Offer accepted on house but sellers wont move

imamutant

Hi all,
First time buyers here and we had our offer accepted on a house about 12 weeks ago now. Its an amazing property and we actually went above asking price. Since have the offer accepted, nothing has happened. We have our solictor and are ready to move, but he has said until the memorandum of sale comes theres nothing that he can do. And we can't get the memorandum of sale until the seller has found a new property. We have asked if the seller can go into rented in the meantime so we can get the ball rolling, the estate agents asked him and he has said this is not an option. It's taking far too long and we cant wait around forever. Any suggestions or advice on what we can do ?

bradders1983

Absolutely nothing. Welcome to the wonderful world of a "chain".

eve824

Is the seller actively looking for a property? Are they viewing things?

warby68

Nothing other than keep looking and make sure you are not incurring expense with regard to this purchase.
Make sure the vendor's agent knows you are looking again due to lack of progress.
If you find another property you like you can consider whether to stick with this one or not and withdraw your offer.

eddddy

As others suggest, you have to make a judgement on how serious the sellers are about selling.  Ask the EA's opinion on that, and ask the EA why the sellers are taking so long.

You can tell the EA that you're starting to look at other properties.

Some people might suggest giving deadlines to the sellers, but that can be counter-productive. Some sellers will see that as bullying, and it might harden their attitude, rather than soften it. (And if the deadline passes would you really walk away?)

GDB2222

First of all, don’t stop looking at other properties! In the same way that some buyers are not proceedable, this seller is not proceedable. 

Second, I don’t blame the vendor. He doesn’t just want to sell his home. What he wants is to move home, and if he cannot find anything to buy he’s absolutely right to tell you that. Why, in heaven's name, would he move into rented accommodation just to suit your convenience? The only thing I would blame him for is if he didn’t explain his position when you made your offer. 

Comms69

imamutant said:

Hi all,
First time buyers here and we had our offer accepted on a house about 12 weeks ago now. Its an amazing property and we actually went above asking price. Since have the offer accepted, nothing has happened. We have our solictor and are ready to move, but he has said until the memorandum of sale comes theres nothing that he can do. And we can't get the memorandum of sale until the seller has found a new property. We have asked if the seller can go into rented in the meantime so we can get the ball rolling, the estate agents asked him and he has said this is not an option. It's taking far too long and we cant wait around forever. Any suggestions or advice on what we can do ?

12 weeks is nothing. Either stick it out, or withdraw and look for other propertiues

GDB2222

Out of interest, why withdraw? Surely, as a buyer, you’ll go on looking at other properties until the day you exchange contracts? 

GixerKate

I think 12 weeks is a long time for absolutely nothing to happen.  There is nothing stopping the memorandum of sale, all it needs are the names of the buyers and sellers, and the details of the solicitors.

Are they serious about moving? I would suggest giving them a date by which you expect to be able to proceed with the purchase and in the meantime keep looking and if you find something else as good but with keener sellers go there.

MobileSaver

imamutant said:

 It's taking far too long and we cant wait around forever. Any suggestions or advice on what we can do ?

I posted before about a friend's father who was similar to the seller in your situation; he kept buyers waiting for more than twenty years...

I'd sadly suggest it is time to start looking at other properties.

Rambosmum

Find another property or wait it out. That is really the only option. As a seller, it can be really frustrating trying to find your next property, you can't offer until yours ids under offer (well you can but it is very unlikely to be accepted) and as you go up the chain there are fewer houses on offer. 

Asking them to go in to rented is a real pain and I can see why they don't want to. We've been asked that and my reasons for saying no are:

- we need to port our mortgage, going in to rented would mean paying an early repayment fee, I'd prefer not to sell
- we have kids and pets, it can be hard to find somewhere who will rent to us 
- minimum tenancy is 6 months, if I find my ideal property the week we move in, I'll have to pay rent AND mortgage, even if I could afford this, it is hardly ideal
- I have kids, I don't want to unsettle them by moving twice in a short time period. 
- changing address on every thing (banks, car insurance, utilities, school, work) etc is a PITA and I don't want to do it more than necessary
- 2 lots of moving costs, could be £1000 each time depending on how big the house or move it. 

As a FTB you have no buyer to keep happy, you are probably in rented and have no need to move out urgently (this is a generalisation, not specific to you), you aren't being evicted. You can, and should wait. Obviously not forever but certainly a few more weeks. Especially at this time. 

Have you had your survey? You may want to get that done in case you need to get quotes for work or want to pull out.