Vendors lost their desired house, should we wait?

silk_2

Hiya

We've been waiting to complete on a purchase which has so far taken just over three months, but our vendors just lost the house they were trying to buy i.e. top of chain pulled.

Given that our mortgage expires in November and it took the vendors this long (they don't even have a mortgage yet hence top of chain pulling) we're really not sure where to go next.

We've met the vendors and they seem decent people but even so we feel a bit messed around. We do get the impression they are serious about selling, and they say they are.

Latest I heard was that they've already found a house, ditched countrywide and started a new mortgage off which they say should be a couple of days (sounds unrealistic to me). I think they are trying to make light of the reality, which is that if they are starting over on a different house then we're looking at another 2-3 months surely? All the searches etc.

We don't want to end up at the final hurdle and then have our mortgage expire, which looking at the timing of all this could be the outcome.

We're also not sure we should wait at all given that it was the vendors fault top of chain pulled because the vendor has been tardy sorting critical things out along the way. Like a mortgage.

I was thinking we could just start looking and if anything awesome pops up cut our losses and try to and grab it.. does anyone have any contrary thoughts or advice for us? We are completely conflicted because we do want the house but we feel we're being spun around and taken for granted.

silk_2

Just to add that we requested that they rent so we could sort an exchange/completion but this seems to have gone over their heads.. they seem to think they can buy a house "quickly".. even though they just lost one house I still get the impression they don't quite understand how this all works.

Am tempted to give them an ultimatum - exchange asap complete early oct or we're out.

Dan-Dan

will they not move into rental or family to close the chain (if you threaten to pull) ?

silk_2

Dan-Dan wrote: »

will they not move into rental or family to close the chain (if you threaten to pull) ?

Hah you nipped that in just as I posted, you must have read my mind. I wish they would do this, maybe if we "ask" them again albeit more forcibly.. we have told them it's on the table that we'll pull at the moment but I guess they aren't taking the threat seriously.

Kynthia

Perhaps they've learnt their lesson. If they've had an offer accepted then see how long it takes for their mortgage to confirm, if it seems too long because they haven't booked a survey or they are facing with paperwork then move on. However there's nothing to stop you seeing what other properties are out there.

ValHaller

silk wrote: »

Am tempted to give them an ultimatum - exchange asap complete early oct or we're out.

Well, it might work, but ultimatums in situations where people are stressed just makes them more stressed which in turn makes them more likely to just snap.

Although your mortgage offer runs out in November, that is rarely a real showstopper. Offers can be renewed, new offers can be found.

Your best bet is to tell your vendors that you will start looking for another property, but if they are sorted before you find anything better, you will still be happy to go with them.

silk_2

Thanks for the replies. One of the bigger frustrations is we were asked to pay an extra £1,500 originally for fixtures/fittings - we agreed on the condition it would be a fast purchase

The other big frustration is that we're with countrywide and we literally had to call them every day to keep everything moving. We've been in a position to complete since end of July - but now that our vendors are starting anew, I am unsure what if any impact this will have on my solicitors. Hopefully none.

Seabee42

I would say a lot depends on the chain.

Is everyone happy to wait? After all it could take many months from here.

Supposedly its a rising market (depends on area) and in such circumstances its not necessarily desirable to not be in the market as such.

Lastly I think there is a shortage of good houses on the market and therefore it just maybe they do not have a house they want to buy (afford). Therefore its worth making sure of there position i.e. only wait if its going to happen.

silk_2

Seabee42 wrote: »

I would say a lot depends on the chain.

Is everyone happy to wait? After all it could take many months from here.

Supposedly its a rising market (depends on area) and in such circumstances its not necessarily desirable to not be in the market as such.

Lastly I think there is a shortage of good houses on the market and therefore it just maybe they do not have a house they want to buy (afford). Therefore its worth making sure of there position i.e. only wait if its going to happen.

Luckily the (second) house they are currently putting an offer in for has no chain. If it had a chain we would have probably pulled out now rather than drag this on for much longer - and I think our vendor probably realises that.

We are happy to wait but our main concern is that they will pull at last minute, which will mean we've wasted half a year and loads of cash only to be without a home in the rising market as you say.

We're renting at the moment and we need to hit the property ladder before next year otherwise we'll be in a REALLY bad situation where we can't compete with the sudden influx of FTB's getting government loans for their deposit.

(I am not a FTB due to owning a negative eq. home up north)

It's paramount to us that we definitely, definitely get the house - if there were some way the vendor could guarantee that to us other than exchange it would be a huge relief to us - but as it stands now every time we ask to exchange we get fobbed off!

Buzby

You cannot force them. If it is meant for you, you will get it it - there is little point in fretting or tantrums.

If it is clear they are genuine - and they appear to be, be sympathetic, it'll pay dividends - as you've already saved the extra F&F costs due to delays.

Voyager2002

Useless dealing with them: talk to the agent and selling the house for them and say that you are starting to look at other properties. In fact, just to emphasise the message book a couple of viewings through that agent. Estate Agents understand the process very well and have great skill in manipulating vendors to hurry up and get their act together, and if necessary rent somewhere.