FTB, waiting for vendor to find a place

[Deleted User]

I need some advice on our situation!

We viewed a property last week, put an offer on which after some haggling they accepted. We are FTB, the vendor is yet to find a place. We were told by the agent that the vendor was actively looking.

Today (so a week after our offer was accepted) the agent rang to say they needed our solicitor details, as they have the vendor's and want to get things moving. However the vendor still hasn't found anywhere, he's seen a few places but keeps missing out because of his budget.

I am wary to give them our solicitor details, as I don't want to instruct any legal work until there is a chain in place, and I'm a bit confused as to why the agent is putting so much pressure on? We've got our AIP and are FTB so surely it's the vendor that needs to pull their finger out!

Am I write to withhold solicitor info? I'm a bit worried now that the vendor is flaky (he must know his own budget, why is he 'missing out' on places because he can't afford them?!) so am now even less inclined. We love the property but we can't afford to lose legal fees- I appreciate this is always going to be a risk, but we should wait until he's found somewhere at least, right?

Any advice appreciated!

Daerve

Give them your solicitor details, if I was selling and you were withholding them I'd think you were just messing me around and I'd keep marketing my property.

It won't cost you anything, just instruct a solicitor to open a file but hold off on any legal work until the chain is complete.

A week is nothing and no memorandum of sale will be issued without solicitors details. You need to show you're serious or someone else may come along and then it's bye bye house.

pinkteapot

Agree with Daerve. Make sure you tell your solicitor first that you don't want them to start work yet. Then tell the EA that you've decided on your solicitor and mortgage, and give them solicitor details, but that you won't be doing the mortgage application or instructing your solicitor to start work until the chain is fully formed, in case the vendor can't find anything. Your vendor might find something soon, but then their vendor might need to look. Our chain took a couple of months to form up.

Stand firm and always reiterate your commitment to the property. They know you're a FTB. Sound confident, read up on the process so you understand, and don't be pressurised into spending money yet. In the chain we were in above, our buyer, a FTB, had their survey done etc before the chain was formed, even though I told our EA who sold it to them that they shouldn't. Suspect our EA put pressure on them.

Don't worry too much - just sounds like vendor is offering below asking price, making offers at the top of his budget on houses with asking prices above his budget. He'll either find a desperate seller who takes an offer or get more realistic.

[Deleted User]

Thanks both. My mum works in property and is telling me to hold off, but I think she's (naturally) putting her worry for me above the practicalities of buying a house- I said to her if she was selling to a FTB and they didn't cough up a solicitor a week after making an offer wouldn't she get worried?

I will do as you have advised I think- give them a name, open a case, but say to the agent that we won't be moving forward with the mortgage or instructing the solicitor until we have a chain, but re-iterate that we do really want the property.