Trying to salvage our purchase

supermumno1

Hi - I posted a week ago (ish) about the vendors pulling out on us and had some helpful kind replies. Anyhow, the situation was we were buying a house that was advertised as chain free. The vendors had assured us they were moving into rented accommodation. They pulled out pretty much as contracts were due to be signed saying they couldn't find a suitable property to purchase and due to an early redemption penalty on their mortgage they were unwilling to rent. In response to this we asked the agent to put it to them that we were willing to wait until they could find a suitable purchase or to discuss finances again with them, though of course no promises as we are not prepared to pay beyond that which is reasonable for the property. Finally they have been back in touch with the agent today to request a meeting with us at the weekend to discuss the situation. We are hoping that this means they are prepared to look at ways forward with the purchase/sale and not just going to "explain" to us. Our situation is that we have a house we ultimately will sell, but the purchase is not dependant on ours being sold at the time as we have a bridging option. We do not need to move in a hurry but obviously do not want to be hanging on forever either. Our house is currently on the market but not under offer so we are quite prepared to take if off the market for now.

Does anyone have any advice about this situation. Can contracts allow a flexibility for completion date so that we can perhaps push to get a legally binding agreement in place asap to ensure we will not be messed about further but allow them say 3-6 months searching time. Please excuse my ignorance but once contracts are signed can they then ask for more money at a later date if the local house prices have increased substantially for some reason. Any dos and donts you can think of. We plan to discuss the finances between us before meeting the vendors so that we define the maximum extra we would be prepared to comprimise on and do not make a heart rather than head decision - even though we love the house!

Many thanks

Rick62

I'm not a lawyer, but see no reason that you couldn't if all parties agreed, have a completion date set 3 to 6 months in advance.

Once contracts are exchanged then, unless provided for in the contract, the price would be set and they could not change that.

I'm sure they would not request a meeting unless they were keen to see if they could reach some arrangement. Good luck!