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Vendors's contract received. Vendor still searching for a house
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hounsehunterftb
Posts: 173 Forumite

Hello everyone,
Any advice or suggestions would be highly appreciated!
Basically we are First Time Buyers and have our offer accepted on 11th March roughly. We got to know from the estate agents then that the vendors would be now looking for houses. So we decided to actually put this on hold till the vendors find a house.
We are continuously in touch with the EA, and they are telling us that the vendors are actively looking. So we are unclear about the chain yet!
Now just, I got a call from my solicitor that she has received paperwork/draft contracts from the vendor's solicitors.
Where does that leave the sale? Does that mean vendor is happy to proceed? Its confusing. Why would they instruct their solicitor to proceed if they haven't found a house yet.
I confirmed from the EA the day we got our offer accepted. The vendor would want to buy and sell the house simultaneously and wont consider moving to a rented place. That's the reason, we still haven't applied for a mortgage (to avoid evaluation fees) and haven't instructed solicitors to proceed (to avoid searches fees). We have a mortgage in principle and our mortgage adviser is confident.
But having received contract from the vendor has got me thinking!
What would you do in this case? Just need as many opinions as possible.
Regards,
househunterftb!
Any advice or suggestions would be highly appreciated!
Basically we are First Time Buyers and have our offer accepted on 11th March roughly. We got to know from the estate agents then that the vendors would be now looking for houses. So we decided to actually put this on hold till the vendors find a house.
We are continuously in touch with the EA, and they are telling us that the vendors are actively looking. So we are unclear about the chain yet!
Now just, I got a call from my solicitor that she has received paperwork/draft contracts from the vendor's solicitors.
Where does that leave the sale? Does that mean vendor is happy to proceed? Its confusing. Why would they instruct their solicitor to proceed if they haven't found a house yet.
I confirmed from the EA the day we got our offer accepted. The vendor would want to buy and sell the house simultaneously and wont consider moving to a rented place. That's the reason, we still haven't applied for a mortgage (to avoid evaluation fees) and haven't instructed solicitors to proceed (to avoid searches fees). We have a mortgage in principle and our mortgage adviser is confident.
But having received contract from the vendor has got me thinking!
What would you do in this case? Just need as many opinions as possible.
Regards,
househunterftb!

Home buying yet again!! Fingers crossed!!
===============================
3 years ago ==> Completed!! PROUD homeowner from now on! :beer::beer::beer::beer:
===============================
3 years ago ==> Completed!! PROUD homeowner from now on! :beer::beer::beer::beer:
0
Comments
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Can't your solicitor confirm? I'd ask the EA - but bear in mind they may not be entirely truthful! You could always arrange another viewing and speak to them directly.
Just because they've found somewhere also doesn't mean the whole chain is complete. I'd want that clarified too.
Jx2024 wins: *must start comping again!*0 -
The vendors are still searching. But even though they are searching, our solicitors received contracts from vendor's solicitors.
Should we wait for the chain to complete? Or should we proceed with the mortgage? Confusing reallyHome buying yet again!! Fingers crossed!!
===============================
3 years ago ==> Completed!! PROUD homeowner from now on! :beer::beer::beer::beer:0 -
hounsehunterftb wrote: »The vendors are still searching. But even though they are searching, our solicitors received contracts from vendor's solicitors.
Should we wait for the chain to complete? Or should we proceed with the mortgage? Confusing really
Wait until the entire chain is complete.
Doesn't sound like your solicitor got the right end of the stick and has started the buying procedure...
Jx2024 wins: *must start comping again!*0 -
This is a draft contract to review. It is part of the conveyancing process for you and/or your solicitor to review it and correct errors etc.
The vendors are simply progressing the process. It does not mean they are ready to Exchange Contracts yet.
You can either instruct your solicitor to continue for now (review the contract, complete searches etc), or insruct him to go 'on hold' (so as not to build up costs) until you hear the entire chain is complete.0 -
Thanks guys for the replies! I think the safest option here to wait for the chain to complete before proceeding with either mortgage or conveyancingHome buying yet again!! Fingers crossed!!
===============================
3 years ago ==> Completed!! PROUD homeowner from now on! :beer::beer::beer::beer:0 -
The fact that you have received a draft contract doesn't mean the sellers are ready to exchanged.
The draft contract can be checked now, so that it is ready to sign when the sellers are ready to go ahead.0 -
Just out of curiosity, now that we have received vendor's draft contract would they have to pay to their solicitors regardless of the sale going through or otherwise?
Because vendors solicitor has spent time in drafting a contract for us? Looks like they would be paying their solicitors isnt it?Home buying yet again!! Fingers crossed!!
===============================
3 years ago ==> Completed!! PROUD homeowner from now on! :beer::beer::beer::beer:0 -
nothing that costs money until the chain is complete!2021 GC £1365.71/ £24000
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hounsehunterftb wrote: »Just out of curiosity, now that we have received vendor's draft contract would they have to pay to their solicitors regardless of the sale going through or otherwise?
Because vendors solicitor has spent time in drafting a contract for us? Looks like they would be paying their solicitors isnt it?
It might be a 'No sale no fee' contract. I can't read it (and nor can you!).0 -
hounsehunterftb wrote: »Just out of curiosity, now that we have received vendor's draft contract would they have to pay to their solicitors regardless of the sale going through or otherwise?
Because vendors solicitor has spent time in drafting a contract for us? Looks like they would be paying their solicitors isnt it?
Yes they would have to pay for any work done.
How long are you prepared to wait for this property? It could take months for them to find somewhere.
As others have said do not pay out for anything until they are ready to proceed.
You could however proceed with your mortgage offer and survey if the mortgage lender is paying for the survey.0
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