Sellers onward purchase

Sister_Sister

Hi all

I don’t know if anyone would have any experience they can share. 

The sellers of the house we are buying have advised that the owner of their onward purchase has passed away and that this will delay things.
My buyers are first time buyers who are very eager and I’m not sure they will wait.
Any idea how much extra time this will take or what options I have. We’ve already spent thousands on solicitors fees, searches and surveys etc. I’d welcome any ideas.

user1977

Passed away unexpectedly, or passed away before the property was marketed and the buyers have only just found out? Depends at what stage they are in getting probate (or equivalent) - if this is a surprise to everyone and from a standing start, could easily add months to the process. Depends how complex the estate is.

Sister_Sister

By all accounts it’s an elderly lady who had been resident in a care home and then passed away last week. 

user1977

Sounds less of a surprise then - if in practice her finances have been looked after by others, then probate may be relatively straightforward as they are already up to date with what her estate comprises. But still going to be a delay.

p00hsticks

Potentially that could take a while, as her executors will now need to get probate for her estate in order to have authority to sell the house.  

And it assumes that the beneficiaries continue to want the house sold at the previous price agreed - there may not be as urgent need any more now there are no longer care home fees stacking up.  

Unfortunately I think you need to explore the possibility of you or your sellers breaking the chain, or start house hunting again ....

bobster2

user1977 said:

Passed away unexpectedly, or passed away before the property was marketed and the buyers have only just found out? Depends at what stage they are in getting probate (or equivalent) - if this is a surprise to everyone and from a standing start, could easily add months to the process. Depends how complex the estate is.

Yes - think months not days or weeks.

Hoenir

Sister_Sister said:

My buyers are first time buyers who are very eager and I’m not sure they will wait.

Via the estate agent you need to instigate a conversation. Their decision will directly influence your next move. 

mebu60

Speak with the FTBs. If needed, a  modest contribution towards their rental costs would be more cost effective than moving out into rental yourselves and putting stuff in storage and better than starting again. 

Personally I would invite the FTBs round and discuss options face-to-face. 

Sister_Sister

We have the first time buyers phone numbers they are currently living with their parents which might be why they are so eager.
I wasn’t too sure what it actually means time wise so didn’t really know what to tell them.
The estate agent said February but I think that is maybe false optimism.

badmemory

Some probates have been happening a little faster very recently so if the executors, beneficiaries and the previous POAs are one & the same then it may not be quite as protracted as previously.

chanz4

I would say around 6 months if no will