Seller taking a while with very niche requirement / value for money on property - thoughts?

F37A

Hi 

So I had a mortgage offer 10th August and coming up to two months and still the seller hasn't found a property (chain). But worryingly she is completely inflexible, not willing to rent, or move in with family for example. She's looking for a property that has to be on 2 or 3 specific roads only and she's willing to wait as long as possible for this. I on the other hand would like to wait max 3.5-4 months for them to find something.

The other point is that I wonder if I am overpaying for the property. It comes down to this I see one property on for 230k with a shared drive, 10min walk to station and 2 bed, rear garage in garden. The one I'm buying has its own drive, garage at front, 3 bed and 7 min walk to station. I'm paying £23k more for the latter one. Am I overpaying? thoughts? I'm more worried as paying £23k extra means I'm at the top end of affordability whereas the first one I'd be super relaxed with the purchase and affordability..

AFF8879

Without knowing what part of the country you’re from, round here an extra bedroom + closer proximity to a station would be well worth £23k / 10%

F37A

London commuter belt, outside london but towards the west

Flugelhorn

I would be getting pretty fed up with someone who is prepared to wait as long as it takes.  Have you made it clear to the agent how long your mortgage offer is for ?

TripleH

First of all get your solicitor to stop all work on this file until you advise otherwise.

Then start looking at other properties for somewhere else.

If you find somewhere, then formally pull out of this purchase.

The seller is not being realistic. They may think they have the cards in a seller's market but that only applies if you are just selling. When you become a middle link in a chain you loose power to the top and bottom.

Sorry, it may not be what you want to hear but you could be held in limbo for months / years and miss put on something better.

comeandgo

I’d pay the 23k extra not to have a shared drive but it sounds like you could have a very long time to wait for your property to become available.  I’d still look for another property.

rexmedorum

F37A said:

Hi 

So I had a mortgage offer 10th August and coming up to two months and still the seller hasn't found a property (chain). But worryingly she is completely inflexible, not willing to rent, or move in with family for example. She's looking for a property that has to be on 2 or 3 specific roads only and she's willing to wait as long as possible for this. I on the other hand would like to wait max 3.5-4 months for them to find something.

Hopefully you haven't spent much on legals yet! I would simply give them a deadline, like I need a completion date by X otherwise I'm pulling out. Also I'd probably re-start viewing other places in the mean time.

F37A

Flugelhorn said:

I would be getting pretty fed up with someone who is prepared to wait as long as it takes.  Have you made it clear to the agent how long your mortgage offer is for ?

Yeah i told them offer expires in Feb 22. Very frustrating as the agent don't tell you the details until you've got an offer and taking a hit on credit rating. 

With xmas coming up I can see this sliding to January 22 easily given that I'm busy for next six weeks and can't view other properties. 

Thrugelmir

F37A said:

 But worryingly she is completely inflexible, not willing to rent, or move in with family for example.

Takes two to compromise. What are you offering the vendor? 

F37A

TripleH said:

First of all get your solicitor to stop all work on this file until you advise otherwise.

Then start looking at other properties for somewhere else.

If you find somewhere, then formally pull out of this purchase.

The seller is not being realistic. They may think they have the cards in a seller's market but that only applies if you are just selling. When you become a middle link in a chain you loose power to the top and bottom.

Sorry, it may not be what you want to hear but you could be held in limbo for months / years and miss put on something better.

Fortunately had told solicitors to not do anything until they've found a place. 

Exactly nothing more frustrating than them not findning a place for ages - a few months is reasonable or at least them having made offers. They have made one offer on a property SSTC.

AdrianC

It's very simple.

If your vendor does not complete the chain, and is unwilling to break it, your purchase is going nowhere.

So you need to give them an ultimatum, and you need to be prepared to walk.