Sellers can't complete for at least 6 months

Evian

Hi,

Had an offer of £250k accepted last week on a house we really like. We've been looking for a while and this one we are very happy with.

The next day we were told that the property the sellers are buying is a new build down the road and is estimated for completion in the 3rd quarter of 2010. This is disapointing because we were hoping to move asap and now may have to wait 6-9 months.

Does anyone have any experiance of this, other than asking them to move out and rent, what other options do we have?

They are willing to exchange contracts earlier and delay completion but I'm not sure I like the idea of them living in the house for a few months while the house is legally ours.

For what its worth we sold our house earlier last year and are currently renting, so we have no problems with a chain below us.

CLAPTON

there is no guarentee that the new build will be ready on time

poppysarah

Tell them to sell and rent or you won't buy.

pinkshoes

Tell them if they can't complete by 1st March 2010, then you'll keep your offer on the table, but won't exchange as you'll need to keep looking in case something better comes up that you can exchange and complete on in a quicker time frame.

poppysarah

I wouldn't give them that long tbh. Every week that ticks by is a week less on a 6 month minimum contract making it more unlikely they'll go into renting.

If you're a serious buyer then play it hard. Sell and move or don't sell.
You do not want to exchange in case something better comes along in the next million months they're waiting for their house to be built.

Evian

Thanks for the responses.

The worry is that like clapton said the house may not even be built to schedule, or 6 months of they market rises they could pull out thinking they can get more money.

Problem is that we have been looking for quite some time and this house is ideal, it would be a shame to lose it when there is no guarentee we will find anything as good in the next 6 months.

poppysarah

Don't stop looking. Come back to this one in 6 months if they've not sold it.

Lose it? You might never get it ... when would you exchange if you had an offer accepted now?

PasturesNew

A lot can happen in 6 months. You might lose your job, lose your mortgage offer, mortgage offer might expire, mortgage criteria might change, house might deteriorate.

Either they're selling or not. They should go into rented to wait for their new build, new builds usually over-run and that should be their problem, not yours.

Evian

poppysarah wrote: »

Don't stop looking. Come back to this one in 6 months if they've not sold it.

Lose it? You might never get it ... when would you exchange if you had an offer accepted now?

I'm guessing exchange would take the usual 8-12 weeks. meaning they'd still be living there for the remaining 4 months or so until their new build is ready.

Cannon_Fodder

If your vendor is like the poster on here who has used the developer's mortgage advisor and solicitor and now, after passing the original expected completion date, cannot get a long-stop completion date, because the solicitors failed to look after their interest correctly, they might never have a new house...and you might be stuck paying rent for years.

Give them an open-ended ultimatum, leaving your offer on the table sort of thing, but keep looking for alternatives. There may be something better/cheaper in the spring busy period.

Do NOT exchange.

sammyjammy

Evian wrote: »

They are willing to exchange contracts earlier and delay completion but I'm not sure I like the idea of them living in the house for a few months while the house is legally ours.

The house is not legally yours until you complete, exchanging just gives the legal liability to buy the house or lose your depoist.