how long to move out after accepting an offer?

suiyat`

Hi All

From knowledge or past experience, how long should a seller be able to 'keep hold of their house' after accepting an offer to sell?

Basically, we have offered on a house, but the seller is now looking to find a house within their budget. It has been 8 weeks since our offer was accepted, and apparently the sellers are still looking for somewhere to live?

Thanks

hazyjo

As long as they like!


They could change their minds in 6 months' time and not sell at all.


Don't spend anything until the chain is complete.


Up to you to tighten the thumbscrews if you so wish.


In your shoes, I'd definitely still be looking, or starting to look again.




(Presumed England.)

spadoosh

They keep hold of it until completion (although its formally yours at contract exchange). Completion is a date they have to agree to, as such its theres until theyve exchanged contracts and completed.

8-16 weeks is a rough ballpark figure but it sounds like yours isnt going to be near that if theyre still looking for somewhere.

googler

Yet again, an MSE poster indicates the fault(s) with the buying and selling system in E&W.

The seller has accepted the offer, but not accepted any terms. The F&F aren't agreed, the contract isn't agreed, and the date on which the sale will take place hasn't been agreed.

I would say the price has been agreed, but .....

ThePants999

spadoosh wrote: »

They keep hold of it until completion (although its formally yours at contract exchange).

Very incorrect. It is formally yours on completion. Exchange simply means they've contractually committed to sell it to you. Sometimes completion never happens even when exchange has.

spadoosh

ThePants999 wrote: »

Very incorrect. It is formally yours on completion. Exchange simply means they've contractually committed to sell it to you. Sometimes completion never happens even when exchange has.

I dont do legalese, as far as im concerned if i go to a cafe and use my card to pay for it, from the moment my card has left the machine i consider the coffee to be mine. Contractually it is, physically it might not be if its not been made yet or the server refuses to give it to me.

wesleyad

spadoosh wrote: »

I dont do legalese, as far as im concerned if i go to a cafe and use my card to pay for it, from the moment my card has left the machine i consider the coffee to be mine. Contractually it is, physically it might not be if its not been made yet or the server refuses to give it to me.

Well lelgalese is probably quite important when purchasing a house! In your example it would be similar to the coffee machine breaking after you paid. The coffee house would have to refund you, but you have no rights to that physical cup of coffee (you couldn't demand they went out and got you one from another shop).

googler

To use the coffee analogy, the OP has requested a cup of coffee, the barista has agreed to provide one, but;

The cup size hasn't been agreed
The type of coffee hasn't been agreed
The barista hasn't agreed when they will provide this coffee
The price of the coffee may change between now and serving.

davidmcn

googler wrote: »

To use the coffee analogy, the OP has requested a cup of coffee, the barista has agreed to provide one, but;

The cup size hasn't been agreed
The type of coffee hasn't been agreed
The barista hasn't agreed when they will provide this coffee
The price of the coffee may change between now and serving.

Also the OP has still to instruct their own professional coffee experts to inspect the beans and negotiate the contract for the purchase of the coffee, and reach agreement from their beverage funder. In the meantime, the barista might decide to serve the person who was behind them in the queue.

hazyjo

I think I'll stick to tea... (Gawd, someone's now going to call that tea 'Scotland' and start it off again, aren't they lol.)

lisyloo

suiyat - did you ask if the seller would consider going into rented accomodation. Most people are going to say no, but you can ask.