Shall i instruct?

ironlady2022

Slithery said:

mayling03 said:

...but better to get it official...

Nothing is 'official' unless it's written into the contracts that get exchanged.

Ar right, didn't know i could write it in! Thanks for this. 

Slithery

mayling03 said:

Slithery said:

mayling03 said:

...but better to get it official...

Nothing is 'official' unless it's written into the contracts that get exchanged.

Ar right, didn't know i could write it in! Thanks for this. 

I don't think that you know what 'exchange' actually means...

It happens just before you move in after the solicitors have done all of the work that you need to pay them for.

ironlady2022

Slithery said:

mayling03 said:

Slithery said:

mayling03 said:

...but better to get it official...

Nothing is 'official' unless it's written into the contracts that get exchanged.

Ar right, didn't know i could write it in! Thanks for this. 

I don't think that you know what 'exchange' actually means...

It happens just before you move in after the solicitors have done all of the work that you need to pay them for.

Surely the wording gets exchanged very early on? 

eddddy

mayling03 said:

Surely the wording gets exchanged very early on? 

I think the problem might be..

In this thread, you've asked a very specific question, and you've been getting very specific answers.

But it seems that, perhaps, you don't fully understand how conveyancing works, so you haven't really understood the specific answers you've been getting.



Maybe expressing it like this will help:

• Today, your seller officially tells you she will move in with her mum.

But any of the following could happen

• In a weeks time, your seller officially tells you she isn't moving in with her mum after all. She decides to buy a place instead.
• In 2 weeks time, your seller officially tells you she isn't moving in with her mum after all. She decides to buy a place instead.
• In 6 weeks time, your seller officially tells you she isn't moving in with her mum after all. She decides to buy a place instead.
• In 12 weeks time, your seller officially tells you she isn't moving in with her mum after all. She decides to buy a place instead.

So you'll have paid for all your conveyancing, and then maybe have to wait months before you can buy.

Or your seller might change their mind about selling, for some reason (e.g. change in their parents health/circumstances) and you'd lose all the money you spent on conveyancing.


(The word 'Officially' doesn't mean anything in this context, but I've used it for your benefit.)

Loza2016

When I sold my house end of 2020 I told all my potential buyers I would be happy to move into rented or with parents if needed. 

As it happened I ended up buying a house before my sale completed but still had to move in with mum then rented as new house needed renovation. 

I would’ve still moved in with mum/ rented if I hadn’t bought another house. 

Some people do keep to their word. 

babyblade41

I think OP you have quite a complex chain at the min & could get even more so if your vendor decides to buy .

You have potential lengthy scenarios at both ends with you stuck in the middle.

I think at this point you might have to decide if you are willing to break the chain so that your buyer can start the process & do preliminary things on your purchase .You will incur some costs but can't see a way round it 

If there are signs that your vendor is starting to move in with a relative then carry on , & as time goes on it will become clearer .

If your vendor does then find somewhere to buy then this could add on another 3 months or so & increase the chain considerably.

The problem from your buyer is the change in a residential mortgage to a BTL or CTL & enough money to get the 10% deposit needed .

I'm sure the agent will have checked a certain amount of affordability before putting the offer to you 

hazyjo

ie anyone can pull out before exchange, so you can't write anything into a contract as that's exchanged at the end of the housebuying process when everyone is finished and ready to name a day for completion.

UnderOffer

How long since your seller accepted your offer, is it 4 weeks? Have they been actively looking and viewing or found nothing at all? If they’ve not viewed anything that would concern me.
If they are proactive I’d probably wait a couple more weeks before officially starting conveyancing, then keep my fingers crossed they will continue with promise to move in with family. 

ironlady2022

UnderOffer said:

How long since your seller accepted your offer, is it 4 weeks? Have they been actively looking and viewing or found nothing at all? If they’ve not viewed anything that would concern me.
If they are proactive I’d probably wait a couple more weeks before officially starting conveyancing, then keep my fingers crossed they will continue with promise to move in with family. 

It's just been under a month since they have accepted my offer. They have been looking. They submitted an offer which was rejected and I've heard nothing more. They have also told me they have spoken to their Solicitor and getting things underway on their end. 

I like the idea of waiting a few weeks. I've appointed my Solicitor and he's given me a whole load of paperwork to complete anyway and I won't deposit anything into the account until I'm ready. So this is what I'll do in the meantime. 

saajan_12

mayling03 said:

eddddy said:

mayling03 said:

Thank you for this. Yes I've only just heard it via my EA who is their friend and neighbour so technically, I have not been told officially. 

There isn't really a concept of being "told officially". 

The seller might say to you (or write in an email) that they'll move in with their mum - but they might later change their mind.


(As I mentioned above, sometimes people say they'll move in with their parents and really mean it at the moment they say it. But when they understand the practicalities, they change their minds.)

No i get it, but better to get it official and then if they back out, then so be it. I don't have control over it, can only go by the latest info. 

No, its really no better to get it 'official' - still just as easily can be words to appease you so you start conveyancing and they keep their options open. 

The comments about putting it into the exchanged contracts are technically true but not really practical - at exchange, you're legally committed to the purchase so you'd only do that after spending money on surveys, conveyancing, etc. The seller is also committed to sell, so then it doesn't matter whether they move to parents' or buy or become homeless.. as far as you're concerned, they have to sell the house. 

--
Ultimately you have to decide either
* if you think the sellers really want to buy and wait until they find a property + get an offer accepted; or
* if you're willing to risk the cost of conveyancing / searches / surveys on believing they really will move in with parents if they don't find somewhere to purchase 
You're not going to get anything more 'official' to help make that decision, its jsut a balance of probabilities and your appetite to risk (vs the risk of the seller remarketing because you don't start conveyancing).