Exasperated FTB - Any Advice?

MysteryMe

OP, when the time comes check with the solicitor to see if the money has been kept in an interest bearing account. You should get the interest as well as the original money transferred. It may not amount to much but better than nothing.

Slithery

MysteryMe said:

OP, when the time comes check with the solicitor to see if the money has been kept in an interest bearing account. You should get the interest as well as the original money transferred. It may not amount to much but better than nothing.

Usually not worth it. Solicitors client accounts usually have a close to zero interest rate, it will probably be pennies which is far less than the solicitor will charge you to transfer it.

peterhjohnson

lookstraightahead said:

I truly don't understand why people put their houses on the market and then won't move. What on Earth is the point?

They lack your considerable knowledge and expertise
They don't know how difficult it's going to be to find their next house. They have to get to SSTC on the old place before they can make meaningful progress on somewhere new

MysteryMe

It was the OP who mentioned losing interest on the sum transferred to their solicitor.  No one on here knows what sums, interest rates and charges are involved, hence my suggestion they speak to their solicitor.  

eidand

lookstraightahead said:

There needs to be more clarity for buyers. Always a good idea to ask when viewing, and if the vendors don't have a house in mind, always keep looking. You can never guarantee, but at least it weeds out those who genuinely think they can potter about for ever.

from a vendor's perspective, they will hold more 'power' if they say they have a buyer, so it's in their interest to give buyers "half truths" to get them hooked in.

As everyone knows on here, I expect vendors to go into rented (as that's what I do to break the chain). Some will say they can't do that, that is their prerogative, but I refuse to hang around, and there's always somewhere else to buy. I guess I'm a bit hard ball, so it's not necessarily advice. There is a middle ground, but waiting long term when no one else is in a rush is unfair. Maybe because it is, or was, a sellers market.

I would never have been as patient as you op.

well, the way you behave is your choice and your prerogative. That been said a lot of people won't go into rented just to satisfy you and others like you. I certainly wouldn't, many things can go wrong when you do that and it's a risk not worth taking. Just like you said, there are other houses, the opposite is also true, there are always other buyers, no need to try and satisfy a  particular one.

HunchBunch

Thanks for all the replies.

As a bit of an update the vendor has now gone silent.  We've been chasing the estate agent but they haven't been able to contact them.  We're resigned to the fact that this purchase isn't going to happen now, or at least isn't going to happen in any reasonable timescale - we think even if we roll over and wait, we could be waiting for another six months and be no further forward.

We started looking for alternative properties in December but have really stepped up our search now.  I think the most galling thing is the fact that we've essentially wasted six months of our lives. 

I know this is a futile statement but the house buying system in England is a nonsense.  There's a reason why pretty much every other civilised country does it differently!

Tiglet2

It's time to call your Estate Agent and advise that you wish to view alternative properties.  At least they will know that you are serious about buying.   If the EA is unable to contact your current seller, you/they will know that this is going nowhere.  You can make it clear that you will leave your offer on the table for this property, but you are now looking to find something else either through them or another Estate Agent.

HunchBunch

Thanks again for all the replies - just stopping by to give a final update.

We finally heard from the vendor who has told us that, why they're still looking to sell (and are still happy to sell to us), they're going to be taking their time over deciding on their onward move and they're not currently viewing any properties.

We feel utterly strung-along.  We've been told for months that the vendor was looking to break chain if they didn't find anything to buy, and now we've been told that this has never been the case.  To add more annoying icing to the cake the vendor is also not going to pull out, meaning we can't claim on our buyer's protection insurance. So that's our solicitor, survey and mortgage broker fees down the drain.

We've had an offer accepted elsewhere and it seems like these people are really keen to move quickly, so hopefully this one works out and our first experience will be consigned to a distant, bad, memory.

Flugelhorn

glad to hear you have another offer accepted, hope all goes well. 

seven-day-weekend

peterhjohnson said:

lookstraightahead said:

I truly don't understand why people put their houses on the market and then won't move. What on Earth is the point?

They lack your considerable knowledge and expertise
They don't know how difficult it's going to be to find their next house. They have to get to SSTC on the old place before they can make meaningful progress on somewhere new

Why can't they find somewhere they like first?  Obviously they won't be in a position to offer, but they could then get their house on the market and THEN offer.