Seller has gone back on their word

[Deleted User]

Hi

Back in July when our offer was accepted, we had written confirmation from a party further up the chain who agreed to a ‘chain break’ and would vacate their house before their onward was ready to allow us to proceed (as they’re waiting on a new build not due until next year).

After what’s felt like a long couple of months, we’re ready to exchange and complete and they’ve now gone back on their word, and are expecting us all to simply wait until early next year (as they don’t even have a timeframe). 

Would you pull out? We feel so let down and can’t quite believe they would go back on their word this far in. 

MaryNB

Happens a lot. Loads of people post here saying their seller has backtracked on renting to break the chain. Easy to promise, hard for many to do. Cost and effort of moving twice, finding somewhere to rent that will take their pets, cost of renting etc. Where I live people are really struggling to find places to rent and rental costs have gone through the roof. 

staffie1

There is no honour in the housing market at the best of times. It’s a sellers market. As a buyer, you either suck it up or pull out and look elsewhere. 

goodwithsaving

Unfortunately this happens a lot. I myself tried to go back on my word but my conscience got the better of me and I decided to take the upheaval for the chain, to ensure it all continued.
Unfortunately until exchange, "words" don't count for a lot. I would keep looking at other properties. Do you have a buyer or are you the beginning of the chain? If the former, I would ensure your sale goes through.

UnsilentMinority

Unfortunately somebody's word written or spoken means nothing prior to exchange.

As the worst case scenario was 2022 I would have always looked at that timeframe for completion, expect the worst always with delays.

Only you will know if pulling out is right in the circumstances.

[Deleted User]

@goodwithsaving I am selling to a first time buyer, and purchasing a property with tenants in. It’s the onward purchase of the tenants that have now gone back on their word. 

We also had been assured by our seller that whatever delays the tenants may encounter, we would not be impacted and they’d vacate regardless, but unsurprisingly this hasn’t happened either. 

UnsilentMinority

Deleted User said:

@goodwithsaving I am selling to a first time buyer, and purchasing a property with tenants in. It’s the onward purchase of the tenants that have now gone back on their word. 

We also had been assured by our seller that whatever delays the tenants may encounter, we would not be impacted and they’d vacate regardless, but unsurprisingly this hasn’t happened either. 

That vendor is a big liar than the one this OP is faced in. 'Vacate regardless' That seller sits on a throne of lies.

[Deleted User]

@UnsilentMinority not sure if my last comment was clear but I am the OP :-) 

We’ve been let down by our immediate seller who said his current tenants would vacate, and by a party further up the chain the tenants are involved in, who agreed to chain break. 

I was 99% sure we’d be forced to wait for the tenants, but I was confident their sellers would chain break and so we’d move along still 

UnsilentMinority

Deleted User said:

@UnsilentMinority not sure if my last comment was clear but I am the OP :-) 

We’ve been let down by our immediate seller who said his current tenants would vacate, and by a party further up the chain the tenants are involved in, who agreed to chain break. 

I was 99% sure we’d be forced to wait for the tenants, but I was confident their sellers would chain break and so we’d move along still 

Ooops, been a long day looking a screen.

canaldumidi

Deleted User said:

Would you pull out? We feel so let down and can’t quite believe they would go back on their word this far in. 

Obviously depends on many factors:

* how 'perfect' is this property? Are there others as good/nearly as good?

* how desperate to move are you?

* If you pull out, how long will it 'likely' take to a) find another property, AND b) get to this stage in the buying process(bearing in mind the same might happen again...)?

* how much money have you already sunk into this property? Is it significant (to you)? Are you willing to write it off if you find another property?

MaryNB

Deleted User said:

@goodwithsaving I am selling to a first time buyer, and purchasing a property with tenants in. It’s the onward purchase of the tenants that have now gone back on their word. 

We also had been assured by our seller that whatever delays the tenants may encounter, we would not be impacted and they’d vacate regardless, but unsurprisingly this hasn’t happened either. 

The seller can't make that promise unless the tenants have given notice (highly unlikely they will have done so prior to exchanging on their purchase) or the seller has obtained an eviction order from a court. 

Your purchase of the property is of no concern to the tenants and their onward purchase. It only concerns them when their landlord is on the brink of getting an eviction order.