In a rush to sell, but buyer hasn't instructed valuation or solicitors

worcestersource

I sold my house 3 weeks ago, it sold within a few days as I put it on the market slightly below market value. I needed to sell quickly as the reason is I want to move nearer to my mother who has recently been diagnosed with cancer and will need some care due to an operation and chemotherapy. I bought a property a few days later, which is chain free, however, it has become apparent my seller's sale is reliant on a first time buyer purchasing his home. The seller and I have agreed on a completion time of 6 weeks(from today), and I did alert him to my family emergency situation before I accepted the offer, but he has yet to instruct a valuation or initiate any conveyancing. All I have received is a memorandum of sale and a request for the energy certificate of the house which I have supplied. I was wondering of some timescale where I should contact him to encourage the sale to move faster without being pushy?. Despite my situation, I'm pragmatic to realise that the house sale can only goes as fast as the weakest link of the chain, but what would be an adequate time scale to egg them on a bit or pull out if the situation continues?

Thrugelmir

Does your buyer require a mortgage?

worcestersource

He does, but as I understand he's downsizing so his deposit will be high

Thrugelmir

worcestersource wrote: »

He does, but as I understand he's downsizing so his deposit will be high

Makes no difference. There'll still be due procedure to be followed.

G_M

worcestersource wrote: »

I sold my house 3 weeks ago, it sold within a few days as I put it on the market slightly below market value.

The reality is that you have not sold your house. You have simply found a potential buyer.

I needed to sell quickly as..... I bought a property a few days later, which is chain free,
Again, I suspect you have not yet bought a property.

however, it has become apparent my seller's sale is reliant on a first time buyer purchasing his home. The seller and I have agreed on a completion time of 6 weeks(from today),
You and he can 'agree' anything you like, but no date discussed at this stage has any real meaning other than as a wishful target.

and I did alert him to my family emergency situation before I accepted the offer, but he has yet to instruct a valuation or initiate any conveyancing. All I have received is a memorandum of sale and a request for the energy certificate of the house which I have supplied.
Why is your seller requesting a EPC? :huh:

I was wondering of some timescale where I should contact him to encourage the sale to move faster without being pushy?. Despite my situation, I'm pragmatic to realise that the house sale can only goes as fast as the weakest link of the chain, but what would be an adequate time scale to egg them on a bit or pull out if the situation continues?

Is an estate agent involved? This is one role where they can help.
Or what is your relationship like with the seller (or is it the buyer - I'm confused1)? Have you met? Did you get on? If so you could try a direct approach.

babyblade41

I usually give 3-4 months on a sale, can be loads quicker and have done one in a couple of weeks but different circumstances.

My last house buy/sell took 14 weeks.

My buyer was in air bnb total cash and my vendor was in a home and house was empty I didn't need a mortgage

I didn't bother with surveys and no valuation needed, so it still took over 3 months .

6 weeks would be pushing it and a FTB usually wants everything double checked so hopefully it will be OK

AnotherJoe

worcestersource wrote: »

I sold my house 3 weeks ago, it sold within a few days as I put it on the market slightly below market value. I needed to sell quickly as the reason is I want to move nearer to my mother who has recently been diagnosed with cancer and will need some care due to an operation and chemotherapy. I bought a property a few days later, which is chain free, however, it has become apparent my seller's sale is reliant on a first time buyer purchasing his home. The seller and I have agreed on a completion time of 6 weeks(from today), and I did alert him to my family emergency situation before I accepted the offer, but he has yet to instruct a valuation or initiate any conveyancing. All I have received is a memorandum of sale and a request for the energy certificate of the house which I have supplied. I was wondering of some timescale where I should contact him to encourage the sale to move faster without being pushy?. Despite my situation, I'm pragmatic to realise that the house sale can only goes as fast as the weakest link of the chain, but what would be an adequate time scale to egg them on a bit or pull out if the situation continues?

So its not chain free then?

It sounds as if your seller has two properties, one he doesnt live in, one he does, is selling both and getting a mortgage to buy a new house. By no stretch of the imagination is this chain free. Maybe I've misunderstood what you mean though.
Did perhaps you mean to say your buyer needs to sell his house? The person thats buying your home?

ThemeOne

When you ask about when to contact your buyer, please tell me you're not considering direct contact with him.

Doing this is an easy road to misunderstandings and many other difficulties. You should always make any contact via your solicitor or estate agent, they're getting paid for it after all.

You could always put your property back on the market, with a different agent. After all, you're committed to nothing yet. The problem is, unless you happen to find a cash buyer or sell to one of these "we buy any property" outfits, things will probably be slower than you'd like.

worcestersource

]

G_M wrote: »

Is an estate agent involved? This is one role where they can help.
Or what is your relationship like with the seller (or is it the buyer - I'm confused1)? Have you met? Did you get on? If so you could try a direct approach.

AnotherJoe wrote: »

So its not chain free then?

It sounds as if your seller has two properties, one he doesnt live in, one he does, is selling both and getting a mortgage to buy a new house. By no stretch of the imagination is this chain free. Maybe I've misunderstood what you mean though.
Did perhaps you mean to say your buyer needs to sell his house? The person thats buying your home?

My house is 'Sold subject to contract' the other viewers of my property were all 'potential buyers' so that is not the correct definition either.
Sorry,I did make a mistake in my OP my vendor is chain free, and the purchaser of my property has chain where a first time buyer is buying his property. I've only bought one property before so I'm not an expert in house buying and selling or the time scales involved .My last property sold in 6 weeks though it was chain free being a FTB myself at thetime My estate agent is an online one, though he doesn't get paid untill completion. I'm just wondering if 3 weeks with no valuation or legal work is standard. It seems cynical to state how commited you are to the purchase and not move on these, as literally you haven't put your money where your mouth is.

AnotherJoe

OK so replace "seller" with "buyer" in most of your OP?
In which case, 6 weeks is hopelessly optimistic.

worcestersource wrote: »

Sorry,I did make a mistake in my OP my vendor is chain free, and the purchaser of my property has chain where a first time buyer is buying his property. I've only bought one property before so I'm not an expert in house buying and selling or the time scales involved .My last property sold in 6 weeks though it was chain free being a FTB myself at the time My estate agent is an online one, though he doesn't get paid until completion. I'm just wondering if 3 weeks with no valuation or legal work is standard.
I would say, things move slowly and with a FTB involved who knows, they may not even be promptly returning documents, plus they will need to have their mortgage co arrange surveys and so on and you dont even have a view how solid their mortgage offer will be.

Also they are the ones that need to get a move on and you have no control over them, what can you do to your buyer to make it happen?

It seems cynical to state how commited you are to the purchase and not move on these, as literally you haven't put your money where your mouth is.

Well your buyer is handicapped by needing the FTB to get a move on.
Bottom line is, your 6 week expectation is out of place, and you may need to make alternative arrangements whilst this trundles on. Dropping your buyer and looking for another is unlikely to get you someone who can proceed quickly either and may scare off your buyer and make things worse.


Is a bridging loan financially out of the question?

Or just go and stay in a B&B or managed apartment or similar? You havent got many strings you can pull.

worcestersource

It might have been a mistake getting involved in a chain, what I was thinking was my buyer and his buyer are further ahead in their mortgage processes (hopefully) as the FTB had bought my buyer's house a few weeks BEFORE he bought mine