seller house 'bought out' by McCarthy Stone

undocumented

hello all,
we're in the midst of moving house and the property we are buying was initially owned by an elderly couple. we offered on the property which they accepted and were told that they were moving to a McCarthy Stone retirement property in Bath. Some weeks past and then about three weeks ago we were advised by the selling agents that McCarthy Stone had bought out the elderly couple so that they could complete their retirement purchase prior to the end of august. assume all do to with year end sales figures. The estate agents said this part exchange is quite common. Having looked online it looks like the company that may now own our house is called Citrus PX. Does anyone have any similar experiences of dealing with part exchange / change of ownership and / or Citrus PX. we're just eager to move asap and unsure if this would be a help or hindrance ? thanks

Guest101

undocumented wrote: »

hello all,
we're in the midst of moving house and the property we are buying was initially owned by an elderly couple. we offered on the property which they accepted and were told that they were moving to a McCarthy Stone retirement property in Bath. Some weeks past and then about three weeks ago we were advised by the selling agents that McCarthy Stone had bought out the elderly couple so that they could complete their retirement purchase prior to the end of august. assume all do to with year end sales figures. The estate agents said this part exchange is quite common. Having looked online it looks like the company that may now own our house is called Citrus PX. Does anyone have any similar experiences of dealing with part exchange / change of ownership and / or Citrus PX. we're just eager to move asap and unsure if this would be a help or hindrance ? thanks

Are they still going to sell to you? That should really be the main question

undocumented

yes ....... so we've been told by the estate agents. everything remains unaltered - price etc just 'new' owner.

AdrianC

Check with your lender that this won't cause a six-month-ownership problem, but I can't imagine it would.

ReadingTim

I don't think it'll affect you as buyer too much - if anything Citrus PX will be hassling you to complete ASAP, as they're going to want to get their hands on the cash as soon as they can.

It's the previous owners who are more likely to lose out, as they're probably going to see far less of the proceeds than had they sold to you directly!

Guest101

AdrianC wrote: »

Check with your lender that this won't cause a six-month-ownership problem, but I can't imagine it would.

That was my only other thought, but it should be fairly obvious what happened

davidmcn

AdrianC wrote: »

Check with your lender that this won't cause a six-month-ownership problem, but I can't imagine it would.

Part-exchanges by (or on behalf of) developers are a specific exemption from that rule in the CML Handbook so shouldn't be a problem.

chloenetuo

Hi there,

Did your sale ever go through? Myself and my partner have fallen in love with a flat, but the same thing has happened. What happened with your property?

Thankyou.

chloenetuo

undocumented wrote: »

hello all,
we're in the midst of moving house and the property we are buying was initially owned by an elderly couple. we offered on the property which they accepted and were told that they were moving to a McCarthy Stone retirement property in Bath. Some weeks past and then about three weeks ago we were advised by the selling agents that McCarthy Stone had bought out the elderly couple so that they could complete their retirement purchase prior to the end of august. assume all do to with year end sales figures. The estate agents said this part exchange is quite common. Having looked online it looks like the company that may now own our house is called Citrus PX. Does anyone have any similar experiences of dealing with part exchange / change of ownership and / or Citrus PX. we're just eager to move asap and unsure if this would be a help or hindrance ? thanks

Hi There, Did your sale ever go through? myself and my partner have fallen in love with a flat, but don't know how long/what will happen? Thanks!