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A stalling seller
moose23
Posts: 2 Newbie
So 2 months ago we had an offer accepted on a property as we had also found a buyer for our property (this was required to be able to move). When we viewed the property we were told that they could move out anytime so as not to create any issues with our existing chain.
Weeks go by and everything seems to be falling into place until three weeks ago...
Three weeks ago our solicitor calls to inform us that the vendors whose property we are purchasing need to be completed by the 19th August, great we think even though that's only a week and a bit away. However, it turns out they require a lifetime mortgage as they are retired and in their 70's. Our solicitor tells us this date is unlikely as these take time so they will likely lose the deposit they have put down on their new build retirement property with Permission Homes. So the following week we chase our solicitor for details to hear they are yet to get the mortgage offer. This is two months since they accepted our offer and our buying chain is pressing for a move.
This week our buyers are getting pretty relentless with daily calls to our estate agent asking for updates. So our Solicitor chases for some answers as to where they are up to still no mortgage offer that's four weeks and no formal offer.
We know from conversations with our solicitor they are pretty strapped for cash hense the sale and it now turns out the property is actually in their son's name, not theirs.
Despite earlier conversations, they are refusing to move in with family as promised or into any temporary accommodation as they cant afford it.
So basically is there anything we are able to do to make them hurry this process on as we've been told this could be another 6-8 week! Our chain won't wait that long and we don't want to lose our sale so should we have to move out that would be costing us in rent and then be tied into a tenancy.
Weeks go by and everything seems to be falling into place until three weeks ago...
Three weeks ago our solicitor calls to inform us that the vendors whose property we are purchasing need to be completed by the 19th August, great we think even though that's only a week and a bit away. However, it turns out they require a lifetime mortgage as they are retired and in their 70's. Our solicitor tells us this date is unlikely as these take time so they will likely lose the deposit they have put down on their new build retirement property with Permission Homes. So the following week we chase our solicitor for details to hear they are yet to get the mortgage offer. This is two months since they accepted our offer and our buying chain is pressing for a move.
This week our buyers are getting pretty relentless with daily calls to our estate agent asking for updates. So our Solicitor chases for some answers as to where they are up to still no mortgage offer that's four weeks and no formal offer.
We know from conversations with our solicitor they are pretty strapped for cash hense the sale and it now turns out the property is actually in their son's name, not theirs.
Despite earlier conversations, they are refusing to move in with family as promised or into any temporary accommodation as they cant afford it.
So basically is there anything we are able to do to make them hurry this process on as we've been told this could be another 6-8 week! Our chain won't wait that long and we don't want to lose our sale so should we have to move out that would be costing us in rent and then be tied into a tenancy.
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Comments
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All you can do is make an ultimatum to your sellers.
And if that doesn't work, sell and move into rented and start looking elsewhere.
And perhaps, if the place in question doesn't get bought by someone else, make a new offer with a lower price to cover your additional costs.
p.s. They might find out "their" house owned by the son means there is CGT to pay which loses more money as well. Hope they dont find that out before the transaction completes. Presumably attempted IHT or care home fee dodgers.0 -
Everyone says they're happy to move out early and sell - until push comes to shove then they think they might as well tie it in together!
Only give an ultimatum if you are prepared to stick with it and walk if it doesn't go as planned.
Someone tried it with me once and I said enough for the EA to know I was serious LOL! Came straight back to me saying they'd sell/move out.2024 wins: *must start comping again!*0 -
Unfortunately it sounds like you should start looking for another property.
No mortgage offer after 4 weeks suggests the vendors are not serious about moving the process along. Tell the vendors' agent that you are doing that and they need to get a move on to keep the chain.AnotherJoe wrote: »p.s. They might find out "their" house owned by the son means there is CGT to pay which loses more money as well. Hope they dont find that out before the transaction completes. Presumably attempted IHT or care home fee dodgers.
Exactly this. This is the sort of DIY tax structuring that can cause people to end up in a right mess, and could lead to further delay.0 -
Thanks guys!
Finally heard today that they have a mortgage offer, apparently this could still take 6-8 weeks to complete though.
We've taken the decision to complete our house sale next week so our buyer can move in as he wasntprepared to wait any longer, so moving in with family.
I spoke with their EA and apparently they are desperate to get moved but it certainly doesnt fell like it but have given them an untimation that if we don't complete by mid September we will reoffer or pull out of purchase.0 -
Thanks guys!
Finally heard today that they have a mortgage offer, apparently this could still take 6-8 weeks to complete though.
We've taken the decision to complete our house sale next week so our buyer can move in as he wasntprepared to wait any longer, so moving in with family.
I spoke with their EA and apparently they are desperate to get moved but it certainly doesnt fell like it but have given them an untimation that if we don't complete by mid September we will reoffer or pull out of purchase.
I'd start looking now. You might find somewhere better that is already chain free."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
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on their new build retirement property with Permission Homes
Maybe they haven't got it yet
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Didn't think Persimmon did retirement homes?0
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