Help! Delay in purchasing shared ownership house

Tingtong1debbie · 5 April 2017 at 1:00PM

Hi, am after any advice please before I have a nervous breakdown!
We came to exchange contracts 3 weeks ago but are still waiting on our purchase ...their solicitors keep saying they are 'awaiting redemption figure' from persimmon homes who the current vendor has shared ownership with. We are buying the house outright from the proceeds of the sale of our property, and our buyers now want us out next week as their offer was accepted on ours in October.
Add in that we are also relocating 150 miles, changing our girls primary schools, giving up our jobs this is all very stressful and no one is telling us what the issues are! :mad::mad:
We may have to go into rented but will obviously cost us thousands and for furniture storage too.
Anyone else been in this awful situation?
Thanks in advance

Guest101 · 5 April 2017 at 1:05PM

Surely you'd stay in a local hotel for a week or two for hundreds, than rent a property for typically 6 months for thousands?

Tingtong1debbie · 5 April 2017 at 1:20PM

Definitely, that or a holiday home but we may have to look for a new property which could take months .... And it is school holidays / Easter so prices are at a premium and everything is getting booked up quick now

Guest101 · 5 April 2017 at 1:38PM

Both fair points, but you haven't exchanged yet so your buyer cant really dictate too much.

If you do choose to rent (which is a sensible idea given its a new area) you will have more scope to purchase

kingstreet · 5 April 2017 at 2:00PM

This sounds more like shared equity than shared ownership and the builder's stake will depend on an independent valuation, and not necessarily by the sale price.