FTB - Offer Accepted conditional on seller finding place to live

DominicJ_2

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

Do you?
I've only ever heard of fixed terms and rolling monthly being legally enforceable tenancy agreements.
By no means am I an expert, but it might be worth looking into if your rolling two month can be enforced on the rent boards.

Thrugelmir

Dan-Dan wrote: »

we will go into rented to form the chain...

Often as difficult as finding a property to buy.......

At any given point of time there are only so many properties for sale or rent in a locality. The more rural the area. The more difficult the search.

kingstreet

Dan-Dan wrote: »

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?

If the vendor is looking for another property to purchase, my advice holds. If the vendor is not planning to immediately purchase another property and is willing to exchange and complete earlier, you should proceed with caution, limiting your mortgage expenditure to the minimum possible to get to offer and not having searches done until you have the mortgage offer and there is no further progress to be made without further expense being incurred.

You just need to think about what you are doing and when. It's too easy for FTBs to be all "gung-ho" and spend money on fees to get to exchangeable position after a month, only to find the rest of the chain isn't moving anywhere near that fast...

Dan-Dan

excellent point as usual Thrugelmir

Dan-Dan

kingstreet wrote: »

If the vendor is looking for another property to purchase, my advice holds. If the vendor is not planning to immediately purchase another property and is willing to exchange and complete earlier, you should proceed with caution, limiting your mortgage expenditure to the minimum possible to get to offer and not having searches done until you have the mortgage offer and there is no further progress to be made without further expense being incurred.

You just need to think about what you are doing and when. It's too easy for FTBs to be all "gung-ho" and spend money on fees to get to exchangeable position after a month, only to find the rest of the chain isn't moving anywhere near that fast...

So how would you , if it was you , proceed if your vendor said they would go into rented or relatives to make the sale happen.....give some sort of deadlines? because what they say and what they mean , could change for any number of reasons.....i mean at some point , the survery will have to happen fairly soon (same time as mortgage offer?)

Plus the solicitors would have been instructed with the usual disbursment paid up front? (i know this is refundable if it falls thoruh?)

cattie

Definitely keep looking. I have a friend who 'sold' her house twice last year & lost both buyers because she couldn't find a house that she wanted to buy. She seemed to expect the potential buyers to be willing to keep hanging on until something suitable came up for her, no matter how many months it took. Both lot of potential buyers gave up hope in the end & pulled out.

Definitely not the route I'd take, I've always been prepared go into rented should a suitable property not present itself to me when selling but luckily I've never had to use that option.

kingstreet

Dan-Dan wrote: »

So how would you , if it was you , proceed if your vendor said they would go into rented or relatives to make the sale happen.....give some sort of deadlines? because what they say and what they mean , could change for any number of reasons.....i mean at some point , the survery will have to happen fairly soon (same time as mortgage offer?)

Plus the solicitors would have been instructed with the usual disbursment paid up front? (i know this is refundable if it falls thoruh?)

You can't have hard and fast rules, you have to keep flexible as the situation is fluid. Apply for a mortgage, pay the valuation fee. If there's an arrangement fee, opt to add it to the loan. You can normally change it back to "pay upfront" later if you like. Delay any extended survey until later, if having one.

Ask a solicitor to open a file, but ask them to do nothing until they hear from you. Don't pay search fees until you see some movement in your vendor's position.

Keep in touch with agent and vendor and ensure the situation remains the same, that the vendor is happy to sell and is not now looking for another property with a concurrent completion with the sale.

Seabee42

I currently have an offer on my house which is accepted and was very worried about finding suitable properties to move to and was always prepared to say if I could not find any I would stay put.

Partly the reason for this is I can transfer my current mortgage at quite frankly very low rates. It is a 1% base rate tracker for life silly I know but them was the silly mortgage days.

I would definitely not want to mess people around and thankfully have had an offer accepted and hopefully it will all proceed. (Having filtered houses out on rightmove with location and google maps etc we saw all the properties we thought were suitable in two weekends. After that we would be stuck and waiting for new properties to come on the market.)

In my opinion people do not set out to be difficult and they want to move but like you they wont want to move into a house that is not right any more than you.