First time buyer : advice needed please

yendluri

I am FTB and

Offer accepted : 11 Feb
Mortagage offer received : 10 March
All searches completed : 15 March
Spoke with EA, Solicitor everybody agreed to exchange contracts on 25th march and hoping to complete on 11th April ( vendor just moving into her son's house and not purchasing any other property)
on 25th received call from my solicitor and she informed that vendor was not ready yet and vendor purchasing another property with no onward chain (which is completely new to me).

As i already spent money on survey, mortagage admin fee, solicitor fee etc.. I dont want to withdraw my offer but requested for tentative date of completion.

After several discussions EA informed me that vendor is waiting for some certificate for windows in the property she is purchasing for which she is happy to take indemity insurance. so completion date will before 18th April. ( my tenancy contract completed on 22 March, which i informed to EA, solicitor before my offer they suggested me to extend only one month)

Today (9th April) : called EA for update and got response "vendor was upset and very angry on their EA (property she is buying) as they informed yesterday about another chain at the top but she really want to sell the house to you at the same time she want to purchase the other property so she can't confirm about the completion date now"

1. My Wife is pregnent, we are planning delivery in india. So she needs to leave before 16th May.
2. I need to vacate the my current property by 22 April. I spoke with LL about extending another month but they prefer minimum 6 months extension.
3. With out completion date (exchanging contracts) i cant plan temporary accommadation


I feel like i am cheated by EA/ Vendor and I am thinking about pulling out from the purchase and buy another property after my wife came back from india.

please suggest what is the best way to handle this situation.

Thanks,
Gopal

kingstreet

I don't understand what you think the agent has done wrong? All the agent can do is report what is taking place. They have no way of verifying what they are told, or of controlling the sale. They are not impartial arbiters. They are the agent of the vendor and are not representing you.

On the face of it, the vendor has decided to buy another property when they said they wouldn't and their vendor has done the same to them.

You're going to have to stick in there, or pull out and make alternative arrangements.

KerryBish

Unfortunately this kind of thing is common. On these tv shows where they help people buy houses they always seem tom complete within about 6 weeks, I've never done it that quickly. There are always hold ups.
You could pull out but then you might get into another long chain or something similar. This is nobody's fault, although the vendor is sort of going back on the agreement because part of why you put the offer in was because they weren't in a chain.
I don't know anything about the property, had hers been on the market long? Had she had many offers? If she's really worried about losing you a a buyer she could move into her son's house as planned and complete her other sale from there and you still get your sale. Has you EA mentioned to her that you're worried and thniking about pulling out?
Keep your EA on your side, they're the ones who fight your corner for you. It's not their fault, they just tell you the situation.
Hope it works out.

yendluri

Thanks for your response.

Is it common to represent as chain free and informing just before exchanging of the contracts?

If i wanted to stick there : I need to know some tentative dates and it is really difficult to get new house for renting for short duration.

If I pull out : I can look for another place / stay in the current place by extending tenancy another 6/12 months. but because of me all the chain is gonna collapse that is the only reason i am thinking twice before taking decision.

yendluri

KerryBish wrote: »

Unfortunately this kind of thing is common. On these tv shows where they help people buy houses they always seem tom complete within about 6 weeks, I've never done it that quickly. There are always hold ups.
You could pull out but then you might get into another long chain or something similar. This is nobody's fault, although the vendor is sort of going back on the agreement because part of why you put the offer in was because they weren't in a chain.
I don't know anything about the property, had hers been on the market long? Had she had many offers? If she's really worried about losing you a a buyer she could move into her son's house as planned and complete her other sale from there and you still get your sale. Has you EA mentioned to her that you're worried and thniking about pulling out?
Keep your EA on your side, they're the ones who fight your corner for you. It's not their fault, they just tell you the situation.
Hope it works out.

Thanks Kerry for understanding. I just called EA and discussed the options and they promised to get back to me by end of the day about it.

kingstreet

yendluri wrote: »

Is it common to represent as chain free and informing just before exchanging of the contracts?

The agent can only report what he is told by the vendor. If the vendor does not tell the agent, the agent has no way of finding out.

It's possible the vendor changed their mind, or they may have always intended this and either witheld it, or told the agent and told the agent to withold it from you.

Bazshawkins

Regarding your current rental property, why can't you just stay there on a rolling month by month lease? Have you served notice (1 month) or been served a section 21 notice?

The Letting agent can't make you sign a new fixed term contract - once your previous term expires you automatically go on to a monthly lease until either of the things in my opening paragraph takes place.

If I were you, I'd tell your letting agent (or landlord) that you will be staying on a rolling lease and then give your 1 months notice the day you exchange contracts with a view to completing at some point within the following month.