How to gurantee vendors dont pull out ..i have to break chain & rent

nadmaj

I'm in need of some advice please..
Im feeling sick at the pit of my stomache


Ok .

Sold house need to move out into rented til end of jan as buyers cannot wait any longer put them off for 2 months already

New house not complete but should be by end of jan ..no contracts signed

So if my vendors decide to pull out ..im in the sh££t hole

How can i guarantee that my vendors don't pull out

I'm prepared to give them a deposit to move out and maybe lease the house until it completes...is this a done thing ....of course im checking with the soliciter


Thank you

CommitedToChange

Put belonging in storage and stay in b&b /with friends for a month?

CommitedToChange

Wait I'm confused - are you buying a new house that isn't ready yet - or are the people you're buying from (vendors) buying a new house?

G_M

When you say you've "sold house" do you mean:

* agreed a price witth a buyer
* exchanged contracts with a buyer
or
* Completed with a buyer?

As for your purchase, until you exchange contracts there is no way to guarantee the vendor does not change their mind.

I'm prepared to give them a deposit to move out

No idea what yyou mean. Either you and they Exchange a contract to commit them to sell, or you don't.

and maybe lease the house until it completes.

1) still no guarantee they'll sell
2) they'd be landlords - if they have a mortgage their lender won't permit
c) they'd have tto paay tax on the rent ou pay - a real pita!
4) they'd have to compy with 132 tenancy regulations
5) it's a non-starter!

Aylesbury_Duck

You can't guarantee that they won't pull out. What stage are you at with the sale of your house? If you haven't exchanged, put pressure on the vendors and tell them that the chain will collapse if they don't hurry up. I'd be wary of selling if you face an open-ended period of renting/sofa-surfing which could even fall through anyway.

Carrot007

You have agreed to the requests of your buyer, when doing this you should have exchange with your purchase property to get some guarantee things will work out.

You now have none.

Margot123

This is the part that would tell me to stay put and not risk being effectively homeless for an indefinite length of time...........'New house not complete but should be by end of jan ..no contracts signed'.

nadmaj

Margot

I would if i could but we have delayed our buyer as much as we coukd and now shes demanding money to cover her rent

Carrot.
This is what I'm going to suggest to my soliciters


Aylesbury...signed / complete just need to move out

We are putting belongings in storage etc but i dont want to have the vendor of the new house pull out in me ...

nadmaj

Carrot007 wrote: »

You have agreed to the requests of your buyer, when doing this you should have exchange with your purchase property to get some guarantee things will work out.

You now have none.

Didn't know this could be done before the purchase property paperwork is completed

CommitedToChange

If you're still in your house you haven't completed.

Aylesbury_Duck

nadmaj, this is all a bit strange, are you sure you understand the exact point of the processes you are at? If you answer the questions G_M asked earlier, we will all be a little clearer:

Have you agreed to sell your house to someone and agreed a price?
Have you exchanged contracts to sell your house?
Have you completed?

If you haven't exchanged contracts with your buyer yet, she can demand what she likes but you don't have to give it to her. Don't make yourself homeless to satisfy someone else's desire to move. It's better to risk losing the house you want to buy than to lose the one you need to live in.