Conveyancer recommended I make my buyer wait longer

AliceBanned

Hi just wondering what is going on with the sale of my flat and advice I'm being given - I feel I'm being pulled in several directions and it's very stressful.
I am in a chain, sale of property should be going through because it was agreed end of Feb,but lockdown caused many delays. I filled in all the forms in June after I had an offer accepted a flat to move to. Same conveyancer (online company) for both.

Yesterday out of the blue the EA for the sale said my buyer wants to move in around November. I had already said as there is a long upward chain I am open to moving out in between and renting. My buyer is a first time buyer and it is a shared ownership property that I will be glad to move on from after 7 years and it took a while to find a buyer - flat was on market last December.

I phoned my conveyancer because it transpired that my buyer hadn't received the fixture and fittings form. She was getting excited and wants to know the details for moving in. She hadn't been sent these. This could have been due to her solicitor, but the funny thing is, my vendor has sent the fixture and fittings to her solicitor in July, and I haven't received these despite requesting them. How am I supposed to proceed if I'm not receiving information?!
So I phoned my conveyancer yesterday and said I want to break the chain so that my buyer can move in. She was very resistant to this, saying if the purchase fell through and I couldn't extend my rental contract blah blah - at first I thought she was just overly risk averse but I came off the phone and spoke again later on to the EA, who said lots of people are doing this, prices are going down. Obviously he wants the sale to go through so that's his motive, but is the conveyancers' motive to get the sale and purchase through both together? If so I think this is most unethical from a solicitor who have strict codes of conduct and should be acting on my behalf.To be honest I will probably disinstruct them from the purchase as there is such poor communication, not much acknowledgment when they receive documents (hard copies) and now this with the fixtures and fittings.

Can anyone please advise as they don't seem right to me, and why on earth is she telling me what to do ie not move out and rent, when this could easily be the best option for me. I think this may constitute her not acting on my behalf or being impartial. She was quite persuasive as well. but even if she personally believes renting  flat could end in disaster for me, that's her opinion. I could lose my buyer, if she has to wait a whole year to move in at this rate!!I have emailed them today to say I'm not happy, I think they are jeopardising the process as it is clear that documents aren't being forwarded and I am having the stress of chasing for documents that have been provided by buyers and sellers. It shouldn't be this bad surely?! I mentioned the Law Society. I think they are taking advantage of me for instructing them, as though I will now accept anything, and pay for it, due to the hassle and cost of changing solicitor, but I can't cope with any more! They will give me no option, for the onward purchase in particular, I need far better service than vague comments about searches taking weeks, but not receiving other documents.Still no contract from the buyer, even though they submitted everything to their solicitor. 

anselld

If you are clear about the implications, ie your onward purchase may fall through leaving you in rental for an indeterminate time then that is your choice, just give clear instructions to the conveyancer to that end.    
You need to be careful though, the buyer's enthusiasm to complete in November may not be matched by their own conveyancer's readiness; it might just be wishful thinking.

GDB2222

First of all, you may have a problem with your conveyancing firm. They obviously should pass documents on. I’d complain about that and consider sacking them.

However, I think they were absolutely right to warn you of the dangers of selling and moving into rented accommodation. It’s nothing to do with wanting to feather their own nest and just common sense that it’s very, very risky. The rent you pay will eat into your equity, and you could find yourself stuck renting. It’s all very well for the EA to say that prices will drop. I’d have said the same myself six months ago, and been proved completely and utterly wrong! 

Anyway, I would not blame the conveyancer for giving you extremely sound advice about this. Unwelcome advice, apparently, but sound nonetheless. 

Having said that, if your current flat really is incredibly hard to sell, perhaps you are right to take the risk of going into rented. Just instruct the conveyancer to go ahead. 

UnderOffer

I think you are being very sensible proceeding with your sale and going into rented, particularly if the selling of your home has been difficult to find a buyer. 

However, if you were unable to buy the house you have offered on, are there other choices out there? Also if you require a mortgage and this expires and you reapply, will they lend on the same terms, ie deposit size etc?, apparently mortgage companies are expecting higher deposits and reducing the number of products available, all things to consider too. 

eddddy

AliceBanned said:

..but I came off the phone and spoke again later on to the EA, who said lots of people are doing this, prices are going down. 

For obvious reasons, you should take that comment with a huge pinch of salt.

I tend to strongly agree with your solicitor.

• You say you have a long chain above you - so there is plenty of scope for something to go wrong, and the chain fall apart. Especially with the additional COVID related risks

• The mortgage market seems uncertain. If your current mortgage offer expires, you may find it hard to get another offer.

• Most landlords will want a minimum rental period of a year.

Realistically, I think you should have found out if there are any suitable rental properties available, before saying anything to the EA. (i.e. flexible enough on the rental period with a rent you can afford.)

You will now come under enormous pressure from the EA to move into rented, and if the EA has mentioned it to your buyers, their hopes will have been raised.

steampowered

Your solicitor's job is to advise you. They have done that. The advice sounds sensible to me.

You can accept or reject their advice. If you want to move into rented accommodation, simply instruct your solicitor about this and instruct them to proceed to exchange as soon as possible.

If you decide to do this, you should be aware that:
- Most rentals will require a minimum term of 12 months, a deposit of 1 month's rent, and the first month's rent paid up front. Shorter rentals are possible, but more expensive. 
- There is no guarantee that your onward purchase will complete. The "long upward chain" may collapse, putting you back in square one.

Of course your EA is encouraging you to move into rented, as the EA will only get paid when the sale completes. The EA isn't incentivised to care whether you need to spend money on an additional move into rented or not.

movingon2020

We are doing very similar. Agreed a sale in early July at a very good offer close to asking price but we didn't find anything ourselves until September so we are behind everyone else. We said at the outset if we don't find anything we will move to rented and not hold up the chain. Even though we have found somewhere we are still going through with it. At the end of the day, even if the purchase falls through, we have a very good offer on the sale and it makes all the sense in the world to take the offer and move. 
It's fine for your conveyancer so advise you that the purchase may not go ahead then you'll be stuck in rented but ultimately it is your decision and you know best. Most people I speak to, friends and family etc all think we are doing the right thing. Breaking a chain where possible has always been sound advice but it won't suit everyone. Do what works best for you, just bear in mind the risk that the purchase could take longer than you anticipate. 

[Deleted User]

Obviously no one here was party to the conversation and the level of persuasiveness made by the conveyancer. 

However at the end of the day, she merely advices and it is for you to make that decision.
Keep it simple. Decide what you want to do. If its offload the SO now and rent, send an email to the solicitor keeping it short. 

“ Thank you for your advice in respect of my sale / purchase. Having considered all options, my decision is X and those are my instructions. Please proceed to exchange and complete on my sale with urgency as I am concerned I may lose my buyer, and this property has been particularly hard to sell. Please confirm in writing exactly where we are in respect of documentation in respect of my sale ..... etc 
In writing 
Nice and clear
You are the client and you decide 
Good luck 

missile

If I was the 1st time buyer, I would not be happy at this long delay and would be looking for another property.
If I had been trying to sell my house for 7 years I would not want to risk buyer pulling out.
If I could find a suitable rental I would agree a completion date and move.
There is obviously a risk of further delays and/or your purchase may fall through. One of the issues with this outdated system. 

movingon2020

missile said:

If I was the 1st time buyer, I would not be happy at this long delay and would be looking for another property.
If I had been trying to sell my house for 7 years I would not want to risk buyer pulling out.
If I could find a suitable rental I would agree a completion date and move.
There is obviously a risk of further delays and/or your purchase may fall through. One of the issues with this outdated system. 

OP owned the property for 7 years. They have been trying to sell it since December. But I agree with your sentiment. Sell it and move on.

AliceBanned

Just to update my buyer is waiting until January and so far the chain is complete. This is because I would have had to put everything in storage, rent for one month, and then move. There are massive delays in conveyancing at the moment. Is till don't have the local authority search back on my purchase, requested in October! If the purchase doesn't go ahead in January I will move out and let my buyer move in, but I didn't want to move out during covid on 16th Dec, which the EA originally requested. I thought really is that so necessary?! Vendor is happy with January.