Should we be worried?

northern_at_heart

We are FTBs and had an offer accepted on a house just over a week ago, but when we viewed it, the vendor told us he hadn’t yet found a place to buy (they are looking for somewhere bigger due to new baby). We’re not exactly in a hurry to move as we’re renting and can carry on doing so, but obviously we don’t want this to drag on indefinitely as every month is more rent down the drain rather than paying off the new mortgage, and of course we’re excited about our new house!

As things stand, we have instructed a solicitor, had our mortgage approved by the Post Office and paid the PO £520 for a valuation (Homebuyer’s Report) which is non-refundable – hopefully this will go ahead in the next few days. We have received the memo of sale from the EA with details of the vendor’s solicitor but not his own contact details.

Do we need to be firm about setting deadlines, and if so, what would be reasonable to suggest (I’m thinking maybe exchange by Xmas?) and how do we go about this? Do we ask the solicitor to talk to theirs to do this, or can we contact the vendor directly? I’ve no reason to suggest he will drag his heels unnecessarily – I suppose he couldn’t make any offers before he’d sold, anyway – but we don’t want to get taken for an idiot as all this is so new to us, in particular the protocol about who talks to whom about what…

Thanks for any advice.

diable

Give them reasonable time but both parties should agree on a reasonable date for completion. If they are serious about moving then they should bite the bullet and move into a rental property if they can't find anywhere to buy.

poppysarah

How is the best way to do it though? Through solicitors?
"we want to move in by Oct 31st or it's off"

though EA
" we want to compete within 6 weeks"?

Or direct to buyer
"rent! we want to buy your house and if you're not quick we'll look at others"

pinkteapot

A week is no time at all, especially if they're both working or have a family... Fitting in viewings and then second viewings and then making offers. It takes a little time.

I would keep calling the estate agent asking for progress. Give it another week or two and see how they get on.

I would also not do anything that costs me money until the chain is complete. If the mortgage has an application fee, I wouldn't be applying until they have found a place. I would find a solicitor but instruct them to do the bare minimum of work until the chain was in place. You can explain why to the EA - until the sellers are fully committed to the sale, you don't want to risk wasting money (emphasise again you love the house, of course you want it, etc, keep them sweet ).

If after another couple of weeks there's no progress then put a bit more pressure on. I wouldn't set a deadline for exchange as you'll have to shell out money to get to that point. I'd say you want the chain complete (either they find a place or decide to rent) by X date, maybe mid October which will give them another couple of weeks after you say this.

Once you have the house of your dreams, a few weeks delay at this stage will be no big deal at all.

In the meantime, keep watching Rightmove and viewing other properties that interest you. If you find something else where the seller is ready to go before your seller finds a place to go to, don't have qualms about offering.

We were in your position - renting and we bought. We had offer agreed and everything got going really fast but then the sellers dragged their heels so offer to completion took five months, which was ridiculous as it was a short chain. But as soon as we moved in that was all forgotten.

If they have a new baby or one is on the way they're unlikely to want to rent. I'd say that you're more flexible than them so maybe give them a little bit of a break. And deal with the EA only, don't talk to the sellers directly.

wodgerdodger

As you've paid the valuation fee it sounds like you have already applied for the mortgage. I suggest if there is a product fee for the loan then ensure you apply with the fee added to it, this way if you don,t proceed with the mortgage then you will not have paid the arrangement fee. You can't do anytthing about the val fee though as once done is non refundable might be an idea though to see if they can put the valuation on hold on the basis that you are still waiting confirmation form vendors.

northern_at_heart

Yes, we've already applied and been approved for the mortgage, and paid the valuation fee.

Thanks for the advice re. adding the boking fee to the loan so we don't lose it if things fall through - we did this, with that exact thought in mind!

So I guess the best thing is to call the EA and ask how things are progressing, and whether the vendor has a timescale in mind?