Offer accepted, now vendors are indecisive

budgetdiyer

Exactly what LandyAndy said.

For the agent / landlord to end the tenancy they have to give you a minimum of 2 months notice.

So you say your tenancy ends is just under 3 months, soon as that changes to just under 2 months they've missed their window to give you two months notice to end your contract at the end of the fixed term. I would'nt stress about it just let it roll on to a periodic tenancy if needed.

Meanwhile contact the agent your buying through, tell them your timescale and that you've seen another property you like, but you'd rather not mess anyone around but need to see some progress / movement from their end otherwise you will start looking at other properties. The estate agent won't want to lose his sale so will spring into action.

PurpleRainbow

Thanks everyone for responding, it might sound silly but I wasn't aware that we could just let it go month to month and the LA couldn't stop us. I thought that if we wouldn't sign on for another 6 months they would issue notice, then if we didn't leave they would start legal proceedings against us which we really don't want. I will be reading as much as I can on the renting related threads here to get as clued up as I can on anything else I might not know.

We've been trying to find some other properties to view, but there doesn't seem to be anything available. Well there are properties available, but the ones in our price range have major structural defects and we'd have to increase our budget by £40k to stand any chance. My uncle is in the building trade so he drives past every house we are interested in to do a quick 30 second look from his car, every house bar the one we have offered on has come back with a verdict of "financial suicide" if we were to buy it. I don't want to view houses we know aren't suitable because that wastes my time and gets the vendor's hopes up, so we can't use that as an incentive for our vendors.

Looks like my best option will be to be patient up to a point, keep in touch with the EA and not worry too much about the tenancy agreement until the LL gets in contact.

Yorkie1

How long is it since your offer was accepted?

PurpleRainbow

Yorkie1 wrote: »

How long is it since your offer was accepted?

Coming up on three weeks now. This might leave me open to a chorus of "you are going way OTT and need to calm down" but I just want some kind of sign from the vendors that they are on roughly the same page as us. If the EA guy says that he's not sure they are thinking clearly and realistically then I think I should be concerned.

Moonraker71

This post is interesting to me because I was once in your position (put in offer then had to wait for seller to find property - it eventually all worked out but was frustrating). Now I may shortly find myself in the same position as your vendor.

I'm hoping to put my place on the market in the next month, and until I get an offer on it, I won't be taken seriously as a buyer. So if someone puts an offer in, it's only at that point that I'll be able to seriously start looking. On top of that, I am porting my existing very low-rate mortgage, so I can't move into rented as that would involve settling that mortgage and opening a new one (at a worse rate) as and when I find a new property. I'm also moving from a town with a fast-moving property market to a slower one with a far smaller pool of suitable places. I'm really worried how this is going to work out in reality, as I completely understand that most buyers will be reluctant to wait. So I totally see where you're coming from, but wonder if it's not so much indecisiveness on the part of your vendor but for genuine reasons? (They may well be completely indecisive of course, and we just don't know the details). I wish you luck with it anyway; this process is always extremely angst-ridden when you're going through it.

Ulfar

Go back to estate agent and ask to see other properties, if you find one as good or better that is in a position to sell then buy that instead.

I say this as someone who moved into rented to complete a sale.

jackomdj

We were in a similar position ( but we wanted to move quickly as we had someone who wanted to rent our property from us). However as the people we were buying from would not move until they found somewhere we ended up looking for another property.

mysk_girl

Moonraker71 wrote: »

This post is interesting to me because I was once in your position (put in offer then had to wait for seller to find property - it eventually all worked out but was frustrating). Now I may shortly find myself in the same position as your vendor.

I'm hoping to put my place on the market in the next month, and until I get an offer on it, I won't be taken seriously as a buyer. So if someone puts an offer in, it's only at that point that I'll be able to seriously start looking. On top of that, I am porting my existing very low-rate mortgage, so I can't move into rented as that would involve settling that mortgage and opening a new one (at a worse rate) as and when I find a new property. I'm also moving from a town with a fast-moving property market to a slower one with a far smaller pool of suitable places. I'm really worried how this is going to work out in reality, as I completely understand that most buyers will be reluctant to wait. So I totally see where you're coming from, but wonder if it's not so much indecisiveness on the part of your vendor but for genuine reasons? (They may well be completely indecisive of course, and we just don't know the details). I wish you luck with it anyway; this process is always extremely angst-ridden when you're going through it.

Do you definitely have to port the same day? Nationwide give you six months between sale and purchase, we had a 12 week gap last time and were able to port our 2.5% base rate mortgage. Might be worth checking if there is any leeway...