4 month wait and still going on!

sovereign

Scenario is such, I have agreed to buy a property off a couple, price has been agreed, mortgage has been agreed everthing is ready to go and then suddenly the couples solicitor tells my solicitor the hous they wer to buy has fallen through. Now they can't complete until they have somewhere to go. This has been going on for about 4 months and I was wondering if there are any alternatives which I could ask the couple to do in order to secure the property.

1. Could I ask them to move to rented accomodation?
2. Could I ask them to sign the contract and stay in the house they are currently staying in and pay me rent until they find somwhere ( I am prepared to do this)
3. do nothing and leave things the way they are?

any advice would be good!

Please

Regards

silvercar

1. Could I ask them to move to rented accomodation?
2. Could I ask them to sign the contract and stay in the house they are currently staying in and pay me rent until they find somwhere ( I am prepared to do this)
3. do nothing and leave things the way they are?

1. Ask, they can only say no. I guess their answer may depend on whether they think you will wait indefinitely for them to find a property.

2. Technically you need to buy with "vacant posession" so they would need to move out, at least overnight. You would need to get permission from your mortgage lender (assuming you have a mortgage), they may insist you take a buyto-let deal or they may be flexible.

3. If your happy to wait then wait BUT watch for changes in house prices in your area. Also if other properties come on the market do you want to view alternatives?

You might want to try and establish whether they are committed to moving ie. if they can't find a property they like will they sell?

One question worth askins is if they would consider exchanging now and completing in 4 months time.

bettyr

You could try to exchange with a completion date a few months hence and in the meantime if they buy sooner, the completion date can be changed.

sovereign

thanks,

I think I will have to visit the solicitor tomorrow and see what we can do? I think the house prices are roughly the same in that area.

Thnaks again

bettyr

sovereign wrote:

thanks,

I think I will have to visit the solicitor tomorrow and see what we can do? I think the house prices are roughly the same in that area.

Thnaks again

Good luck!
Our next door neighbour exchanged but had a competion date for May but she leaves on Friday! It was brought forward by about 18 weeks.

myfairlady

I really feel for you. The same thing has happened to me...its so frustrating and upsetting isnt it.

We rushed around to get the mortgage agreed as the vendors had lost 2 buyers previously. Got the survey booked in (all between Christmas and New Year no less!) and then we find out they have pulled out of their purchase.

Only found out yesterday and now feel really down in the dumps!

This was the house we wanted and I guess now we have to play the waiting game much like yourself.

Good luck and let us know if they go for any of your proposed options.

[Deleted User]

Exchange contracts now and give them a deadline by which they must complete and move out, that's what a friend of mine did and luckily she is moving in a month before the deadline expires.