Feeling Blindsided

[Deleted User]

Unless I was buying an empty property and didnt need to move Id not to an exchange and complete on the same day either 

hazyjo

Densol said:

Unless I was buying an empty property and didnt need to move Id not to an exchange and complete on the same day either 

It's rarely advised - but in this current climate, it's exactly what most solicitors are advising. Too many risks relating to Covid and what ifs right now.

NameUnavailable

Why would they buy 'with no searches'? Bit of a risk. I expect they will be doing searches, and probably a survey and what do you want to bet that the 'cash' buy turns out to become a mortgage application.........

Not much you can do about any of it unless you're prepared to walk and look for something else.

Mickygg

Well they told you no forward chain and now look. They have said no searches but there probably will be. I’ll be amazed if it’s done and dusted in 2 weeks. 

If you defo want house you’ll have no option but to go with their story but keep pressure on with solicitors.

[Deleted User]

The thing is, each buyer is mainly concerned about themselves in these transactions.  When you viewed, she was eager to sell, so said she'd rent and take her time to find her purchase.  I would imagine you said something that prompted that response.  Then her main impetus was selling.  Now she's a purchaser as well, and looking after herself.  Suddenly she is aware of the hassle of renting somewhere then buying somewhere later on, or a property came up that she loved, so her priorities adjusted.  Its not nice for you but I'm afraid its human nature.  Most people when faced with the reality of promises like these will have second thoughts.

What is the delay actually going to mean to you?  Does it mean you will suffer financial losses, have problems with having somewhere to live or will it mean simply not being able to move exactly when you expected to?  If its the last one, the time will pass and then you'll be ready to go. Just cling to the long term dream of living in the house you like so much. Once you are in, this will be consigned to 'past events'.  

I wish you well.

davidmcn

NameUnavailable said:

Why would they buy 'with no searches'?

Because it's faster (and cheaper) if they rely on their own investigations and/or get search insurance? It's pretty rare for searches to disclose any material surprises.

AnotherJoe

NameUnavailable said:

Why would they buy 'with no searches'? Bit of a risk. I expect they will be doing searches, and probably a survey and what do you want to bet that the 'cash' buy turns out to become a mortgage application.........

Not much you can do about any of it unless you're prepared to walk and look for something else.

I've done it twice. Both times, buying in an area I knew very well, where searches would have been pointless. 

AnotherJoe

TWIGLET1234 said:

My solicitor went to exchange today and was then told that the seller of  our “no forward chain” purchase now has a related purchase and is not ready. Totally surprised and think it’s a bit off really as its not been mentioned until this late stage. 

Seller solicitor says that they are buying a property for cash and with no searches. Although the seller solicitor has not yet received the contract pack on that purchase they said they can get it turned around by 31 July and that we can aim for completion then.
Is it actually possible for a cash purchase to be sorted so quickly?
Should we push for exchange nonetheless? The Estate Agent said that although it’s a purchase it’s not a related purchase and there’s no reason we can’t exchange straight away. 

Seller solicitor has been slow to respond throughout which doesn’t help the nerves. 

 I’m so bloody annoyed. One of the reasons this house was so attractive to us was because of the no forward chain status! 

I know it’s only 2 weeks but now we are dependent on her forward purchase and any related hold ups so surely they can’t guarantee 31 July completion 

The one time I bought for cash and without searches it still took 12 weeks. You are somewhat stymied if this is the a dream house because They most likely will now be dragging it out a week or two at a time. 

Realistically the best you can do if you are set on this house is tell the EA that you are starting to look at other houses and hope that gets the seller sufficiently worried to either do as much as they can to progress their purchase or go back to Plan A. Merely telling them you are annoyed without any other pressure won't accomplish anything. 

You should probably start looking elsewhere anyway just in case. 

Hopefully this is nothing more than, seller did intend to move in with friends but then found new property quicker than expect and so want to minimise moves and storage but these things have a tendency to creep along a week or twos delay at a time. 

blue_max_3

My place was sold to a developer who offered cash in two days. Took six months and they were late for completion by a week. Horrendous!

TWIGLET1234

So the listing actually states “no forward chain can be offered”
We asked about this at initial viewing and were told that she’s actually spent lockdown living with the friend and pops back to the house to check things over and cut the grass etc so she’d stay living with said friend until finding the property she wanted. 
We said that we were pleased to go with the no onward chain route as wanted to get in fast and get the kids settled before school starts 
so when we offered it was on the basis of a quick transaction from both sides as we are in rented. 

We have said to ourselves that we’ll allow a weeks slippage but then have to balls up and ask for the original agreement. 

Personally I wouldn’t do this to a family but as has been said here above, it’s a business transaction at the end of the day.