Selling and buying - when to start the ball rolling with conceyancer

imapoorstudent

We have accepted an offer on a house and instructed a solicitor. The buyer has had a survey on our property and a mortgage approved. However, we have not yet signed any paperwork with the solicitor not paid any money. We haven't progressed the sale of our house at all yet and it's been 6 week since we accepted the offer.

We are dragging our feet because we haven't found anything to buy yet and the market is looking pretty slow in the areas we're looking at the moment. We are hoping it will pick up in March.

My question is, it is reasonable to not progress the sale until we've found something or at least until we are more confident in the market? We don't want to be in a position where we pay money to the solicitor, don't find anything for another two months and the buyer pulls out because it's taking too long.

If we don't progress the sale until we find something, how likely will it delay the process. Surely they can do the sale and purchase in tandem so in theory it won't delay the process?

Thanks!

notrouble

Well on the one hand there'sno point progrssing your sale if your purchas is epandant on he sal, and you have no purchase. It might be months before ypu find somewhere. Or more.

On the orher had, if you do nothing ypur buyer will soon get p*ss*d off and may start looking elsewhere for a property to buy that is actualy going to happen.

Thrugelmir

Keep your purchaser informed as to the progress of your search (via the EA). The risk you face is that your purchaser will look elsewhere. 

bucksbloke

If I were the buyer, I would be going elsewhere. 

SMR710

I agree with other replies. You put your house up for sale but are now wanting to hold all the cards in that you want to take as much time as you like to find something else, and if you don't find it you don't want to have put yourself at any financial risk by starting the selling process. 

Chilli6

I recently offered on a house when I knew the sellers hadn't started looking yet (had only been on market 6 days and they clearly didn't expect interest that quick.)
They were honest and asked EA to check if I was OK with them actively searching but not yet having somewhere. I was as I had nothing to sell. 
However... If another chain free property had come on the market that I also liked then I would have pulled out of this purchase. 
Fortunately it only took 3 weeks and they found a property so its all worked out 

Chilli6

Not sure why your buyer had a survey done before the chain is complete though. I know people want to feel they are moving on but it could well ge a few hundred £££ down the drain

Thrugelmir

Mortgage needs to be confirmed. In order for matters to proceed further. 

Chilli6

Ah I see, mortgage survey rather than full building one. That makes sense, sorry, I misunderstood. 

kazwookie

Get your property sold and move into rented for a while and view properties at your leisure with a view to buy

imapoorstudent

Thanks for your replies. Some further info...

We live in a city where it is necessary to have an offer on your house before you can offer on another. Sure, you can offer but it's very unlikely to be entertained by the vendor when they have a bunch of other offers from prospective buyers in better positions. This is the norm as verified by every EA we have dealt with.

When we marketed our house it was on the proviso that the buyer would need to wait. This was a condition of the sale, as agreed with the agent and all buyers who put in a bid on the property. Therefore our buyer is aware of and has agreed to wait.

I am aware that there is a possibility that the buyer may find something else and pull out. Hence my ask - should I begin proceeding with the sale now or wait until we find something.