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

lisyloo

Why pull out of it’s costing nothing?
look for something else and keep it on the back burner until exchange.
if they are asking for exchange of contracts then that’s a completely different matter

it judgmental to say they are entitled.
there are all sorts of reasons people can’t rent - pets, elderly care, childcare, schools etc.

lookstraightahead

GDB2222 said:

If @lynxxx pulls out now, surely your vendors will lose their new build? It works like this:

The developer will insist on your vendors exchanging contracts to buy the new build pretty soon, probably in the next month or two. They may well already be nagging for this.

To exchange, they ideally need to tie up the sale of their house at the same time. That’s not 100%. They may have the deposit for their new build in cash, and they may be prepared to take their chances on being able to Sell later. But, most vendors want to exchange simultaneously on their sale and purchase.

So, if you insist on completion within say three months, they either have to tell you to get lost (and probably lose their new build) or they have to agree to your terms. If they dump you as a purchaser that doesn’t help them really, as they won’t find anyone else able to exchange within the developer’s timescale.

So, I think you should stand your ground, and say you are not interested in an 8 months completion. 

Excellent post.

it sounds like the vendors are wanting to have their cake and eat it.

Sapindus

In an ideal world, you would be able to buy their house and rent it straight back to them for the eight months.

I do realise that the concept of BTL mortgages renders this impractical.

SDLT_Geek

Sapindus said:

In an ideal world, you would be able to buy their house and rent it straight back to them for the eight months.

I do realise that the concept of BTL mortgages renders this impractical.

And some Financial Services regulations make that on offence for a buyer without the right kind of FCA licence.

Flick85

I’m selling my flat atm and buying a new build that won’t be ready til December at the very earliest. I ended up selling to an investor, on the agreement that he wouldn’t force me into rented accommodation and would be patient while I figured out the ongoing purchase.

Obv it’s completely up to you if you withdraw at this stage. But, unless there’s something else you are able to buy, I would keep this on the back burner while looking elsewhere. 

TheJP

SuseOrm said:

The issue you have is this if house prices of risen by another 10% by the time it comes to exchange they can literally just tell you they want another 20 grand or they’ll sell to somebody else and in the meantime you’ve missed out on 2022 prices.  Of course that could apply the other way but I suspect they won’t be offering you to have a 10% discount.  

They will likely need to exchange in a month or so due to the developers wanting exchange asap for new builds so the rise in price is unlikely to happen, they also wouldn't jeopardise a sale that close to their own house being almost complete as they would be in trouble if they lost their buyer.