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House buying dilemma

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Finchy2018
Finchy2018 Posts: 508 Forumite
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in House buying, renting & selling
I am an ftb and very far along the process of buying my first house (contract signed and deposit sent far) there is a delay further up the chain. I have today been offered the opportunity to purchase the property I am in. I love this place, It has pros on the other house and cons. I am feeling very conflicted right now. Morally my current purchase is so close I would ruin a lot of people's plans by pulling out. But a more than tiny part of me is very tempted with the offer.

Price is a factor and could throw the while thing off. But what would you do in this situation ?
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  • chunkytfg
    chunkytfg Posts: 844 Forumite
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    have contracts only been signed and not exchanged?
    Those who risk nothing, Do nothing, achieve nothing, become nothing
    MFW #63 £0/£500
  • Finchy2018
    Finchy2018 Posts: 508 Forumite
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    No exchange. If that had happened it would be a straight no.
  • mh09abi
    mh09abi Posts: 12 Forumite
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    Depends if you're willing to risk having no house? You'd be at the mercy of a price your landlord would accept, also nothing to stop them selling it to a higher bidder. Would have to be a pretty special place (to which the almost-bought house would never come close to) to consider it, if it were me.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    Do you know anything more about this delay in the chain?

    It'd be very frustrating if it collapsed totally, just after your landlord accepted an offer on your current rental.

    At the end of the day, if you don't think about you, nobody else is going to. At the very least, get started on discussions with the landlord and tell your solicitor absolutely not to exchange without your explicit say-so.
  • jbainbridge
    jbainbridge Posts: 2,014 Forumite
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    Ultimately you need to do what is right for you. Yes others in the chain would be upset but as you have not exchanged ... you can do what you want.

    Can you guarantee your landlord won't mess you about? ... that said your current chain could collapse tomorrow anyway ... do what makes you happy.
  • franklee
    franklee Posts: 3,867 Forumite
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    Finchy2018 wrote: »
    But what would you do in this situation ?
    I would find out how much the landlord wants and take it from there. At the end of the day go for the one you really want based on price, issues, your preferences etc.
  • Finchy2018
    Finchy2018 Posts: 508 Forumite
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    it's their mortgage offer and purely administration, if it hadn't of occurred we could well have exchanged by now.

    My current rental property is not on the market, so in that sense I hold some cards, if I we agree a price, I don't think I'm likely to lose out to anyone else willing to go higher (lots of comparable properties on the market at a sllightly inflated price aren't selling, plenty of choice of said property on market. I've been watching the market for the best part of a year, the ones that sell are in line with their asking prices, the ones that aren't are still hanging around or have since been rented out) , I can't guarantee he'd mess me around that is true. But I like to think we'd be in a fairly strong position if we agreed a price before exchange could take place on the current house.
  • jonnygee2
    jonnygee2 Posts: 2,086 Forumite
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    Morally my current purchase is so close I would ruin a lot of people's plans by pulling out

    It's a business transaction there is no 'morality' involved.

    Do what is best for yourself.
  • Finchy2018
    Finchy2018 Posts: 508 Forumite
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    That's all we bit the bullet and pulled out. I feel relief and we are hopeful our new purchase will be successful.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    Finchy2018 wrote: »
    it's their mortgage offer and purely administration, if it hadn't of occurred we could well have exchanged by now.

    My current rental property is not on the market, so in that sense I hold some cards, if I we agree a price, I don't think I'm likely to lose out to anyone else willing to go higher (lots of comparable properties on the market at a sllightly inflated price aren't selling, plenty of choice of said property on market. I've been watching the market for the best part of a year, the ones that sell are in line with their asking prices, the ones that aren't are still hanging around or have since been rented out) , I can't guarantee he'd mess me around that is true. But I like to think we'd be in a fairly strong position if we agreed a price before exchange could take place on the current house.


    Exactly, you hold most of the cards here.
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