’ house.
I suppose what I want to know is, is there anything we could do to ‘hurry up’ our sellers? We don’t want to make empty threats but we feel like this situation could go on and on. I can’t see why they are doing this as surely if we pull out then they’ll also have to pull out of their next house?
I would appreciate some advice on this situation. We’re getting very worried. Is there anything we can do or is it just a case of waiting?
Trying to live a good life on little money :T
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Comments
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I do not think you can miss the opportunity to sell a flat at the moment.
I suggest you really look hard for possible short-term rentals (ask both EAs for help?). If you have nothing by the end of this week give the vendor one week to exchange and agree an end April completion, or the deal is off. At leas them you can move into rental and have a bit of time to look for alternative houses.The person who has not made a mistake, has made nothing0 -
Personally think you need to walk away from this house. I am sure something else will come up, houses come up all the time for sale. I would sell your flat and take up rented accomdation thier are short term lets as said above.
I would probally tell the seller if they don't agree to vacate the property by such a date you will withdraw your offer and move to rented so you can sell your flat (pointing out that if you don't move out then you will lose your buyer and basicly making you homeless so you have little choice to do it this way)
Then follow through if they decide not to move out, which personally don't think they will.
P.s If they havnt even found a house yet, how do you know that when they do that house won't have a chain? it took us over 2months to buy our current house and thier was no chain from either of us!People don't know what they want until you show them.0 -
Thanks for both of your replies. I agree with both of you and am thinking it's best to walk away unless they'll move.
Will get on with looking for rentals.
Trying to live a good life on little money :T0 -
This should fit the bill. You need to tell your vendors that you will move into rented accommodation (even if you will actually move to parents) and make the point that the minimum contract is 6 months. So if they do not give way and meet your timescale, they will have to wait for you to see your contract out. It is not an empty threat.I suppose what I want to know is, is there anything we could do to ‘hurry up’ our sellers? We don’t want to make empty threats but we feel like this situation could go on and on. I can’t see why they are doing this as surely if we pull out then they’ll also have to pull out of their next house?
As RAS says, don't miss the opportunity to sell. Buyers of 1 bed flats are as rare as hen's teeth.Thanks for both of your replies. I agree with both of you and am thinking it's best to walk away unless they'll move.
In practical terms, I suggest a move to parents in the first place, in order to meet the sale. Then from parents place, look for a rental and take the opportunity of not having a deadline to find a good place - check that you can extend to a statutory periodic tenancy. This give your vendors a slightly wider window to get their act together. Once you find the right rental, do not let it go unless contracts are exchanged before you sign, Be clear with your vendors exactly what you are going to do.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
Do seriously consider renting. We are currently in rented and because we know we will not be here long term we could be more flexible about which rentals we considered.
Going into rental does mean moving twice, but it is worth it to secure a sale in the current market (around here at least). Plus it makes us more attractive as buyers as we will be chain free. I would start to get twitchy if the market starts to rise quickly, but so far things seem fairly stable (fingers crossed).
Going into rented is not for everyone, and initially I didn't want to do it, but once it became clear that it would take us a while to find a suitable property it was the logical thing to do.
There were 7 in our chain, it was very stressful and would have been much worse if we were trying to tie up a sale and purchase at the same time.
Sell your flat, go into rented and start looking around for another property if it looks as if your vendor is not going to move anytime soon. When the weather finally improves there will hopefully be some more properties coming on the market. If you consider how many years you are likely to be in your new property, 6 months in a rental, or a few months inconvenience staying with family will pale into insignificance.
GL with your sale.It is a good idea to be alone in a garden at dawn or dark so that all its shy presences may haunt you and possess you in a reverie of suspended thought.
James Douglas0 -
Good luck! But I have to agree with other posters about beng willing to let this house go. The good news is that one you are in rented accomodation you will be chain free and a very desirable buyer the next time an ideal house comes up.
(I did this for my last house purchase beause I was relocating and it was so much less stressful than managing a chain)
Do make it clear to the sellers that once you have moved into rented accomodation you will be looking for another purchase and are not going to be just waiting for their convenience. Ideally this might crystalise their minds and they might still be the ones to move into rented, but you could wait a very long time for them so you do need to be prepared to walk away.0 -
Also bear in mind that moving into rented accommodation you will be Infact ending your mortgage, so check for early termination fees0
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If it was me I would sell the one bed flat and rent a cheap flat for 6 months.
Build up savings and check rightmove /local estate agents every day.
Get to know the staff and make sure they know what you are looking for and have deposit and mortgage ready0 -
mrsmchapman wrote: »Also bear in mind that moving into rented accommodation you will be Infact ending your mortgage, so check for early termination fees
Good point! Yes we would incur a fee if we ended our mortgage. Hmmm...
Trying to live a good life on little money :T0 -
Thanks for all the replies. Seems everyone is thinking the same thing!
Trying to live a good life on little money :T0
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