Oh what to do?

yodaegghoover

House chain has recently collapsed resulting in the property we intended to buy being taken off the market. Our buyer who has been waiting 3 months is now becoming impatient, saying that they will wait until the end of January or pull out. What should we do if we cannot find a property?

tamarto

rent? stay in a hotel? pull out? camp on their drive?

azkaban420

Sorry to hear about the collapse of your house purchase chain. If you are able to rent or stay with family/friends enabling you to complete on your own sale, you can then look for a house 'chain-free' which is usually much more appealing to sellers.

Maybe you can even go back to your original choice of house and work something out with them (if they are prepared to move into rented etc too). A lot of people seem to be moving into rented/elsewhere now to get the house sale/purchase moving.

Good luck,

Az

googler

yodaegghoover wrote: »

What should we do if we cannot find a property?

Petition the Govt to amend the house buying and selling legal system in E&W to be more like that in Scotland?

When you make an offer, the Entry Date is specified therein. This can be varied in later negotiation, but once the offer is accepted, and the missives are concluded following that offer, the Entry Date is fixed, and both parties know that one is moving out that day, and the other moving in.

Trow

googler wrote: »

Petition the Govt to amend the house buying and selling legal system in E&W to be more like that in Scotland?

When you make an offer, the Entry Date is specified therein. This can be varied in later negotiation, but once the offer is accepted, and the missives are concluded following that offer, the Entry Date is fixed, and both parties know that one is moving out that day, and the other moving in.

Thats helpful, considering they only have till the end of January...

If you are keen to sell you should look for somewhere to rent in the meantime.

Catatonia

I would rent.

hazyjo

Rent for 6+ months. Sell up and be in a great position when you do eventually find somewhere. Takes on average about 12 weeks to buy anyway, so wouldn't hurt to start looking again now. If it takes you 3 months to find somewhere, it won't be a problem. If you end up 'wasting' three months rent (if you found your perfect home in the next week or so), bear in mind you might end getting a price reduction on what you're buying which might offset the money you would have lost renting. Might end up having to pay a mortgage (presuming you have one) and rent, so you'll need enough to cover this.

Also, if you do have a mortgage offer, you'll more than likely incur fees on this again as most are only offered for 3-6 months.


Good luck!

Jx

Grimbal

We were in the same position as you & decided to rent rather than lose our sale.

yodaegghoover

Thank you all,

I seem to be getting the idea that renting may be the best option, especially if house prices also start to drop

tbs624

yodaegghoover wrote: »

House chain has recently collapsed resulting in the property we intended to buy being taken off the market. Our buyer who has been waiting 3 months is now becoming impatient, saying that they will wait until the end of January or pull out. What should we do if we cannot find a property?

Have you struggled to find this buyer? Much depends on how saleable your property is and the likelihood of you being able to get another buyer within the next couple of months.

You could just call their bluff and/or decide to start over again towards Easter.

azkaban420

Pah post died before I was able to finish it!

I was going to say:

Yes, and as hazyjo suggests, by the time you find the property you want to buy, you may be able to get a price-reduction that makes up for part or all of your costs whilst renting. We are currently renting, waiting to buy the house of our dreams too.

All the best,

Az