Vendor looking for property - considering renting?

KatieDee

We've had an offer accepted on a property we absolutely love. Nothing similar has come up in the area and although at the higher end of our budget, we're really pleased with what we paid.

The vendor wishes to downsize and stay in the area, but advised us during both viewings that she would be willing to rent in order to "break the chain". It seems she said the same thing to the estate agent.

What is the best way to handle this? I don't want to put any pressure on the vendors, as I appreciate how stressful the process can be and how long it can take to find a suitable property. However, I feel limited to how much we can get done in the process, as we wouldn't want to lose out too much financially if the purchase fell through. I don't want them to doubt our commitment either.

She seems really proactive - the offer was accepted on Friday and she has already appointed a solicitor and asked for the memorandum of sale to be sent out.

Is it better to agree rough time frames now at the beginning of the process, just to manage expectations, or just let things happen as they happen?

Should we just go ahead with the mortgage application, survey, etc, or hold off? And if we do hold off, how long is it reasonable to wait for?

We will of course keep our eye out on alternatives in the meantime.

MysteryMe

Far too early in the process to start compiling timetables. You could agree to a timescale and then find there is a delay on your side. The vendor can change their mind about renting in any case, same as you can change your mind about proceeding.
In your position, bearing in mind you have said there are not many similar properties that meet your requirements, I would just let things take their course and try not to over think things, you will drive yourself crazy thinking about all the possible problem scenarios that could arise.

KatieDee

MysteryMe wrote: »

Far too early in the process to start compiling timetables. You could agree to a timescale and then find there is a delay on your side. The vendor can change their mind about renting in any case, same as you can change your mind about proceeding.
In your position, bearing in mind you have said there are not many similar properties that meet your requirements, I would just let things take their course and try not to over think things, you will drive yourself crazy thinking about all the possible problem scenarios that could arise.

This is partly why I'm asking - a lot of people suggest that you should make your preferences and "demands" clear at the beginning of the process, so everybody can try their best to meet them.

I am happy to wait as long as it takes (within reason). I just want to make sure we start off on the right foot!

MysteryMe

You appear to have already have had the discussion about preferences with the vendor. Presumably when the vendor mentioned they would be willing to rent to break the chain, your response was along the lines of great because we'd really like to move in asap? So as things stand you both do know each others expectations are. Repeating the same conversation does not make it any more binding. Until survey's / searches are completed there is little point plucking time scales out of the air. Like I said, it is too early in the process, one step at a time.

KatieDee

MysteryMe wrote: »

You appear to have already have had the discussion about preferences with the vendor. Presumably when the vendor mentioned they would be willing to rent to break the chain, your response was along the lines of great because we'd really like to move in asap? So as things stand you both do know each others expectations are. Repeating the same conversation does not make it any more binding. Until survey's / searches are completed there is little point plucking time scales out of the air. Like I said, it is too early in the process, one step at a time.

That's true - we've expressed our enthusiasm to move but also explained that we're in a good position to wait.

So I should instruct my solicitor to carry out the relevant searches and request a Homebuyers survey now, as opposed to waiting for the vendors to find somewhere before proceeding?

This is the bit that is unclear. The EA is suggesting we do everything now, but other advice says to hold off spending money.