Seller won’t break the chain!

GDB2222

pinkteapot said:

You may find that if you go so far as to pull out the seller may change their mind and sort temporary accommodation. If you pull out, they'll probably lose their new-build as they're unlikely to find a new buyer who can complete quickly enough. Depends on the new-build - if it's a really popular site the developer will have no qualms about selling to someone else.

But it depends whether you're genuinely prepared to pull out as the seller might just say "Ah, shame. Oh well, bye then."

If you absolutely don't want to rent (which is your call - nothing wrong with it), avoid chains involving new-builds as someone in those chains will often have to break it. 

It's more than 'lose their new build' isn't it. They'll lose their 10% deposit. (If they haven't paid the full 10%, they are still liable to make up the difference.)

Emily is in a much stronger position than her seller. 

thegreenone

emily451 

Not an option as we have 7m old baby! They have gone back on their word, not us. 

I'm sorry but that sounds a bit Diva'ish.  I'll put it down to stress.  

We moved into my Mum's dining room for five weeks, as our sale and buy were not going to match up.  Two children under 3 years, but mobile and all the 'stuff' that goes with.  I packed up our whole house on my own (hubby working all hours) with two mobile children under 3 years and it went into storage.  Fortunately, all went to plan and new house had integral appliances as the removal co. couldn't deliver all our worldly goods until five days after completion.  I then unpacked the vast majority, on my own with two mobile children under 3 years.

I'm sorry, harsh, but if I can do it with two very small children, why can't you do it with one baby?  Any family nearby?  Look on the AirBNB website.  Not helpful that the sellers renegaded but as others have said, that's the risk with a new build.

michelle09

The person who holds the power is the person who is least fussed about the chain collapsing. You say you can't move into rented with a small baby, are you expecting your buyers to wait and move with a small child of their own?

You pretty much have three choices - wait for your seller and hope that your buyers don't pull out, break the chain yourself and move into rented (maybe look at other properties), or threaten to pull out if your sellers don't break the chain. Or you could tell your sellers that you will break the chain and go into rented but you will be reducing your offer to recover the costs of moving twice etc.

But that goes back to the idea of the person who is least fussed about the sale holding all the cards.

michelle09

thegreenone said:

emily451 

Not an option as we have 7m old baby! They have gone back on their word, not us. 

I'm sorry but that sounds a bit Diva'ish.  I'll put it down to stress.  

We moved into my Mum's dining room for five weeks, as our sale and buy were not going to match up.  Two children under 3 years, but mobile and all the 'stuff' that goes with.  I packed up our whole house on my own (hubby working all hours) with two mobile children under 3 years and it went into storage.  Fortunately, all went to plan and new house had integral appliances as the removal co. couldn't deliver all our worldly goods until five days after completion.  I then unpacked the vast majority, on my own with two mobile children under 3 years.

I'm sorry, harsh, but if I can do it with two very small children, why can't you do it with one baby?  Any family nearby?  Look on the AirBNB website.  Not helpful that the sellers renegaded but as others have said, that's the risk with a new build.

This. Our sellers did something similar and our buyers threatened to pull out. So we exchanged with our buyers on a 4 week exchange. Told the sellers they had three choices: exchange and match the completion date, withdraw from the sale or we would go into rented and reduce our offer to cover the costs of a 6 month rental.

We don't have children but we do have two cats and lots of landlords won't take pets. But I wasn't prepared to lose my buyers and was prepared to lose the purchase.

Flugelhorn

GDB2222 said:

emily451 said:

DE_612183 said:

New Builds to sometimes tend to over-run - it's something you should bear in mind when there is one in the chain.

What are you expecting your seller to do between end of September and November - bearing in mind this  could be as little as 4/5 weeks?

They told us it would be end of September and said that there’s no chance of it overrunning which we thought a bit odd. They knew from the start regarding notice of completion and we made it clear from the start we wouldn’t be able to do that as did our pregnant buyer, they then signed their TA6 to reflect that they’d break the chain but now refusing. 

I expect them to find alternative accommodation as why should we wait any longer? They have been pushing for us to exchange for weeks and wouldn’t discuss completion and as the chain hasn’t stood for it, they’re now going against their word. 

You could call your seller's bluff, and give her say a week's notice that you will pull out unless she exchanges now, with completion this month.

If she has already exchanged contracts to buy her new build, which is highly likely, that would then leave her  in a very, very difficult position, as she won't find a new buyer able to complete by November. When she realises the bind she is in, she might agree to break the chain as originally promised.

I doubt the vendors have exchanged on their onward purchase, they are probably being pressured to do so by the developers - presume they would lose a deposit if it all fell through now

DE_612183

Flugelhorn said:

GDB2222 said:

emily451 said:

DE_612183 said:

New Builds to sometimes tend to over-run - it's something you should bear in mind when there is one in the chain.

What are you expecting your seller to do between end of September and November - bearing in mind this  could be as little as 4/5 weeks?

They told us it would be end of September and said that there’s no chance of it overrunning which we thought a bit odd. They knew from the start regarding notice of completion and we made it clear from the start we wouldn’t be able to do that as did our pregnant buyer, they then signed their TA6 to reflect that they’d break the chain but now refusing. 

I expect them to find alternative accommodation as why should we wait any longer? They have been pushing for us to exchange for weeks and wouldn’t discuss completion and as the chain hasn’t stood for it, they’re now going against their word. 

You could call your seller's bluff, and give her say a week's notice that you will pull out unless she exchanges now, with completion this month.

If she has already exchanged contracts to buy her new build, which is highly likely, that would then leave her  in a very, very difficult position, as she won't find a new buyer able to complete by November. When she realises the bind she is in, she might agree to break the chain as originally promised.

I doubt the vendors have exchanged on their onward purchase, they are probably being pressured to do so by the developers - presume they would lose a deposit if it all fell through now

Normally you exchange after 6 weeks with developers - but without completion date.

Flugelhorn

DE_612183 said:

Flugelhorn said:

GDB2222 said:

emily451 said:

DE_612183 said:

New Builds to sometimes tend to over-run - it's something you should bear in mind when there is one in the chain.

What are you expecting your seller to do between end of September and November - bearing in mind this  could be as little as 4/5 weeks?

They told us it would be end of September and said that there’s no chance of it overrunning which we thought a bit odd. They knew from the start regarding notice of completion and we made it clear from the start we wouldn’t be able to do that as did our pregnant buyer, they then signed their TA6 to reflect that they’d break the chain but now refusing. 

I expect them to find alternative accommodation as why should we wait any longer? They have been pushing for us to exchange for weeks and wouldn’t discuss completion and as the chain hasn’t stood for it, they’re now going against their word. 

You could call your seller's bluff, and give her say a week's notice that you will pull out unless she exchanges now, with completion this month.

If she has already exchanged contracts to buy her new build, which is highly likely, that would then leave her  in a very, very difficult position, as she won't find a new buyer able to complete by November. When she realises the bind she is in, she might agree to break the chain as originally promised.

I doubt the vendors have exchanged on their onward purchase, they are probably being pressured to do so by the developers - presume they would lose a deposit if it all fell through now

Normally you exchange after 6 weeks with developers - but without completion date.

that is relying on the whole chain exchanging and that doesn't sound like has happened, unless of course the people buying the new house have the cash to fund the purchase without the sale of their house.

lookstraightahead

thegreenone said:

emily451 

Not an option as we have 7m old baby! They have gone back on their word, not us. 

I'm sorry but that sounds a bit Diva'ish.  I'll put it down to stress.  

We moved into my Mum's dining room for five weeks, as our sale and buy were not going to match up.  Two children under 3 years, but mobile and all the 'stuff' that goes with.  I packed up our whole house on my own (hubby working all hours) with two mobile children under 3 years and it went into storage.  Fortunately, all went to plan and new house had integral appliances as the removal co. couldn't deliver all our worldly goods until five days after completion.  I then unpacked the vast majority, on my own with two mobile children under 3 years.

I'm sorry, harsh, but if I can do it with two very small children, why can't you do it with one baby?  Any family nearby?  Look on the AirBNB website.  Not helpful that the sellers renegaded but as others have said, that's the risk with a new build.

Excellent post.

lookstraightahead

emily451 said:

pinkteapot said:

You can't force the seller to break the chain. If they flat-out refuse, your only options are to exchange with completion on notice or to pull out. 

Thanks, looks like we’ll have to pull out then. Our buyer is refusing to complete on notice due to being heavily pregnant and we are not in a position to do so with a young baby, we need to have a fixed date to sort childcare as we do not live near family etc. they have gone back on their word not us or our buyer. 

Did you pull out op? 

mattyprice4004

Of course you can move to something temporary with a baby, why on Earth not? 

It’s not ideal, but easily do able.