House sale agreed but vendor doesn’t have anywhere to go just yet.

Madeinireland101

Hi,

We have had an offer accepted on a property (actually over a month ago) but the person we are buying off hasn’t found a property for them to buy just yet. Our Mortgage offer runs out on 25th December and we currently have the solicitor on hold until they have found a house to move too. At what point should we start to think that’s it’s not gonna happen and we should look for another property? 

i assume we can restart with a new mortgage offer if we don’t think there is enough time to complete on the existing one but I presume we are at risk of the same deal no longer being available?

Thanks...

Slithery

Why did you apply for your mortgage before the chain was complete?

Thrugelmir

Madeinireland101 said:

At what point should we start to think that’s it’s not gonna happen and we should look for another property? 

No guarantees that you won't find yourselves in exactly the same position. Unless your personal circumstances change extending the mortgage offer shouldn't be an issue. 

Even if your vendor finds somewhere. There's still no guarantee that the chain is then complete. 

lookstraightahead

I wouldn't wait long at all. They are putting you out while they take their time trying to find something. They could move into rented.

maybe give them a few weeks to make a decision, but keep looking around. 

If you are a first time buyer they are definitely wanting to have their cake and eat it. Where are you living? 

pinkteapot

You'd need a fresh mortgage offer if you change property anyway. In your situation I would keep looking and if a property comes up that's at least as good as this one, and where the sellers are ready to go (check the chain above them too), then jump ship. But don't pull out of this one unless you actually find somewhere else. 

And make sure you drop it into conversation with the EA that you're viewing other properties. They might be able to focus their client's mind a bit.  

Filo25

pinkteapot said:

You'd need a fresh mortgage offer if you change property anyway. In your situation I would keep looking and if a property comes up that's at least as good as this one, and where the sellers are ready to go (check the chain above them too), then jump ship. But don't pull out of this one unless you actually find somewhere else. 

And make sure you drop it into conversation with the EA that you're viewing other properties. They might be able to focus their client's mind a bit.  

Pretty much my view as well.

Same thing happened to me as well as a FTB a few years back, we naively hung around waiting for the chain to form up and it didn't so we wasted a couple of months, when really we should have continued to view other properties. 

justcat01

See, this is an interesting point because most EAs won't let people view properties (and certainly not offer) until they have an offer on their own property.
The vendor will now have to start their search the same way you did when you first started looking.

How long did it take you to find somewhere?

bargainbetty

lookstraightahead said:

I wouldn't wait long at all. They are putting you out while they take their time trying to find something. They could move into rented.

This is easier said than done. I ended up having a two week gap between my sale and purchase - two removal costs, storage costs, housing/accommodation costs for the interim all mount up and it's a scary time because you don't know if it will be extended.

I am aware that it can be done, but having done it, I sure as heck wouldn't recommend it and certainly wouldn't demand it of others. 

They will have had to wait for you to appear, now you have to wait a few weeks for them. Keeping your options open is one thing, but making unreasonable demands at this stage is not going to create a decent working relationship. 

Flugelhorn

I think there are a lot of these chains around at present - people quickly and easily getting offers but then can't get the place that they want to go to, either they can't find it or miss out to someone else.  Just wondering how many will decide not to move after all - if they are keen to move then the only way is if they break the chain

lookstraightahead

bargainbetty said:

lookstraightahead said:

I wouldn't wait long at all. They are putting you out while they take their time trying to find something. They could move into rented.

This is easier said than done. I ended up having a two week gap between my sale and purchase - two removal costs, storage costs, housing/accommodation costs for the interim all mount up and it's a scary time because you don't know if it will be extended.

I am aware that it can be done, but having done it, I sure as heck wouldn't recommend it and certainly wouldn't demand it of others. 

They will have had to wait for you to appear, now you have to wait a few weeks for them. Keeping your options open is one thing, but making unreasonable demands at this stage is not going to create a decent working relationship. 

But someone has to be at the bottom of the chain in order for anything to move anywhere. Sometimes those hanging around are already in rented, spending money just waiting and waiting for someone who won't do it.

it's not easy for sure, but if you really want to sell, sometimes you have to go with it. Unreasonable demands work both ways. 

I've always broken the chain. What isn't unreasonable for me isn't really unreasonable for anyone else (kids, renting not where I want to live, costs etc).

I think a few weeks is ample. Mortgage offers run out and people are putting their own lives on hold.

lookstraightahead

Flugelhorn said:

I think there are a lot of these chains around at present - people quickly and easily getting offers but then can't get the place that they want to go to, either they can't find it or miss out to someone else.  Just wondering how many will decide not to move after all - if they are keen to move then the only way is if they break the chain

This is a good point. I'm not sure how many vendors really do want to sell, they don't seem to be happy being inconvenienced.