Do we give ultimatum on house purchase?

Rowenajd

Put our house up for sale at the beginning of Feb and sold mid-March, within a couple of days of accepting an offer we had an offer accepted on a new house. Everything was going through although pretty slowly but then last week our buyers all of a sudden give us an ultimatum and said if we do not completed by the following Friday (8 days away) she was going to pull out as her rental lease was up. We didn't want to risk loosing our FTB so reluctantly sold and have been forced to move in with my brother (not ideal as I have a 2 year old). Now we have just found out that the house our vendors were going to buy has fallen through so they are starting again from scratch with another house. She has told us they are not willing to move out temporarily although she said she would at the viewing so now we're stuck with no house waiting for god knows how long for her purchase to go through! I have told her we want to complete in 3 weeks time or we will pull out but she seems to be ingnoring our threats just continuously saying they are rushing things through as quick as they can. what can we do?? I cannot live with my brother for longer than 3 weeks

ognum

A threat is only any good if you are going to go through with it. Have you started looking at other property, is there anything else out there. If not you are stuck so don't push to hard!

AdrianC

You can give her an ultimatum if you want.
You could even suggest she moves in with your brother...
She doesn't have to accept it - and probably won't.

If you really can't live with your brother for another three weeks, then I suggest you start looking at rentals, because it's very unlikely that you'll complete in three weeks. Your vendor will, in the face of such an unrealistic demand, probably just start looking for another buyer - after all, she has the luxury of time, given that she's now looking for another place to buy.

Rowenajd

I have started looking at rentals and there is one which would be ideal but this would mean signing up for at least 6 months by which time our mortgage offer will have expired and it took a lot of time and stress to get this in the 1st place due to self-employment. She has found another house and has already instructed solicitors for it. She has already lost over £1000 as the last property had subsidence so I'm thinking she is quite desperate to move and won't want to loose any more money.
We moved out at the risk of loosing our buyers so praying she will do the same!

AdrianC

Just because you're signed up to a six month lease doesn't mean you can't purchase a house within that six months.

Rowenajd

But then I'd have to pay rent and a mortgage. And another house may not come up that we like.

ognum

Rowenajd wrote: »

But then I'd have to pay rent and a mortgage. And another house may not come up that we like.

Could you do things like go away for weekends, have a holiday away and generally give your brother his space back without actually renting.

I think what you need to do is arrange to meet with the vendor, sit down and actually have a conversation about what her hopes and fears are and how they meet with yours.

In the end their is no substitute for a conversation, so much better than second guessing. Pick up the phone and arrange to meet!

Rowenajd

I have met up with her a few times as there is no estate agent between us so have had quite a lot of contact already. She knows our situation and as far as she is aware we are living in a hotel. Work would stop us from going away for more than one night at a time so don't think that would help the situation much. I told my brother a couple of week at the most so as far as he is aware it's very short term. I'm aware it's very unlikely her purchase is going to complete in under 3 week but to be honest I don't care, if it wasn't for us moving out temporarily the whole chain would have collapsed so need to persuade her to do the same.

Pixie5740

The chain probably wouldn't have collapsed. It's unlikely your buyers lease was going to end unless she was the one ending it. What's done is done.

You've issued an ultimatum which is pointless unless you're prepared to follow through with it.

Start looking for other properties to buy as well as places to rent. Ordinarily I'd suggest looking a holiday rentals but as its holiday season that will be expensive, probably more expensive than a 6 month AST with some overlap with mortgage payments.

Will the lender extend your mortgage offer if necessary?

Rowenajd

She said her lease was coming to an end and she either had to give notice or sign for another 6 months but yes what's done is done.
We have had a look at other properties to buy but nothing has caught our eye and even if we saw something it would most likely take longer than waiting for this house. I'm not sure about the mortgage offer to be honest but it took a lot of getting due to self employment so I would imagine it wouldn't be easy to do.

Hoploz

You're lucky she found another house so easily.

You can offer all the ultimatums you like, she's not going to move out until she can get in to the new place. You just need to wake a deep breath, give her the few extra weeks it will take to get through the process, and focus on the bigger picture. If you pull out now, will you be in any better position?