help dont know what to do

clem28_2

hi,
Made offer on a house which was accepted and my seller also made offer on a house which was accepted.
Mortgage offer made after valuation no problems with my survey.
when my seller got survey on their house purchase the survey said the house was not worth asking price negotiated.
after further negotiation a price was agreed. everything was on track, were thinking of moving dates.
Then!!! the seller of the house was going to rent somewhere so both house purchases could go through no further chain.
he now says he cant find a place to rent and he has seen new build which isn't going to be ready until june2015.
I am gutted and my property sellers are also as both houses on in the area we want and at prices to suit.
He was then going to take the property off as he thought both parties wouldn't wait.
Has this happened to anyone, solicitor says some sort of document can be signed to hold these 2 houses by parties involved.
I want to buy my house and the seller wants the other with the renaging seller..
Can this be done and what safe gaurds are there that the sales next june will go through and no one pulls out
complicated, im sick as its my first house and been looking for ages.
any help or advice
thanks clem

Flat_Eric

clem28 wrote: »

hi,
Made offer on a house which was accepted and my seller also made offer on a house which was accepted.
Mortgage offer made after valuation no problems with my survey.
when my seller got survey on their house purchase the survey said the house was not worth asking price negotiated.
after further negotiation a price was agreed. everything was on track, were thinking of moving dates.
Then!!! the seller of the house was going to rent somewhere so both house purchases could go through no further chain.
he now says he cant find a place to rent and he has seen new build which isn't going to be ready until june2015.
I am gutted and my property sellers are also as both houses on in the area we want and at prices to suit.
He was then going to take the property off as he thought both parties wouldn't wait.
Has this happened to anyone, solicitor says some sort of document can be signed to hold these 2 houses by parties involved.
I want to buy my house and the seller wants the other with the renaging seller..
Can this be done and what safe gaurds are there that the sales next june will go through and no one pulls out
complicated, im sick as its my first house and been looking for ages.
any help or advice
thanks clem

I would ask your solicitor to explain his proposal in more detail. It would seem fairer if the seller of the property who now wants to buy a new build rented in the meantime so that you can buy your house and your seller can buy his house.

Yorkie1

If your solicitor suggests that you all exchange contracts now with a very long completion date in next June, be a little wary.

1. Existing mortgage offers will expire before then and if there are any changes in anyone's financial circumstances there is a risk that revised offers won't be made - which means no money to buy a property you're legally committed. There might be get-out clauses but ask your solicitor.

2. New builds don't have fixed completion dates. The buyer of the new-build will probably get about 10 days' notice - if that - from the developer, and there's no negotiation with them. If your seller remains in situ until then, you're going to be a bit in limbo for completion dates, as will your buyer be.

enthusiasticsaver

I would be a bit wary about long gaps between exchange and completion and it is always a bit of a nightmare when someone is buying a new build as the completion dates can be moved. If the person at the top of the chain buying the new build is serious they should move into rented so the rest of the chain can go ahead and complete.