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

TheJP

Lynxxx said:

Thank you for everyone's helpful replies i am extremely grateful. We are going to have to sit down and have a long hard think about what to do.

What is your current living situation? If you really love the house could you wait? However the vendors will want you to exchange when they exchange which is usually very shortly after the reservation fee is accepted.

user1977

Thrugelmir said:

user1977 said:

mayling03 said:

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. 

 It's pretty commonplace to sell first and find somewhere else to stay while your shiny new house is constructed.

If only it was that easy.............

More or less easy than finding a buyer now who wants to complete in 2023-ish (or maybe never)?

Lynxxx

TheJP said:

Lynxxx said:

Thank you for everyone's helpful replies i am extremely grateful. We are going to have to sit down and have a long hard think about what to do.

What is your current living situation? If you really love the house could you wait? However the vendors will want you to exchange when they exchange which is usually very shortly after the reservation fee is accepted.

We are living with family at the minute so we can wait. 

Lynxxx

We really want the house and want to wait, but then we are scared in case we wait all this time then something goes wrong and we lose it anyway. Lots to think about.

RAS

Once you exchange, neither of you can back out without penalty (losing your deposit in your case).

But you will have to exchange soon,  anything from a couple of weeks to a couple of months time, and then won't complete until the end of the year, quite possibly well into 2023.

What is the situation with your mortgage when that happens? Any risk you could end up having exchanged and something derailing the mortgage before you complete?

kazwookie

Tell the vendors in no uncertain times to move out in to rented / with family / B&B etc, by (date) if not you are walking.

Do not spend any more money etc on this.

8 months in into next year, if we have a harsh winter, this could be 10 to 12 months or longer.......

lookstraightahead

Thrugelmir said:

lookstraightahead said:

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

The vendors have decided to buy a new property. That's their choice. You've no idea if moving into rented is practical for them. There's no entitlement. This is a business transaction. 

i would add unmotivated to this 'not going anywhere' business transaction. 

I can't see what the vendor is trying to achieve. They will likely lose their new build if the op pulls out.

Thrugelmir

kazwookie said:

Tell the vendors in no uncertain times to move out in to rented / with family / B&B etc, by (date) if not you are walking.

Easier to have a polite word with the EA than simply issue threats. 

MobileSaver

Lynxxx said:

We really want the house and want to wait, but then we are scared in case we wait all this time then something goes wrong and we lose it anyway. Lots to think about.

As others have said, that 8 months could easily become 12 months for a whole raft of reasons and so your biggest problem will be the mortgage. If you cannot get your mortgage offer extended then who knows whether you will need a (perhaps much) larger deposit and/or pay a higher interest rate by the time you buy the house (or whether you will still meet the lending criteria in a year's time.)

In some ways you will be putting your life on hold for a year. You will have to be careful about changing jobs (even with the same employer) and think twice about new finance for a car, holiday, iPhone or whatever; thinking twice isn't necessarily a bad thing but it does mean you'll be constrained in how you live your life for the next 12 months or so.

To be honest, in your shoes I would starting looking for another property if the sellers are not prepared to move out until their new home is built some time next year.

eidand

keep looking, you've lost this one, no need to drag it anymore and no need to spend money on it