Update: question about LISA. Sellers purchase fell through...

SunnyCat

Our house purchase has been slowly but steadily moving ahead... We had our offer accepted first week of May, waited a bit for the sellers to find their purchase, which they did at the start of June, had survey, mortgage, everything move forward with a view to exchange in August (And maybe even complete).
Then a spanner flew into the works - turns out the house the sellers wanted to buy has subsidence issues and they've withdrawn from purchase. And went on their planned holiday the next day. They still want to sell to us, very very apologetic and thankful for our patience, but need to find a new house to buy (currently not open to move into rental).

Arghhhh. We've looked at alternatives and there hasn't been much that caught our attention (not to mention we've sunk a bit of money into this one by now), so for now we're not keen to pull out - though the Rightmove alerts are definitely all back on. Of course the situation could have been worse, as FTB, currently renting, we're fairly flexible and trying to be understanding - we wouldn't want to buy a house with subsidence either. But I am soooooo annoyed :mad: :mad: :mad: We were quite mentally ready to move into our own place and now it's not going to happen for quite a while

patch9495

If I were in your situation I would continue to view alternate properties until you found an alternate property that was suitable.


If no progress on property one by this point go to the vendors and say you have found an alternate property and need to see progress by date X or you are going to pursue the alternate property. Alternatively could ask for a price reduction as a form of compensation. Use the second property as leverage (even if no intention of purchasing). As a FTB you are in a very strong position through not being in a chain so may as well utilise this to your advantage.

robatwork

This happens in a lot of cases, and don't be too hard on your sellers who may have paid 1000s for their holiday already so can't just pull out of that. If I was them I would be on the internet while on hols and scouring for new places.

If it's your dream home be patient, a few weeks is nothing. If not....look around.

SunnyCat

patch9495 wrote: »

If I were in your situation I would continue to view alternate properties until you found an alternate property that was suitable.

Super_saver wrote: »

agreed, it is very annoying set of circumstances. Best to view other properties. You never know... you might find one you prefer!

Definitely planning on viewing if something comes up that looks like it ticks our boxes... hopefully as the summer ends there will be more properties coming onto the market. I know I'm just whining, but I was so glad to have found and picked something and not excited about going through this rigamarole again!

muhandis

I'll echo the others on the thread. Start viewing other properties and make offers if you see anything you like.

The sellers have given you the reason of subsidence, it could well be something else, only they know for sure. Plenty of examples on the forum where vendors/buyers/EAs misrepresent the situation to suit their own purpose.

SunnyCat

robatwork wrote: »

This happens in a lot of cases, and don't be too hard on your sellers who may have paid 1000s for their holiday already so can't just pull out of that. If I was them I would be on the internet while on hols and scouring for new places.

If it's your dream home be patient, a few weeks is nothing. If not....look around.

That's true, and it's not like then not going on holiday would have solved anything immediately.... I hope you're right that it's only a few weeks delay!

lookstraightahead

Why can't the sellers move into rental? If they're not careful they will lose prime buyers like yourselves who don't have a chain and they will be on the market for eons and reduce the price by more than any rental would be. Very short sighted of them.

Give them a date, then move on, and be done with their faffing about. They are using your lack of experience (I mean that nicely) to mess you around at their convenience.

lookstraightahead

robatwork wrote: »

This happens in a lot of cases, and don't be too hard on your sellers who may have paid 1000s for their holiday already so can't just pull out of that. If I was them I would be on the internet while on hols and scouring for new places.

If it's your dream home be patient, a few weeks is nothing. If not....look around.

Well actually they are kind of having their holiday at their buyers' expense. And taking their time. And doing it completely their way with no flexibility for the buyers situation.

PasturesNew

Look at others.

If you find better, good; if you don't, then you've lost nothing.

Let the news sink in while you mull it over.

Don't spend a penny on buying this one while waiting. Assume it's written off and start looking elsewhere, with the knowledge you've always got that one to fall back on, so you only need to find something better.

Of course, your mortgage might run out.

Ideally they should put their hands up and say "Right, we'll rent; let's get this party started" and move out so you can buy it.

They're making their problem your problem.

AnotherJoe

As PN says your mortgage offer will run out at some point.
I'd probably, unless this was my dream house, be telling them that either the purchase goes ahead by date <before mortgage offer ends> and they make alternate arrangements, or its off, but as you are in rented you do have more flexibility so you could just hang on indefinitely and there are posters in these forums who've done that. Tell your solicitor to hang fire.

Ms_Chocaholic

Have you given notice on your rental?