HELP! Close to exchange but seller has just found a property

Cakeguts

Having seen how many times this situation has been written on here I think that it would be a good idea to ignore any seller who says that they are going into rented to break a chain. Or at least to be very doubtful about it ever happening and to continue as if there was a chain so if there eventually is one you won't be surprised.

In this case you could make it clear to the seller through your solicitor that you are not prepared to wait until the seller makes up their mind about what they want to do and you will give them 2 weeks to decide and after that you will withdraw your offer and start to look for something else.

The danger with sellers who changer their mind is that they could change their mind about the whole sale and take the house off the market so you may never get to buy this house. This is why it is a good idea to start to look for other houses.

sheff6107

Tell them no. They can house hunt on their own time by living in rented for 6 months. Why should you put your life on hold just because they can't be arsed moving into rented.

Surrey_EA

It depends somewhat on the type of property you are buying, and what the market is like in that location.

If the property is not terribly unusual or unique, and the market can offer some similar properties currently for sale at similar prices, then you might be in a position to call the shots.

If however the property in question is something of a one off, or the demand for this particular property is high, then you're unlikely to be left with a great deal of power to force the vendor to stick to their original suggestion, as the vendor will feel they can easily pick up a replacement buyer.

ChasingtheWelshdream

Our vendor did this. Promised to go into rented come what may. The day before exchange they changed their mind. They were happy to move out, but extended family persuaded them not to and they didn't want to upset relations.

We couldn't wait so pulled out, found another property (empty) and moved in 4 weeks later (extreme example, but it worked for us!) In hindsight, this house is much better for us, and our original choice is still for sale.

It's not always doom and gloom, and I hope something works out for you.

LA_FTB21

The EA has suggested I give them a date to which we will wait until and then if the sellers haven't completed on their chosen house by this date, they have will to find alternative accommodation until they do.

How long is long enough to give them to complete on this property? Again bearing in mind that it has no chain, the EA has told me that the seller has put an offer in on this house and it has been accepted.

Surrey_EA

LA_FTB21 wrote: »

The EA has suggested I give them a date to which we will wait until and then if the sellers haven't completed on their chosen house by this date, they have will to find alternative accommodation until they do.

How long is long enough to give them to complete on this property? Again bearing in mind that it has no chain, the EA has told me that the seller has put an offer in on this house and it has been accepted.

If everything goes incredibly smoothly, and there are no complications then they might be ready to complete in 6 weeks, but that doesn't allow for any delays.

Would you be prepared to wait until 30.06.17?

LA_FTB21

Surrey_EA wrote: »

If everything goes incredibly smoothly, and there are no complications then they might be ready to complete in 6 weeks, but that doesn't allow for any delays.

Would you be prepared to wait until 30.06.17?

We were only expecting originally to be completing at the end of may under the pretense the seller was going to rent so giving them another month doesn't affect us much.

Would you say this is accommodating enough? We don't want to be unreasonable as we really want this house but we also don't want to be waiting in limbo.

Surrey_EA

LA_FTB21 wrote: »

We were only expecting originally to be completing at the end of may under the pretense the seller was going to rent so giving them another month doesn't affect us much.

Would you say this is accommodating enough? We don't want to be unreasonable as we really want this house but we also don't want to be waiting in limbo.

I would say that is a very fair proposal. That gives your vendors 9 weeks to get themselves in a position to tie their purchase in, which should be adequate time.

LA_FTB21

Surrey_EA wrote: »

I would say that is a very fair proposal. That gives your vendors 9 weeks to get themselves in a position to tie their purchase in, which should be adequate time.

What about exchanging contracts now so, in 9 weeks time or even before this, the seller can't decide to pull out if for example this house falls through etc?

Being a FTB I'm unsure as when/how things normally go.

cloo

LA, I don't think anyone would accept that.

OP, bear in mind, though, that you can't hold them to anything, so if you say 'Do X by Y weeks time or move into rented', they can still at the end of that time not be sorted and just say 'No, we're not moving into rented, we'll probably be through in another few weeks so why don't you just hold on instead?'. And they'd be within their rights to say that, as you can just stay where you are presumably (remember not to give notice until you have exchanged, even if it means a month or so of rent and mortgage!) and you'd be asking them to go to all the trouble and expense of relocating when their purchase might be sorted in within a relatively short time.