FTB - Offer Accepted conditional on seller finding place to live

ee0u4179

Hi all,

Looking for some guidance.

We've had an offer accepted on a house subject to seller finding suitable place to live.

We are FTBs so are quite flexible but we don't want to be hanging around forever before moving (as increases possibility of it falling through/gazumping etc.)

We also need to give 2 month notice on our current place and don't really want to have to cross-over too much.

Any advice on how best to approach ensuring a quickish sale without scaring the seller off?

Cheers

hazyjo

Firstly, don't give notice until you exchange.

It's up to you - either give them a time limit, or let them know when you start viewing other properties. By all means keep an eye on the market in the meantime. Pointless IMO giving deadlines as there may not be anything as suitable on the market at that time.

If it does drag, you could suggest they go into rented accommodation. Lots are doing it. Obviously their choice, but something they might not have considered. Would put them in a more favourable buying position then too.

Don't be pushed into spending/doing anything (survey, mortgage, etc) by the EA or anyone until the chain's complete.

Jx

PurpleRainbow

As I have found out, when you are a buyer you can't really do much except pull out, or wait patiently. I am now in week 8 of my wait for my vendors to find somewhere, they have ignored my suggestion that they be prepared to move into rented so I presume they won't do that. I have been checking on rightmove daily, but there isn't anything I like better on there.

I'm afraid you can't do anything to ensure a quick sale unless they're willing to move into rented. You'll have no idea of how realistic your vendor's expectations are either, they could be looking for a 3 bed detached in central London with a budget of £140,000 for all you know. It's frustrating, but you either wait until you complete or pull out when you find something better.

mrsmchapman

I waited and waited nearly 4 months for the seller to find a new home, they did eventually and then decided they didn't want to sell. Personally I would set a time line at the beginning.

Mrs_ted

We are FTB. We were informed that our vender would go into rented acc as was moving into a new build that will be reading in a few months.
So we got the mortgage, paid for a survey (the one that the mortgage company do) and then informed by the EAs that the vendor had found another property. So we have no idea if we have entered a chain or not. We are also renting and in no way want to hang around but the reason we went ahead is because we were told the vender had purchased a new build.

Good luck with everything

Lord_Baltimore

Sellers wait for buyers too. Swings and roundabouts....and, worst of all, solicitors . Sigh.

Yorkie1

You say you must give 2 months' notice. What makes you say that? Are you still in the fixed term of a tenancy, or are you into a rolling tenancy status?

dominoman

Keep looking at other houses in the meantime so you have a plan B. If you find somewhere else you really like then you have a bit more leverage.

Tell them you need to move by a certain date. If they really don't accept or compromise then you have the option to pull out of the sale and go for the other place.

CrazyAngel_3

You are not alone ! We had an offer accepted almost 7 weeks ago. Vendors havent found anywhere to buy and have exhausted the market. They have refused to go into rented and wont allow access to the property for our surveyor.

We have now started looking at other properties as I want to move this year and just cant see our vendors finding anywhere anytime soon.

My advice is keep looking and consider this one as a fall back if nothing else comes up - thats what we are doing :-(

kingstreet

Do not apply for a mortgage, nor instruct solicitor until your vendor finds a property and the chain forms up.

Doing so would be a ticket to wasted money.

Dan-Dan

Hi Kings

When you say this , do you mean for example if a vendor said verbally to the EA , or to us , we will go into rented to form the chain...is that enough to start things off....?

What i mean is , obviously there isnt anything binding regardless?