problems with vendor & house buy

fellwalker09

My husband & I are trying to buy a family home. Our offer was accepted on the 10/09/12. Subsequently the survey was done, mortgage process begun. The vendor told us she'd be renting. 2 weeks later our solicitor tells us she's put an offer in for a house. Well, from the date we began to now, our solicitor tells us he still hasn't had any papers in from vendors solicitor. He can't tell us whether there are 3 of us in a chain or more. I can't believe that almost 7 weeks have passed and we are still chasing them. The estate agent says all is in hand!

Now , having been asked originally by the vendor for a completion date to be around the end of October, solicitor tells us we'll be lucky to be in for the end of November.

In the meantime, a bungalow we'd have loved to buy has come down in price by 40K and been immediately snapped up. That's my own fault for not going to view and making what I thought was a cheeky offer!

On top of that we rent presently and have given notice as we hoped to be out by mid November. Now there's no chance and the property management co already have someone to view! I think I'll have to ring them and tell them that we'll be another month at least.

I have a feeling that either the vendor can't/struggling to get finance for her buy and that's why our solicitor hasn't had any paperwork from hers yet. Or, there's a hitch with what she's buying, because for someone who wanted a quick completion it just doesn't add up. Any advice anyone? My husband wants to start looking for another house -as backup!

Kynthia

I know it doesn't help you now but no-one should give notice on their rental property until they exchange contracts. It's better to have some overlap between the rental and purchase or have a four week gap between exchange and completion than risk homelessness.

You have now ended your tenancy and technically you can't reverse that. Your property management company could in theory apply to the courts for possession the day after you are supposed to have left. Hopefully they won't do this and will let you stay but unless you sign, or verbally agree, a new tenancy you are on shaky ground.

Have you chased the estate agent for information or spoken to the vendor? Once you know what the situation is you can decide whether to pressure her or to pull out.

Fire_Fox

You should not have handed in your notice until you exchanged contracts, things can fall through right up to the last day. Your original suggested completion was very optimistic! Don't telephone the agents and tell them, write to the landlord and formally ASK to withdraw your notice.

G_M

Agreed.

Meanwhile, go back to the EA and ask if they have any more properties you can view. Make it clear that because of the delays you are now back looking for another property to buy.

Either that will make the sellers take action so as not to lose you, or nothing will change in which case you should be starting your search again!

terrierlady

G_M wrote: »

Agreed.

Meanwhile, go back to the EA and ask if they have any more properties you can view. Make it clear that because of the delays you are now back looking for another property to buy.

Either that will make the sellers take action so as not to lose you, or nothing will change in which case you should be starting your search again!

good advise sink or swim in this market she should be active looks to be delaying for some reason

fellwalker09

Thanks for all of your replies. You're probably right about looking again. Already began trawling online. Will be speaking with EA today & explain how I feel -ie that something's not right. As for my rental, yes I'm telling them today that I'd like to withdraw my notice for now. Got the feeling the property owner is flexible so fingers crossed. We've been here for 3 years now. We've had no luck with houses. Started our search way back in Jan'12. Lost that one! (higher bidder on good old sealed bid) Lost the next one in June. The next in July, on my birthday!(another sealed bid & crazy people paying crazy price more than house worth). Got this in September (10th). Can't believe my solicitor saying we'll be lucky to get in for December! Clearly that's optimistic as he's not getting anything out of them. Bizarre!