I'm being asked to wait until February to complete! Help.

Michaelp_2

I'm in a bit of a predicament at the moment and would welcome any advice. To set the scene: I put an offer on a property back in June which was accepted. The owners struggled to find a suitable property to move to for two months so the conveyancing process has been slow to get going. They have found something and the owners of that property are moving into a new build (yet to be built). The plan was for the people moving into the new build to move into rental accommodation but as they have three dogs, they cannot find a landlord that will accommodate them. My sellers have a cat and have faced similar issues as well as problems with supply and tenancy length. I'm now being asked to wait until the new build is ready (in late Feb 2022) before we can complete!

I have the benefit of living with family at the moment so technically I can do this, but it really isn't ideal and I'm paying a small fortune in storage costs! I also feel like they are taking advantage of my situation. It also leaves me in limbo for another five months (possibly more as anything can happen with the build of this new house). 

I'm a bit stumped really. I've asked my solicitor for advice but would welcome any thoughts. I love the house and it was on at a reasonable price. I just wonder whether starting the process all over again with a new property would be worth it or just hang on until next Feb/March/April........ 

Thanks!

 

pinkshoes

If you have already paid for searches etc... then you have nothing to lose by hanging in there.

In the mean time I would start to look for other properties, because like you said, you ARE in a good position. If you then just happen to find something you like just as much or more, then you can make the decision then about what you do.

theartfullodger

If unhappy buy somewhere else .. obvs....

SpiderLegs

Wait
Ask them to pay your storage costs
Walk away

Seem to be the three choices. If you want the house then the second one would probably be the place to start.

presumably you will need a new mortgage offer  so need to factor that in.
i also wouldn’t rely on the new build actually being ready on time.

J41721

I am a newbie here.  

Does that mean you will exchange in very near future but the completion date in Feb?

kirtondm

Your mortgage offer will probably run out before then also the new build is unlikely to be actually finished in Feb. 2022  , it could well be spring/summer 2022.

Unless they are prepared to exchange with a fixed date rather than on notice I would probably start looking elsewhere and give them an ultimatum.