Advice for buying situation

lackmail

Situation is a bit different... I found a house that needs some work but is habitable and put in an offer at asking price which was accepted. I do have a house to sell but planned to fund the purchase by cash from my company and a 2nd mortgage, then when my current house sells use the cash to clear that mortgage, in maybe 6 months time or longer. I wanted to buy this house now and then sell my house in future once it's been done up basically.

I have had a private buyer who has wanted my current house for years, but they only put theirs on the market a few weeks ago. It seemed overpriced to me so I was expecting it to take many months to sell. But (not sure if this is good or bad!) they have managed to find a cash buyer now with no chain etc.

The house I am buying isn't in a chain either as it's a probate. I am now a bit worried about telling my vendors that I would prefer to switch over to selling my house and using the funds from that to buy theirs, rather than the 2nd mortgage route. I did mention this to them should it happen but honestly didn't expect it to.

Can anyone see if my vendor will have problems with this? I only instructed my solicitors a week ago so it's not going to add much of a delay I don't think. What do you all think, if you were my vendor would you be annoyed?

AdrianC

It's irrelevant to your vendor how you plan to fund the purchase. The only relevance is whether you can complete on the date set when you exchange. How you do it is your problem.

divadee

I wouldn't be annoyed as a vendor. Just be open and honest and crack on with the selling process and it should all be ok.

warby68

At this early stage, I doubt it would annoy anyone unless the new chain situation is likely to materially increase the timescale you originally indicated.

To some vendors, your new arrangement might seem more 'normal' and confidence inspiring anyway than needing to extract cash from a business and top it up with another mortgage.

Also a probate sale is likely to have less prescriptive completion date requirements than an occupied house, generally speaking.