What to do if I'm ready to exchange/complete but seller hasn't found a property?

moneymark

Hello,

What is the general rule if I'm ready to exchange/complete but seller hasn't found a property to buy or their chain falls through?

I don't want to wait longer than necessary so is it fair for the couple selling the flat to move into rented accommodation?

Thanks in advance.

Mark

Lokolo

It's fair to whatever is agreed. They may not want to move to rented, and it would cost a lot in order to do so.

How long has it been since the offer was accepted? Personally I wouldn't have spent money on anything until the chain was complete. You just have to wait for them now.

hounsehunterftb

Unfortunately one can't do much except for deciding to wait or walking away

kingstreet

We routinely advise clients who aren't yet in a fully formed chain to hold off applying for mortgages and having legal work done at the outset, to avoid potentially wasted money.

It sounds like no-one gave you this advice.

moneymark

OK, so do you think it's best to not spend anymore money on solicitors fees etc until they have found anywhere?

kingstreet

Absolutely.

Presumably you have a mortgage offer and can only hope they can find somewhere and get to completion before it expires.

cloo

How far are you in the process, moneymark?


Wherever it is, don't spend more until chain is complete.


Agents love to say things like 'Oh, maybe they can move into rented' or whatever, but that's easier said than done, especially if the vendor has kids or needs to be somewhere very specific for work, and no one has the right to demand a vendor moves just because they've spent the money and/or their mortgage offer is running out.

moneymark

Offer has been accepted almost a month ago.

I've instructed my solicitors and got agreement in principal on the mortgage.

I've not spent anything as yet so I guess it's just a waiting game now.

Surrey_EA

cloo wrote: »

How far are you in the process, moneymark?


Wherever it is, don't spend more until chain is complete.

Sounds like it may be a bit late for that, if the OP is genuinely ready to exchange/complete!

cloo wrote: »

Agents love to say things like 'Oh, maybe they can move into rented' or whatever, but that's easier said than done,

I wish I had received a pound for every time a seller has told me that they would be happy to go into rented if they could not find, and then subsequently changed their mind.

Harryp_24

moneymark wrote: »

Offer has been accepted almost a month ago.

I've instructed my solicitors and got agreement in principal on the mortgage.

I've not spent anything as yet so I guess it's just a waiting game now.

Youre not anywhere near close to exchange or complete lol

youre literally at the point you should be. just wait for the chain to complete then make an appointment for a mortgage app and tell your solicitor to start searches.

Thrugelmir

There's no harm in continuing to monitor the market while waiting. You might a property that you prefer. Being at the bottom of the chain is a frustrating situation. Take up yoga to help yourself chill. While it's easy to walk away. Doesn't help you not end up in exactly the same situation again.