Exchange due in a few weeks, but seller hasn't found a house

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What are our options if vendor still hasn't found somewhere by the time we come to exchange? ( assuming they don't pull out if this is the case )

We can afford to be a bit lenient with the completion date, but we don't want to be waiting forever - can we push for them to consider renting if there's no sign of a sale on their end? If not, is there anything else we can do to speed the sale along without being awkward?

Yorkie1

When you exchange, the completion date is fixed. The seller has to move out on that date - there is no room for leniency if mortgages are involved.

Your seller will, as you say, either have to have found somewhere else to buy (which is likely to delay exchange further if he wants to co-ordinate the sale to you and the purchase of another place), or will have to move into rented.

When does your mortgage offer expire? When was your offer accepted?

If the seller is showing no signs of proceeding towards exchange, then all you can do is to threaten to walk away. The expiry date of your mortgage offer will be a useful bargaining tool if required.

G_M

You are under a misapprehension:

Clearly Exchange is not due in a few weeks, since seller hasn't found a house

There is no 'due date' for Exchange. The date for Exchange is only agreed... at the time you Exchange. Until then, is is just a vague hope.

hazyjo

Why did you start the process/pay fees, etc before they found somewhere?! The horse has bolted now, but really you should've waited until there was a complete chain.

One, they could pull out and you'll have wasted money. Two, you might have to reapply for a mortgage.

Three, if you do hang on, it could take forever! Hope the house value's still the same in yet another six months if it does take that long!

I would have been pushing for them to consider renting months ago. Or would not have started proceedings.

Jx

angrypirate

You can always have a contract on exchange which has a long-stop date for completion. You agree to complete at the very latest by a certain date (say 3 months down the line for example) but on mutual agreement you will both look to move it forward. This will allow you to exchange sooner rather than later to ensure you have the purchase but gives the vendor time to find somewhere. It also puts him in a better position as a buyer as he has a guarenteed sale.

Suggest you talk to your solicitor about this option