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What would you do?
treecol
Posts: 332 Forumite
I know you all have lots of experience so would value your opinion. We have a really good offer on our house in place. We do not have to sell & move but as we inherited the property, did some improvements & have made enough profit to buy a rental property as well as our next home, it seems wise to move. We have fallen in love with a bungalow, the owner is moving to a new build retirement Churchill flat locally. Annoyingly, although ultimately the vendor has the last say as to who buys it, Churchill get very involved. She has told them she will not sell to anyone else but us. They have investigated our chain & agreed to the sale.
But our buyer's buyer at the bottom of the chain is in rented & insisting on completion by end of March. They are the only mortgage involved at 50% - all in place after surveys etc. Churchill says they will be planning for the exchange of contracts in 28 days, but all in the chain needs to agree that there will be no completion date on the table at the time of exchange as the flat is not yet completed. The builder wants to complete by end of this financial quarter - end of March, but at this stage, they cannot guarantee.
Our estate agent says the 1st buyer in the chain will not budge on end of March as their tenancy is up - not negotiable. We agreed to move out if we sold but had not found anywhere - the reality of this may not be quite so practical now. If we don't our buyer will pull out or Churchill will halt the sale to us. Lady in the house we are buying is too elderly to move anywhere in between. We can move into a friends caravan on a holiday site but would have to suspend our business (self-employed tree surgeon can't take that stuff to a campsite) Would have nowhere secure to store items of value & may not know how long we would have to be there. As we could take our landline number with us on this move, we could not if we didn't move straight to the next house so all our advertising would be wasted.
What are your initial thoughts on the whole scenario? Do any of you have past experience of this kind of thing?
But our buyer's buyer at the bottom of the chain is in rented & insisting on completion by end of March. They are the only mortgage involved at 50% - all in place after surveys etc. Churchill says they will be planning for the exchange of contracts in 28 days, but all in the chain needs to agree that there will be no completion date on the table at the time of exchange as the flat is not yet completed. The builder wants to complete by end of this financial quarter - end of March, but at this stage, they cannot guarantee.
Our estate agent says the 1st buyer in the chain will not budge on end of March as their tenancy is up - not negotiable. We agreed to move out if we sold but had not found anywhere - the reality of this may not be quite so practical now. If we don't our buyer will pull out or Churchill will halt the sale to us. Lady in the house we are buying is too elderly to move anywhere in between. We can move into a friends caravan on a holiday site but would have to suspend our business (self-employed tree surgeon can't take that stuff to a campsite) Would have nowhere secure to store items of value & may not know how long we would have to be there. As we could take our landline number with us on this move, we could not if we didn't move straight to the next house so all our advertising would be wasted.
What are your initial thoughts on the whole scenario? Do any of you have past experience of this kind of thing?
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Comments
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It's your place to sell, I would take back control of the situation and remind those trying to manipulate you that you have a choice.Signature on holiday for two weeks0
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Got to love a first time buyer. Always the most demanding. All the gear and no idea, as it were.
They aren!!!8217;t going to have the choice of any places where they can guarantee such a short time frame. There are no guarantees *anywhere*. It will hopefully click eventually that this is a pretty good option for them if the developer at the top is driven to a similar date.
There is always negotiation on a tenancy as the tenant is the only one that end a tenancy, other than a court. They can just stay put, but clearly they!!!8217;re without that knowledge.Everything that is supposed to be in heaven is already here on earth.
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Agree with Doozergirl, completing on a chain is unlikely to be completed in that timeframe anyway.. I would just say you are happy for that to be the target date. If it works out not problem, if it doesnt then it needs to be delayed... If I was you I would only complete on your house when you complete on the property you are buying..... Dont make someone elses problem your problem. What if it all falls apart after you have sold.0
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Good reasoning, thank you. I'm always amazed by estate agents - particularly mine, who consistently omit bits of vital information. firstly our buyer asked for a 3rd viewing at a time that was really inconvenient. I asked our agent if they were ready to put in an offer instead to which I was told: "Yes if they can just have one more look" so I agree. The next day they tell me the buyer was also re-looking at other houses that day & couldn't make his mind up. Then they finally give me the full & final offer from them which we accept. The agent mentions completion at the end of March, I say is that doable, agent says Yes but does not say it HAS to be the end of March. Are they not capable of telling the truth?
you are right, I need to take control & say what we want. Presumably exchanging without an agreed completion date would be unwise?0 -
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