Buying a house but now the sellers can't move out until next year!

Lynxxx

I am sorry if this post ends up being long but I am after some advice if possible? We are first time buyers and put an offer in on a house at the end of march which was accepted straight away. Things had been going well until two days ago when the estate agent phoned and left a voicemail saying that the sellers are buying a new build that won't be done until the beginning of 2023 so they are going to be staying in the house until then and is that ok??? 

As first time buyers we haven't got a clue what this means for us now? We have emailed our mortgage provider and solicitor and are waiting to hear what they say but could anyone give me some advice on what happens now? We really don't want to lose this house. We don't mind maybe giving them 3 months but not 8 months, that 8 months could end up being longer if the date on their new build gets pushed back.

Am I wrong for feeling this is unacceptable and they shouldn't be asking us this? I get the feeling they don't even have a solicitor as I feel if they did have one then Surely they would be telling them they have to move out and rent? I think they needed the sale of the house to secure their plot on their new build and that's all they care about.

Any advice anyone could give me I'd be extremely thankful for. Thank you

hpsauce86

You could ask the estate agent if the vendor would consider moving in to rented for the sale to progress, though truthfully I don’t think they would. 

In terms of everything else, your main issue is your mortgage. Your offer will only be valid for 6 months (in most cases), so you would have to get a new offer and the mortgage rates are going up. 

My advice would be to tell your solicitor to stop what they are doing, and keep looking at other properties. 

This happens a lot with new builds, there’s a few threads on here along the same lines as you. Sorry :-( 

Thrugelmir

Lynxxx said:

Am I wrong for feeling this is unacceptable and they shouldn't be asking us this? 

Your choice whether you proceed with the purchase or not. Now you know the vendors plans. 

seradane

Yeah I wouldn't be willing to wait that long either, frankly. They can do what they like but you also don't have to wait around for them. And there's every chance there will be delays to the new build completion so may well be longer than 8 months.

I'd probably stop spending any money on searches/surveys on this property and start looking for another one. But keep this one on the backburner just in case.

If you find something better before these folks are ready to exchange, then you can jump ship and go for that instead. If not, well then you're still lined up for this one and can exchange in due course.

K_S

@lynxxx Quick thoughts -

- 'Early 2023' could well be an underestimation as new builds can often get delayed

- You will likely need to make a fresh application for a mortgage at some point, so you will be re-applying based on the criteria and rates at some point in the future

- The vendor will normally be required to exchange on the new-build very soon, that *might* mean you will be asked to as well. Once you've exchanged, then you're committed to the purchase

Lynxxx

Thank you for letting me know about the mortgage offer only being valid for 6 months, i wasn't 100% sure about that. Yeah i don't think they have any interest in renting until their house is ready I have a feeling we are going to have to pull out.

simon_or

Don't spend a penny on this house or agree to exchange until they have a firm completion date that is no more than a month away.

As mentioned above, keep this on the back burner and keep looking.

lookstraightahead

These people obviously aren't that bothered about moving full stop. They could move into rented but they sound entitled.

personally I would look elsewhere 

user1977

simon_or said:

Don't spend a penny on this house or agree to exchange until they have a firm completion date that is no more than a month away.

That's not going to work. They're unlikely to have a firm completion date until about 14 days before they complete i.e. once the builders have actually finished building.

ironlady2022

They say that it's recommended conveyancing should not start until your part of the chain is complete/full chain is complete. 

ironlady2022

lookstraightahead said:

These people obviously aren't that bothered about moving full stop. They could move into rented but they sound entitled.

personally I would look elsewhere 

I disagree they sound entitled. They have found a new build and it's not built yet. Ideally no one would want to move twice. It's up to the OP to choose to let it go/wait.