What can you expect of you want to buy a different home?

Dannydee333

It's now gone past the 5-month mark since we agreed on the sale, and the sellers still have not figured out what they are doing among themselves. They are splitting up, won't communicate with each other, and are holding things up.

Yet another weekend has arrived with no update as to what they are up to. So, I'm almost ready to tell them they can shove their home as I am feeling rather disrespected now and I am becoming more and more convinced that they no longer deserve my money.

I have my eye on a few that I like, and I'm going to call in the morning about at least one of them, with the potential of making a preliminary offer.

I have signed the contract on my end, but the vendor has not. What will happen if I want to change the home I want to buy?

1. Will the lender be understanding of the circumstances and allow this? (it's Accord)
2. Is it possible to transfer proceedings to a new home?
3. Are there financial implications?
4. What else should I consider?

My solicitor has advised me to threaten the vendor that I am about to withdraw if we can't get a completion date penned in, and I am thinking of delivering this ultimatum this coming week if I don't hear something positive by Wednesday at midday. I'm going to say I want a date by the end of the month or I will be forced to search for another home.

But in the meantime, I really am going to make some calls and I would actually like to have another offer accepted in the interim so I can show the vendor I mean what I say.

DayDreamerandGeneralWaster

Ahh what a shame. You will find a few on here who wouldn't  touch a house being sold by a divorcing couple with a barge pole for this reason. 

You will need to pay the solicitor they fees regardless. If you are in the verge of exchange they might act, as it means the situation is resolved. 

Ask the broker. Some let you transfer to a new property. It would be handy if you have a decent mortgage rate as they might stay to creep up. 

Doozergirl

I suspect you will
have to pay your solicitors fees so far, plus another valuation fee for the mortgage. 

You are starting again, there is no real headstart.  The lender should be happy with a different property but your mortgage offer will have a time limit that may expire - it could be that rates have changed so it may be worth shopping for a mortgage rate again. 

You haven't exchanged contracts so there's no implications from the vendors' side of things. 

Keep your powder dry, though.  Don't withdraw until you're as secure as you can be with your new purchase.  

I think it's fair to tell them next week that you're looking at other properties, give than a chance to get their act together for your benefit, not theirs.  

RHemmings

Your situation is near identical to that of a friend of mine. For a second I thought that you might be him. Except that he has abandoned the purchase already and is looking for something new. I can see what people above are saying about buying from a divorcing couple. 

I hope that you find something new very soon, and that your new sale progresses smoothly. 

elsien

Dannydee333 said:

It's now gone past the 5-month mark since we agreed on the sale, and the sellers still have not figured out what they are doing among themselves. They are splitting up, won't communicate with each other, and are holding things up.

Yet another weekend has arrived with no update as to what they are up to. So, I'm almost ready to tell them they can shove their home as I am feeling rather disrespected now and I am becoming more and more convinced that they no longer deserve my money.

I have my eye on a few that I like, and I'm going to call in the morning about at least one of them, with the potential of making a preliminary offer.

I have signed the contract on my end, but the vendor has not. What will happen if I want to change the home I want to buy?

1. Will the lender be understanding of the circumstances and allow this? (it's Accord)
2. Is it possible to transfer proceedings to a new home?
3. Are there financial implications?
4. What else should I consider?

My solicitor has advised me to threaten the vendor that I am about to withdraw if we can't get a completion date penned in, and I am thinking of delivering this ultimatum this coming week if I don't hear something positive by Wednesday at midday. I'm going to say I want a date by the end of the month or I will be forced to search for another home.

But in the meantime, I really am going to make some calls and I would actually like to have another offer accepted in the interim so I can show the vendor I mean what I say.

Stop taking things personally. It’s nothing to do with respect or otherwise, or anyone being deserving of anything.

It’s a financial transaction. If they are divorcing then delays are purely down to the dynamics of their relationship.
if there is no sign of movement, then absolutely start looking for somewhere else. But any house purchase there is the possibility that at some point things will not go as you might wish them to.
Looking at other purchases because nothing is happening may be sensible. Looking at other properties because you feel “disrespected “ is not. 

YoungBlueEyes

Wot Elsien said.

A divorcing couple may pull themselves together if they're about to lose a sale but I'd not bet on that. If you have other properties you like I'd put this one on the back burner and go see them. It would be good if those were on with the same agent cos then they'll know where you stand.

But you've got to take the emotion out of it - it isn't about disrespect or deserving your money. These people's lives are falling apart, they possibly aren't giving you a second's thought. So view other places and see what transpires from them  

EssexHebridean

We have at work dealt with an awful lot of transactions where couples are spitting up. The majority go very smoothly as both parties want a clean break. In some cases though, both are determined to make life complicated for the other, and this also leads to them making life complicated for both their buyer, and the sellers of any homes that they may each be considering buying. As a general rule, those complications are unnecessary and as a rule where there ARE necessary, they will be explained to others in the chain clearly and apologetically. It sounds in this case as though the OP’s sellers are in the “making things difficult” camp - and in that case, I do not blame them entirely for feeling as though they want to walk away as it will be genuinely impossible to see when things might end up getting resolved without any clear answers on what the delays relate to. 

One possibility is that you threatening to walk might well wake them both up and however reluctantly, they may well then get a shift on as the pound signs start flashing. How would you feel about that? Assuming it could now move forwards and proceed to an agreed timescale (“exchange next week with a completion 21 days later” for example) would you still want to purchase their house? Or has the time delay also made you change your mind on the house for other reasons? If you do end up pulling out then ignore “feeling disrespected” as any sort of reason when you explain your reasons - it just screams entitlement I’m afraid, you are entitled to courtesy and consideration within a transaction like this, but nothing more really. And no - there is no moral high-ground about who “deserves” your money either - if you start taking moral judgements on who to buy a house for you may well be looking for a very long time! 

ThisIsWeird

You have signed the contract, but the selling party has not. So, until they do - and 'contracts are exchanged' - your loses will be 'just' your solicitor's fees, surveys, time, and all that malarkey. 
Do you like and want this house more than the other ones you are considering looking at?
Perfectly reasonable and understandable to give an ultimatum to them to begin actively looking for an alternative.
But, I agree with others - this shouldn't be about how much you might feel 'disrespected'. Once such deep and one-sided emotions are included, the chances of you making a silly decision you may well regret is a lot higher.

GDB2222

There’s no point giving an ultimatum. Just tell them that you have started to look at other properties, and when you find something you like you will concentrate on that. After all, if they do finally get their act together, you won’t want to waste all the fees you have spent just because you are annoyed. 

ThisIsWeird

GDB2222 said:

There’s no point giving an ultimatum. Just tell them that you have started to look at other properties, and when you find something you like you will concentrate on that. After all, if they do finally get their act together, you won’t want to waste all the fees you have spent just because you are annoyed. 

Sorry I meant an ultimatum to begin looking elsewhere (changed my post).
I wouldn't suggest the OP begin expenditure on another property without 'withdrawing' from the current one first, since the OP has actually signed their side of the 'contract'. If the vendor signs their side at any point, does it then instantly become binding?
Would the best approach be for the OP to give a date from which they will actively begin to source another property, and then - if/when they find a valid alternative - ask their solicitor to withdraw/put on hold the 'exchange of contracts' on the current one? Perhaps leave it as an 'interest' should the vendor agree to continue, but to have no contractual tie until the OP says 'ok, then'?

GDB2222

ThisIsWeird said:

UGDB2222 said:

There’s no point giving an ultimatum. Just tell them that you have started to look at other properties, and when you find something you like you will concentrate on that. After all, if they do finally get their act together, you won’t want to waste all the fees you have spent just because you are annoyed. 

Sorry I meant an ultimatum to begin looking elsewhere. 
I wouldn't suggest the OP begin expenditure on another property without 'withdrawing' from the current one first, since the OP has actually signed their side of the 'contract'. If the vendor signs their side at any point, does it then instantly become binding?
Would the best approach be for the OP to give a date from which they will actively begin to source another property, and then - if they find a valid alternative - ask their solicitor to withdraw/put on hold the 'exchange of contracts' on the current one? Perhaps leave it as an 'interest' should the vendor agree to continue, but to have no contractual tie until the OP says 'ok, then'?

No, it doesn’t become binding if the other party signs the contract, too. There’s a formal exchange process that the solicitors do over the phone. They check with their clients before going ahead with exchange.

There’s no real need to withdraw from the existing transaction before looking at the market again. I cannot see any reason to do so?  The OP's solicitor has already carried out nearly all the pre-exchange work, anyway.