Help! Buyer won’t move out until he has a house and has decided this last minute

AnotherJoe

eve824 said:

The vendors of our current house did this. Told us no onward chain then tried to sneak an onward purchase in the legal paperwork. Their EA knew about it and lied to me. Told them I wouldn't proceed unless the chain ended with this house. They moved in with family.

Same here, as I posted a few weeks back, my daughter was told the vendor would move out to live with relative, later, after some delaying tactics when they were expecting to exchange, it came out vendor had found another place to buy and was trying to delay,  so the two deals tied together and she didnt have to move twice

My daughter was so mad when she found out, she gave them an ultimatum there and then, exchange today or the deals off. And they exchanged at 630pm !

AnotherJoe

MaryNB said:

nicmyles said:

NameUnavailable said:

I expect the OP was told by the vendor that they would move into rented accom. if they hadn't found somewhere themselves.

I've heard this so many times as an agent, yet never saw it happen in practice. I think sellers think it will be easy but then the reality dawns on them about signing up for a minimum term, references, utilities etc. etc. and possibly the cost of storage on top of renting plus double removal costs.

I've bought two properties, both times they said they would do this, both times they did not.

My colleague was telling me yesterday that his parents were having a nightmare trying to exchange. Top of the chain bailed on their initial promise to move into a rented property. To keep the chain from collapsing, the next person down agreed to go into rented and the day before exchange changed their mind and now won't go into rented. I wouldn't trust a vendor promising to go into a rental property, it's a very easy promise to make and break.

The best one i heard, long chain, £50k at bottom, million pound+ at top, the FTB at the bottom pulled out, the million pound top of chain bought the £50k for cash.

ratechaser

AnotherJoe said:

MaryNB said:

nicmyles said:

NameUnavailable said:

I expect the OP was told by the vendor that they would move into rented accom. if they hadn't found somewhere themselves.

I've heard this so many times as an agent, yet never saw it happen in practice. I think sellers think it will be easy but then the reality dawns on them about signing up for a minimum term, references, utilities etc. etc. and possibly the cost of storage on top of renting plus double removal costs.

I've bought two properties, both times they said they would do this, both times they did not.

My colleague was telling me yesterday that his parents were having a nightmare trying to exchange. Top of the chain bailed on their initial promise to move into a rented property. To keep the chain from collapsing, the next person down agreed to go into rented and the day before exchange changed their mind and now won't go into rented. I wouldn't trust a vendor promising to go into a rental property, it's a very easy promise to make and break.

The best one i heard, long chain, £50k at bottom, million pound+ at top, the FTB at the bottom pulled out, the million pound top of chain bought the £50k for cash.

Perfectly pragmatic solution IMO, if you have the cash to hand - worst case you are risking another 5% on top of your million pound transaction, but in reality you'd just flip it and hopefully come out close to even...