Vendors still haven't found a property leaving us up sh*t creek

beaniusflick

Hi All,

My girlfriend and I are in the process of buying a place, our offer was accepted 10 weeks ago, all of our surveys and checks have been carried out and everything is good to go, so we asked the solicitors a timeline on when we could be in by, thinking it would be a couple weeks as the current vendors are chain free, and we're first time buyers.

But we found out yesterday that the vendors aren't chain free at all and they haven't even found a place they want to proceed with yet (they've been on the market for almost a year).

So we're now in a situation that requires us to be out of our current accommodation as soon as possible and we have nowhere to go.

We're really upset that the estate agents lied to us about them being chain free, and also very worried that they might back out of the deal all together as it clearly shows they're not overly committed with the whole sales process.

Any advice would be massively appreciated.

Thanks!

Brad

ViolaLass

Your current accom needs you out asap - because you've given notice? If so, un-give it and wait until you've exchanged.

Finchy2018

The estate agents can only go on what they are told.

Are you in rented? have you served notice? If so, why did you do that before exchange? nothing is guaranteed at this stage.

Slithery

beaniusflick wrote: »

So we're now in a situation that requires us to be out of our current accommodation as soon as possible and we have nowhere to go.

Why? Please don't tell me you handed in your notice before exchanging.

beaniusflick

Hi all,
Thanks for your replies.
No it's nothing like that, we're still living with parents but there are reasons why we're unable to stay for much longer. Meaning we may have to go into rented accommodation while we wait.

babyblade41

I knew exactly what the replies would be and why do some always ask advice after the event causing so much stress .

As above , if you are in rented depending on tenancy agreement then if you haven't given notice then don't now.

Wait to give notice after exchange , you will /could possibly be paying a rental payment and mortgage but that should be factored into your sums .

If you have given notice (sharp intake of breath) politely ask LL to stay for a wee bit longer but if he won't allow this then he will have to take you to court, which takes an awful long time by which you should have moved on by then

Hopefully that eases your fears and you won't be homeless.

As for the house purchase I'd probably look elsewhere in the meantime

babyblade41

beaniusflick wrote: »

Hi all,
Thanks for your replies.
No it's nothing like that, we're still living with parents but there are reasons why we're unable to stay for much longer. Meaning we may have to go into rented accommodation while we wait.

So I typed my reply out and then you posted this.

Forget my last post as it is now totally irrelevant

If this present house is taking a long time you could still be looking at 3 months if you go elsewhere, nothing will happen in the timescale you probably want.

Rather than entering into a tenancy agreement can't you try some air bnb's .. it still isn't in season yet so might get some good rates

pinkteapot

Unfortunately, there's nothing you can do to force the people out of their house. I'm always suspicious of sellers who claim to be chain-free (even though I sold with no onward chain the autumn as we were relocating and had decided to rent in the new area!). I ask nosy questions to find out what's happening with them to make them chain free. They can of course lie, but you can usually get a rough sense of whether they're genuinely chain free or half-heartedly thinking of renting then might change their mind.

Anyway, what I would do now is:

Tell the EA you're disappointed to find out they're not chain-free as you do need to move quickly. Tell them your offer stands at the previously agreed price but you will now start viewing other properties again. If the vendor finds something before you find an alternative, proceedable property, then great. If they don't, you're sorry but you will have to jump ship.

The EA should then try putting a rocket up the vendor as they'll see their commission disappearing. They'll encourage them to pick a house or move out and rent. It may not work of course - if these are laid back vendors who aren't that fussed about moving unless a perfect house comes up then they may just shrug and not worry about losing you as their buyer.

As above, you could easily be looking at three months even if the vendor finds somewhere today, as they'll then need to start their conveyancing process from the beginning. Plus, if they don't buy something chain-free, *that* person may then need to find somewhere. If you can't stay with parents another few months you do need to start looking into alternative accommodation. It's possible your vendors will shift out into rented, but doesn't sound very likely.

AdrianC

beaniusflick wrote: »

we're still living with parents but there are reasons why we're unable to stay for much longer. Meaning we may have to go into rented accommodation while we wait.

So your current accommodation would be ending whether or not you were in this position with your purchase? 10wks from offer is not exactly slow. It was never likely you'd be moving imminently, and you haven't exchanged yet - so it could all still fall through for whatever reason from either side.



Let's say you knew that they weren't chain free. Would you have walked away from the purchase? No? Then you'd still be in the same position.
If you had walked away, would you be any further on with a different purchase?

I'm struggling to see how this is the vendors' fault.

pinkteapot

AdrianC wrote: »

I'm struggling to see how this is the vendors' fault.

Agree it's not their fault there's a hard deadline on OP's current accommodation, but the vendor did say they were chain-free and then either changed their mind, or were lying all along. That is seriously annoying. When buying, I don't start my conveyancing/survey/mortgage application until the chain is formed (vendor found, their vendor found, etc...). If this vendor messes around for months more then OP has wasted a fair amount in fees.

AdrianC

Yes, it's annoying. But no more than that.