Advice please

Stephchamplus2

Hi all. We are about a week away from exchanging and selling our house and purchase and a problem has cropped up with our purchase, someone needs taking off the land registry that got payed off 10 years ago (an ex) I have been informed this could take months. 

Our buyer is 2 weeks away from giving birth. We are thinking of breaking the chain as this house is our dream house. We have asked if we can rent the property till completion or would have to go in rented. We only have 3 months left on our mortgage offer. If we delay the whole thing will fall through. We are selling a new build so I am aware if we did delay and our buyer pulled out it could take ages to sell. 

What are people's thoughts on this? 

Thanks 

AdrianC

Your vendor would, honestly, be mad to let you move in as a tenant prior to exchange.

Apart from anything else, their lender would not allow it. Plus, what happens if exchange doesn't happen? What happens if your downward chain collapses, but the upward one comes together?

GDB2222

I feel really sorry for the buyer who is 8.5 months pregnant. Either break the chain or don’t, but don’t delay. If the buyer has to find a rental they need to look right now!

On your purchase, the ex may just sign the forms good as gold. That could take two days. The fact it’s been flagged as an issue means they can’t be found, or have already refused to sign. Or even have a valid claim against the property. There’s a huge backlog in the court system, so this could go on for lots of months. 

Stephchamplus2

We are still going ahead with the sale of our propery so the lady buying does need to worry. 

The land registry - they are currently getting the lenders consent then it is getting sent to land registry. It is us who who would rent our purchase. 

If we can't where does this leave us? Our mortgage offer has 3 months left and if we rent the credit check could affect our mortgage? 

Thanks 

Stephchamplus2

And as for us renting it while waiting for the land registry to be sorted it is already a rental property that has been vacant for a year so unsure if they would need permission of the lender considering its already a rental 

Thanks 

GDB2222

When are you moving out? Two weeks is not very long.

Stephchamplus2

I will be some point not next week but the week after