Estate agent misled me?

kinger101

While I disagree with their interpretation of "no chain", they made it clear that the vendor would be making a onward purchase. In that sense, you've not been misled.

Weewdy

I was in a very similar situation, the owners of the house i was purchasing were stalling because their house was not finished. I told them to exchange by a certain date or the purchase was off, they ended up renting until their house was finished. I am in scotland though in an area of slow housing markets.

Alchopops

This is our situation exactly, except we are the seller. We exchanged today on our sale and moving in with family next week for a month or so until our new build is ready, but we were upfront with our buyer in that we were happy to not tie in with our purchase so he did not have to wait to complete. As Pinkshoes says above there's really only 3 choices to make - if you are not able to wait and find somewhere else to stay in the meantime so decide to pull out, let the vendor know the reason for this as they *may* decide to vacate in order to not lose the sale?

If we hadn't already made this decision this is what we would have done as our current property is a coach house, and will generally only appeal to a FTB or investor. But its obviously dependent on the vendors situation.

Thrugelmir

caro1000 wrote: »

The sellers were moving out into a new build. It is now almost August and I've been told there is no date for the sellers to move out as their new build is not in fact built yet.

Surely you haven't waited until now without asking what the position of the seller is.

Car1980

This is the situation with buying in England I'm afraid. There is little regulation on any party until contracts are exchanged. The only leverage is for one party to withdraw, leaving both parties to pay the fees they've accrued (unless they've signed up for no-completion no-fee)

patel007

Weewdy wrote: »

I was in a very similar situation, the owners of the house i was purchasing were stalling because their house was not finished. I told them to exchange by a certain date or the purchase was off, they ended up renting until their house was finished. I am in scotland though in an area of slow housing markets.

Excellent post and the way forward in situation like this imo

ATB OP

MrSnuggl3s

I think it's silly. A chain is most definitely present when the residents are awaiting to move into a new home. You would be right to be annoyed at the EA for misleading you saying there is none. However, this is the thing in property - logic is needed in addition to legal terms!

There will always be a time period risk when residents are looking at a new house build. I would see if you can complain. If the EA hadn't spelled it out fully for you, then you should.

ReadingTim

MrSnuggl3s wrote: »

I think it's silly. A chain is most definitely present when the residents are awaiting to move into a new home. You would be right to be annoyed at the EA for misleading you saying there is none. However, this is the thing in property - logic is needed in addition to legal terms!

There will always be a time period risk when residents are looking at a new house build. I would see if you can complain. If the EA hadn't spelled it out fully for you, then you should.

Once again, there is no chain. A chain has links. This transaction does not. You, and the OP, have misunderstood or not realise the implications of the situation despite being made fully aware of the position the vendors were in. You may find it helpful to read up on what a property chain actually is - this may help.

ScorpiondeRooftrouser

MrSnuggl3s wrote: »

I think it's silly. A chain is most definitely present when the residents are awaiting to move into a new home. You would be right to be annoyed at the EA for misleading you saying there is none. However, this is the thing in property - logic is needed in addition to legal terms!

There will always be a time period risk when residents are looking at a new house build. I would see if you can complain. If the EA hadn't spelled it out fully for you, then you should.

They did spell it out. They said "There's no chain, they are buying a new build house." Whatever your definition of a chain is, they made the situation perfectly clear. How on earth were they misleading? Do you think the OP thought "Well, I know they are buying a new build, but there's no chain, so they can't be buying a new build"? It's not the estate agent's job to point out to a buyer, who hasn't and will not pay them any money, the implications of everything.

LandyAndy

ReadingTim wrote: »

Once again, there is no chain. A chain has links. This transaction does not. You, and the OP, have misunderstood or not realise the implications of the situation despite being made fully aware of the position the vendors were in. You may find it helpful to read up on what a property chain actually is - this may help.

First line from your link

A chain, when used in reference to the process of buying or selling a house, is a sequence of linked house purchases, each of which is dependent on the preceding and succeeding purchase

Exactly the case here.