Chain - how to protect myself from the outset?

dan_first_time_buyer

Hi all.
So, there is a place I may made an offer on. The house is in Surrey.
However, I am worried about the position of the seller. They want to move to Cornwall and it's a family with 3 kids. It is surely not going to be a simple move. Under the current lockdown, I doubt they could travel there and do viewings - it would probably not be against the law, but still...
I've asked the EA - she told me they have family there, but they may consider moving to a temporary accommodation only if they receive a good offer.
I feel a bit uneasy about this. Tomorrow I'll call the EA to further discuss.
I am a first time buyer with no chain attached. What could I do to protect myself? I won't want this to take ages with the risk that the deal could fall through.
Does it make sense to make an offer with the caveat that we agree on the latest completion date (e.g. end of June)? But anyway that would not be legally binding.
Or is there anything I could ask to see the true colours of this?
What should I do?
Any help hugely appreciated!
Thanks,
Dan

MaryNB

There's nothing really you can do to protect yourself. Until exchange nothing is guaranteed. I wouldn't put any weight on the statement from the EA. Even if the sellers think they'll be ok moving into temporary accommodation they might change their mind as exchange approaches and they realise the hassle of moving their 3 kids into short term rental. I've read a few people on this forum talk about their seller's bailing on their promise to move into rented accommodation.

If you really really want this property you could say you'll only wait until a certain point before offering elsewhere if they haven't rented or found somewhere else. But you could risk losing the money you've already spend on surveys etc... They may hope if they haven't moved out at that point you won't want to lose that money and will stick it out a bit longer.

You could say you will not instruct any solicitors or surveyors (i.e. don't incur any costs) until they've had an offer accepted on a house and the chain is complete. This is probably the safest option. But give a deadline. 

Hannimal

You can make an offer and set an end date. Nothing stops you from doing that. You can then pull out of the sale if you haven't exchanged by your set date. You would however risk losing legal and other fees. 

grumiofoundation

As said until exchange no one has legally committed to buy property. 

If you are worried about being out of pocket main upfront cost is survey. 

You can instruct solicitor on no completion no fee basis so you only pay costs (e. g. Cost of searches). 

Add mortgage fees (if any) to mortgage (sensible to do anyway to avoid paying upfront) and then just pay more deposit (so end up borrowing same). 

Thrugelmir

Making an offer costs you nothing. At least shows an expression of interest. Until you at least agree on a price. The vendor may not engage fully on future scenarios. Why should they. You've yet to show committment. 

lookstraightahead

I'm at the bottom of the chain like you, with nothing to sell but have paid rent for far too long, waiting for others to make decisions. Switch this round and say you won't be buying unless they move into rented - I know nothing is 100% but you've not got a lot to lose. Don't fall in love with the place and keep your head about you. 
Theyre not doing you a favour by saying they might go into rented. This is a business transaction and they want to sell. It just depends how much.
so long as you are happy to 'lose' the property just be fair with your offer and walk away if the terms don't suit you.
Blunt I know, but I can't think of another environment where people would wait do long for goods they are purchasing.

dan_first_time_buyer

lookstraightahead said:

I'm at the bottom of the chain like you, with nothing to sell but have paid rent for far too long, waiting for others to make decisions. Switch this round and say you won't be buying unless they move into rented - I know nothing is 100% but you've not got a lot to lose. Don't fall in love with the place and keep your head about you. 
Theyre not doing you a favour by saying they might go into rented. This is a business transaction and they want to sell. It just depends how much.
so long as you are happy to 'lose' the property just be fair with your offer and walk away if the terms don't suit you.
Blunt I know, but I can't think of another environment where people would wait do long for goods they are purchasing.

I spent a lot of time yesterday evening thinking about it, and I was started to feel like you are describing. Thanks for giving me the final push to do this!

gwynlas

In normal, non covid circumstances a family  expect to move during the summer hoidays in order for children to start new school year in September.  You could ask the estate agent or them if you are in communication what their plans are? 

lookstraightahead

dan_first_time_buyer said:

lookstraightahead said:

I'm at the bottom of the chain like you, with nothing to sell but have paid rent for far too long, waiting for others to make decisions. Switch this round and say you won't be buying unless they move into rented - I know nothing is 100% but you've not got a lot to lose. Don't fall in love with the place and keep your head about you. 
Theyre not doing you a favour by saying they might go into rented. This is a business transaction and they want to sell. It just depends how much.
so long as you are happy to 'lose' the property just be fair with your offer and walk away if the terms don't suit you.
Blunt I know, but I can't think of another environment where people would wait do long for goods they are purchasing.

I spent a lot of time yesterday evening thinking about it, and I was started to feel like you are describing. Thanks for giving me the final push to do this!

I'm a very cynical person - although I think quite fair. If you really want something though be careful not to lose it. Good luck with whatever you decide.