IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
Seller not moving
Reply
Views: 827
Thread Tools Search this Thread Display Modes
# 1
b_girl
Old 26-03-2013, 11:50 AM
MoneySaving Stalwart
 
Join Date: Jun 2007
Location: UK
Posts: 213
Default Seller not moving

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?

Trying to live a good life on little money

Mortgage Free Wannabe - Overpayments £0
b_girl is offline
Reply With Quote Report Post
The Following User Says Thank You to b_girl For This Useful Post: Show me >>
# 2
RAS
Old 26-03-2013, 12:00 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Mar 2007
Posts: 25,422
Default

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 nothing
RAS is offline
Reply With Quote Report Post
The Following 4 Users Say Thank You to RAS For This Useful Post: Show me >>
# 3
Kayalana99
Old 26-03-2013, 12:08 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Jun 2012
Location: Midlands
Posts: 2,365
Default

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!
Each days a gift and not a given right.

~ Goals ~
Millionaire Challenge 2013
129/1000 (eBay listings goal)
Kayalana99 is offline
Reply With Quote Report Post
The Following 3 Users Say Thank You to Kayalana99 For This Useful Post: Show me >>
# 4
b_girl
Old 26-03-2013, 12:11 PM
MoneySaving Stalwart
 
Join Date: Jun 2007
Location: UK
Posts: 213
Default

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

Mortgage Free Wannabe - Overpayments £0
b_girl is offline
Reply With Quote Report Post
The Following User Says Thank You to b_girl For This Useful Post: Show me >>
# 5
ValHaller
Old 26-03-2013, 12:41 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Sep 2012
Posts: 5,108
Default

Quote:
Originally Posted by b_girl View Post
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?
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.

Quote:
Originally Posted by b_girl View Post
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.
As RAS says, don't miss the opportunity to sell. Buyers of 1 bed flats are as rare as hen's teeth.

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'
ValHaller is offline
Reply With Quote Report Post
The Following 3 Users Say Thank You to ValHaller For This Useful Post: Show me >>
# 6
Better Days
Old 26-03-2013, 1:04 PM
Serious MoneySaving Fan
 
Join Date: Jul 2011
Posts: 1,531
Default

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.
Just grant me the senility to forget the people I never liked, the good fortune to remember the ones I do, and the eyesight to tell the difference.
Better Days is offline
Reply With Quote Report Post
The Following 3 Users Say Thank You to Better Days For This Useful Post: Show me >>
# 7
storm27
Old 26-03-2013, 1:14 PM
MoneySaving Newbie
 
Join Date: Mar 2009
Posts: 4
Default

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.
storm27 is offline
Reply With Quote Report Post
The Following 4 Users Say Thank You to storm27 For This Useful Post: Show me >>
# 8
mrsmchapman
Old 26-03-2013, 1:17 PM
MoneySaving Stalwart
 
Join Date: Feb 2013
Posts: 357
Default

Also bear in mind that moving into rented accommodation you will be Infact ending your mortgage, so check for early termination fees
mrsmchapman is offline
Reply With Quote Report Post
The Following 3 Users Say Thank You to mrsmchapman For This Useful Post: Show me >>
# 9
dimbo61
Old 26-03-2013, 1:56 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Nov 2007
Location: sunny cheshire !!!
Posts: 7,358
Default

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 ready
dimbo61 is offline
Reply With Quote Report Post
The Following 2 Users Say Thank You to dimbo61 For This Useful Post: Show me >>
# 10
b_girl
Old 26-03-2013, 2:36 PM
MoneySaving Stalwart
 
Join Date: Jun 2007
Location: UK
Posts: 213
Default

Quote:
Originally Posted by mrsmchapman View Post
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

Mortgage Free Wannabe - Overpayments £0
b_girl is offline
Reply With Quote Report Post
The Following User Says Thank You to b_girl For This Useful Post: Show me >>
# 11
b_girl
Old 26-03-2013, 2:38 PM
MoneySaving Stalwart
 
Join Date: Jun 2007
Location: UK
Posts: 213
Default

Thanks for all the replies. Seems everyone is thinking the same thing!

Trying to live a good life on little money

Mortgage Free Wannabe - Overpayments £0
b_girl is offline
Reply With Quote Report Post
The Following User Says Thank You to b_girl For This Useful Post: Show me >>
# 12
Kayalana99
Old 26-03-2013, 2:38 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Jun 2012
Location: Midlands
Posts: 2,365
Default

Quote:
Originally Posted by b_girl View Post
Good point! Yes we would incur a fee if we ended our mortgage. Hmmm...

Is the fee worth losing the buyer tho? Maybe you should just say to the estate agent that due to the seller not moving your going to have to take your offer of and see what they say/happens.

End day you could lose the house but at least you will know where you stand.

You will lose the buyer and then lose the house as well if you wait & could end up with nothing.
Each days a gift and not a given right.

~ Goals ~
Millionaire Challenge 2013
129/1000 (eBay listings goal)
Kayalana99 is offline
Reply With Quote Report Post
The Following 3 Users Say Thank You to Kayalana99 For This Useful Post: Show me >>
# 13
mrsmchapman
Old 26-03-2013, 2:38 PM
MoneySaving Stalwart
 
Join Date: Feb 2013
Posts: 357
Default

We have also had to look at this as we are in a very similar position to yours, however thankfully the family buying ours aren't rushing us, but when we looked at rental we realised we would lose £4k in early termination fee, now the mortgage company did offer a full refund if we completed within 3 months and took the mortgage with them, but timelines can never be guaranteed!
mrsmchapman is offline
Reply With Quote Report Post
The Following User Says Thank You to mrsmchapman For This Useful Post: Show me >>
# 14
Kayalana99
Old 26-03-2013, 2:40 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Jun 2012
Location: Midlands
Posts: 2,365
Default

Quote:
Originally Posted by mrsmchapman View Post
We have also had to look at this as we are in a very similar position to yours, however thankfully the family buying ours aren't rushing us, but when we looked at rental we realised we would lose £4k in early termination fee, now the mortgage company did offer a full refund if we completed within 3 months and took the mortgage with them, but timelines can never be guaranteed!
Might be worth asking for 6months You never know what differnece does it make to them! & it save you 4k
Each days a gift and not a given right.

~ Goals ~
Millionaire Challenge 2013
129/1000 (eBay listings goal)
Kayalana99 is offline
Reply With Quote Report Post
# 15
DRP
Old 26-03-2013, 2:50 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Oct 2009
Posts: 2,144
Default

Quote:
Originally Posted by b_girl View Post
Good point! Yes we would incur a fee if we ended our mortgage. Hmmm...
with our mortgage with c&g it is possible to have a 6 month window between selling and buying during which you can port your mortgage... might be worth checking
DRP is offline
Reply With Quote Report Post
The Following 2 Users Say Thank You to DRP For This Useful Post: Show me >>
# 16
b_girl
Old 26-03-2013, 3:09 PM
MoneySaving Stalwart
 
Join Date: Jun 2007
Location: UK
Posts: 213
Default

Quote:
Originally Posted by Kayalana99 View Post
Is the fee worth losing the buyer tho?
No, we would rather pay the fine than lose the buyer.

Will check what our lenders say about this, hopefully there will be a window in which to buy another place.

Thanks for all the advice everyone

Trying to live a good life on little money

Mortgage Free Wannabe - Overpayments £0
b_girl is offline
Reply With Quote Report Post
The Following User Says Thank You to b_girl For This Useful Post: Show me >>
Reply

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 5:42 AM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 16 April 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile
  • RT @MoneySavingExp: Weekly email:Free breaking bad, top shares ISA, HOT bband deal ending, 2.5% cash ISA, Tesco wine sale, £10 champers.. h?
  • RT @MoneySavingExp: Ovivo closure: MSE?s reported the mobile firm to authorities. If you?ve been affected, here?s how you can complain http?
  • Right switching off Twitter now. Going back offline. Thanks to those of both sides tweets for making it a more enjoyable watch.

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • VARIOUS ARTISTSNOW THAT'S WHAT I CALL MUSIC! 87
  • VARIOUS ARTISTSFROZEN (ORIGINAL MOTION PICTURE SOUNDTRACK)
  • VARIOUS ARTISTSULTIMATE CLUB ANTHEMS

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.