What to do?

Housebuyer1983

Hello, we had our offer accepted on a house back in October 2021. We are still waiting to exchange, the sellers have struggled to get an offer accepted on their onward property. We are chain free and offered £10k over asking the market being very competitive here at the time and keen on the house. They are looking to stay in the area but a larger house and there just isn't much available and they also seem to be offering too low already being at the very bottom of what is feasibly coming up that meets their criteria even with taking out a large mortgage. They put in a few offers all rejected as too low, under asking. We have stuck with them and in January 2022 they had an offer accepted. We were led to believe they were close to exchanging and so have also got to that point. Turns out not so much - Today had a phone call, they have lost their onward purchase as they want a reduction due to results after survey (survey was in January 2021). The agent said they need to spend £150k and £50k is on a roof but that he thinks they can do it with £25k. This house is enormous around 3000 sq ft but this still still an incredible amount. We've looked and whilst asking prices have gone up - around the same amount for similar houses in this area, there is no actual sales completed through the land registry and it seems a lot of these offers accepted around the same time we made ours are simply staying 'sold stc' now for over 6 months too now, with recent houses with even higher prices for the Spring market yet to actual get offers on them. We've made it clear to the agent we really cant wait any longer on this. Just not really sure what to do or if this is normal? Would love advice!

Tiglet2

Keep this on the back burner, but start viewing other properties, including with the seller's agent, so they know you're serious about not waiting much longer.

Unfortunately, sellers usually need to be 'sold subject to contract' or 'under offer' before they can view properties and if there is nothing out there they may decide to stay put.