Offer accepted.....vendors not found anywhere after 5 months.....

nubbins

foxy-stoat wrote: »

If the vendors were serious about selling they would of gone into renting for 6 months.

Find another "dream house".

No they wouldn't, who in their right minds would move into rented just so someone could move in quicker, especially in a rising market

Marvel1

Keep looking in the meantime.

danslenoir

chappers wrote: »

Personally I would keep my options open, you don't need to say anything to the vendors or the EA, but just start looking again and if something you like that is more proceedable turns up then go for it.

Presumably OP would have to withdraw from the offer on the current purchase property before OP could make an offer on a new property.

If OP found another property and there was competition for it, OP would likely need to place an offer pretty quickly leaving not much time to discuss/negotiate with the original vendors before withdrawing to make an offer on the new place. If OP really likes the original property and still favours it if things can be 'encouraged' to move along a bit faster, forcing the original vendors into making a snap decision about whether they'd be willing to move into rented or somesuch isn't likely to do OP any favours. Similarly, if the original vendors don't know that the timescales are becoming problematic for OP, they are not going to be any more incentivised to pull their finger out to get the deal done than they are now. If the original vendors know they could find another buyer in 5 minutes, they may not care, but if they are scared that finding another buyer could be difficult, some additional pressure from OP could be useful.

If I was OP, I would let the original vendors know that the timescales are becoming problematic for me and that I was considering looking elsewhere, without being aggressive about it or turning it into an ultimatum.

foxy-stoat

nubbins wrote: »

No they wouldn't, who in their right minds would move into rented just so someone could move in quicker, especially in a rising market

People who would want to be in the strongest position to buy when/if they find somewhere they liked, no chain.
People who have a good buyer with an offer agreed and presumingly had surveys done, IE no chain and ready to buy.

askandyeshallreceive

Not everyone can afford to move into rented to accommodate the vendors taking ages to find their own place. If the hopeful purchaser has early repayment fees they would avoid paying the majority of them back with a straightforward port, but not if they closed the mortgage and went into rented, they'd have to pay the lot back. I couldn't afford to do do it so it wouldn't even be an option for me. Plus the person purchasing may only be able to move with their existing mortgage lender so shutting down their existing mortgage in order to rent could present them with problems.

I'd also question heavily if this vendor isn't possibly going to be a pain in the rear throughout any buying process, if this is the lack of action so far. Everyone should be working together to effect their sales and purchases - sitting for 5 months on finding a place is, in my opinion, totally unacceptable and a great big red flag. God knows what they'd be like when it got to the nitty gritty of the actual conveyancing process - they can't even manage the task of finding a place to move to yet they've engaged in a plan to sell to you!

This would have made me twitchy a very long number of months ago.

macman

I waited 8 months from offer to completion last time I moved. No one can answer the question for the OP, it's up to them to be patient or apply pressure as they see fit. There is no etiquette for this situation.

Arthritic_Toe

I had something similar and I went for a sort of stick and carrot approach. I found another property with vacant possession and basically told the original vendors that I would be pulling out of the purchase and buying the other property unless they could complete in 6 weeks (or whatever). As I had already had the survey done, and buying the other place would incur repeated costs, I offered them an extra £1000 'to cover storage costs etc' if they could complete in the 6 weeks. This did the trick - I think they made a similar deal with the the next vendors in the chain who were actually the ones who were dragging their feet. I didn't want to change the official purchase price as this would have meant going back to the mortgage company, so the solicitor included the £1000 in the contract as something like an 'early completion bonus' - which is exactly what it was. It could be argued that this avoided a small amount of stamp duty, but we're only talking about 10 quid. Anyway - it worked for me.

Waterlily24

nubbins wrote: »

No they wouldn't, who in their right minds would move into rented just so someone could move in quicker, especially in a rising market

I agree, we wouldn't move into rented, money down the drain for us.

chappers

danslenoir wrote: »

Presumably OP would have to withdraw from the offer on the current purchase property before OP could make an offer on a new property.

If OP found another property and there was competition for it, OP would likely need to place an offer pretty quickly leaving not much time to discuss/negotiate with the original vendors before withdrawing to make an offer on the new place. If OP really likes the original property and still favours it if things can be 'encouraged' to move along a bit faster, forcing the original vendors into making a snap decision about whether they'd be willing to move into rented or somesuch isn't likely to do OP any favours. Similarly, if the original vendors don't know that the timescales are becoming problematic for OP, they are not going to be any more incentivised to pull their finger out to get the deal done than they are now. If the original vendors know they could find another buyer in 5 minutes, they may not care, but if they are scared that finding another buyer could be difficult, some additional pressure from OP could be useful.

If I was OP, I would let the original vendors know that the timescales are becoming problematic for me and that I was considering looking elsewhere, without being aggressive about it or turning it into an ultimatum.

They don't have to withdraw their existing offer, they can have as many offers in as they like up until exchange.

....and yes they can put some pressure on the vendor, but whether that makes any difference only time would tell, it may or may not, but looking for somewhere else is a way that they can actually do something proactive.
Also as others have said the vendor could pull out if they think that their buyer is looking at other properties and remarket at a higher price.
Only the OP can decide how they want to play it

danslenoir

chappers wrote: »

They don't have to withdraw their existing offer, they can have as many offers in as they like up until exchange.

....and yes they can put some pressure on the vendor, but whether that makes any difference only time would tell, it may or may not, but looking for somewhere else is a way that they can actually do something proactive.
Also as others have said the vendor could pull out if they think that their buyer is looking at other properties and remarket at a higher price.
Only the OP can decide how they want to play it

Pretty dubious to have more than one offer on the table at any one time IMO, unless OP is going to be transparent about his/her situation with the owners of any new properties he/she ends up making an offer on.

How would you feel if you accepted an offer on your property from OP, then a few weeks later OP withdrew because things were getting back on track with the initial purchase property that OP preferred to yours? Like a used piece of toilet paper, I'd imagine.