Worried about potential restrictions on housing market

anni_

Hello everyone, 

After a long few months we are ready to exchange on our sale and purchase however the last house in the chain (the house our sellers are purchasing) isn’t ready. On Wednesday their EA said to me they are really keen to exchange ASAP but had only just had searches back and were submitting enquiries based on those on Wednesday.

We began the process in September and my buyers and me were really clear from outset that we were aiming for pre Christmas. We had initially had an offer accepted on a vacant property but they pulled out and it spooked my buyer so I’ve also said to all parties from the beginning  that if needed I would break the chain.  The house we are purchasing is great but it’s not exactly a one of a kind. It is far more important to me that my sale goes through. 

So my predicament; On the one hand their enquiries could be simple and we might be ready at the end of next week but on the other I’m suspicious there could be more to it, how long do I wait?

What do people think the chances are of a closure of the housing market due to covid restrictions? This is keeping me awake at night as I believe my buyers will pull
out if there are any significant delays and they certainly will if they can’t make it by the March stamp duty deadline. 

How long do you think it’s reasonable to give my sellers to settle their enquiries before breaking the chain and just proceeding with our sale? 

Thank you for your thoughts - I am driving myself a little and going round it all in my head 😊

gwynlas

How long are you prepared to give things? I would say 4 to 6 weeks.

davidmcn

What sort of "closure" are you worried about, and why? Any further covid restrictions are only likely to be about social distancing. Viewings, surveys, conveyancing etc can all be done safely. The only relevant problems have been while construction has been shut down, and while people like the registers or councils have had to set up remote working for their employees - but that's generally been done now. 

anni_

davidmcn said:

What sort of "closure" are you worried about, and why? Any further covid restrictions are only likely to be about social distancing. Viewings, surveys, conveyancing etc can all be done safely. The only relevant problems have been while construction has been shut down, and while people like the registers or councils have had to set up remote working for their employees - but that's generally been done now. 

I thought in March they said house sales should not continue, like no moving house. That’s what I’m frightened of, Boris announces stricter restrictions at 8pm on Friday saying no more house moves 🙈. It would be a massive weight off my mind if everyone says that’s really unlikely 🥰

davidmcn

anni_ said:

davidmcn said:

What sort of "closure" are you worried about, and why? Any further covid restrictions are only likely to be about social distancing. Viewings, surveys, conveyancing etc can all be done safely. The only relevant problems have been while construction has been shut down, and while people like the registers or councils have had to set up remote working for their employees - but that's generally been done now. 

I thought in March they said house sales should not continue, like no moving house. That’s what I’m frightened of, Boris announces stricter restrictions at 8pm on Friday saying no more house moves 🙈. It would be a massive weight off my mind if everyone says that’s really unlikely 🥰

They weren't prohibited as such, just a recommendation that you postpone if practicable to do so. If you're already knee-deep in a transaction I very much doubt you'll be told it must be postponed. 

lookstraightahead

Hello! I'm now in a chain that I thought wasn't there - I'm the first in the chain with nothing to sell and my vendor won't go into rented and I'm thinking of pulling out - careful you don't lose your buyer if that is more important to you than buying on.
I would secure your sale, go into rented, and make your money back on the next purchase as having nothing to sell is a good negotiating tool.

anni_

gwynlas said:

How long are you prepared to give things? I would say 4 to 6 weeks.

Unreasonable me is thinking they should have their responses by Friday! My more realistic self is thinking that I’d like to be in a position to set a date around two weeks from now, that gives them almost three weeks from sending to get there answers so all in all would be four weeks. Anything more than and I’d feel quite worried. I just want to be reasonable and not cause everyone undue stress and pressure by having unrealistic expectations x

anni_

lookstraightahead said:

Hello! I'm now in a chain that I thought wasn't there - I'm the first in the chain with nothing to sell and my vendor won't go into rented and I'm thinking of pulling out - careful you don't lose your buyer if that is more important to you than buying on.
I would secure your sale, go into rented, and make your money back on the next purchase as having nothing to sell is a good negotiating tool.

Thanks for your thoughts and experience- I will definitely do that if they so much as hint that they might back out. 

anni_

davidmcn said:

anni_ said:

davidmcn said:

What sort of "closure" are you worried about, and why? Any further covid restrictions are only likely to be about social distancing. Viewings, surveys, conveyancing etc can all be done safely. The only relevant problems have been while construction has been shut down, and while people like the registers or councils have had to set up remote working for their employees - but that's generally been done now. 

I thought in March they said house sales should not continue, like no moving house. That’s what I’m frightened of, Boris announces stricter restrictions at 8pm on Friday saying no more house moves 🙈. It would be a massive weight off my mind if everyone says that’s really unlikely 🥰

They weren't prohibited as such, just a recommendation that you postpone if practicable to do so. If you're already knee-deep in a transaction I very much doubt you'll be told it must be postponed. 

That’s a bit reassuring 😊. I thought people were literally told to stop everything 🤦‍♀️🙈. I have been questioning myself as to why I thought now was a good time to move 😂. 

tigerlily74

Do you have a place to stay for a few weeks/til end feb? If so why not just complete on your sale now?

Grumpy_chap

anni_ said:

What do people think the chances are of a closure of the housing market due to covid restrictions? 

Zero - Zilch - Nada - Nichts - Niente

The housing market was never stopped or shut down at any time so far, it was always permitted to move home right the way through every restriction yet.  Things slowed up, and fewer people viewing, but never completely "closed" housing market.