Now our vendors are buying not renting...(8 Posts)
I've had a phone call from the estate agent saying the people we are buying from are now going to be buying a property instead of going to rented accommodation. We've only got first time buyers below us and things have been progressing nicely for nearly three weeks and we were aiming for as fast as possible to complete because my dh has to start a job in September in the area we're going to. We thought we'd only have a week or two where he'd have to stay in a hotel. Needless to say, this feels like a bit of a blow!
What do we do if us and our buyers are ready to go before they are? Can we ask them to contribute to our rent for example?
The house they're buying is vacant so at least there's no further chain but I'm still worried about being stuck with nowhere to move to for weeks and weeks.
keep looking at other houses.
Only stop when you've moved into your new home.
This happened to us. We upped our offer on request from vendor to help fund rent for them - we had a deadline to move in by so we didn't think they were being overly unreasonable - they then decided to buy but pocketed the extra money. We only just made the deadline by the skin of our teeth because of their pissing purchase
I would tell your estate agent what your deadline is and ask for confirmation in writing that your vendors are able/willing to commit to the same deadline - whether that's that their house purchase completes to time with yours, or they have to move into rented accommodation if their purchase looks as though it will take longer than their sale.
If you haven't exchanged contracts yet (and I assume you haven't given you don't have a date set) then they owe you nothing and you owe them nothing. So keep looking and find a house where the vendors don't want to muck you about.
Great-thanks for all the replies, I appreciate all the advice. We haven't exchanged yet-the estate agent was saying not to worry, they'll catch up with us etc etc but I'm very sceptical. We still get alerts from rightmove so will keep my eye out for a back up. Somewhat ironically we got our buyers after their old vendor kept mucking them about over when they were actually going to move out.
Bloody houses. We should have rented rather than bought and sold together. Thank goodness for wine.
Oh dear, this old game. I think I must be the only one who actually did go into a rental!
You can threaten to pull out but your bluff may get called.
Your vendor has every right to decide to buy rather than rent.
You have every right to look at other houses and change your mind about going ahead with this property.
Your vendor may well catch up with you - if the vendor of the empty house responds quickly to enquiries.
You can set a deadline, but be aware it is not binding until you have exchanged.
It is not short chains that mean a quick sale/purchase, but correct paperwork, i.e. everything in order regarding title/deeds, mortgage offers in place, id checks all satisfactory, nothing untoward in the searches and many other factors such as divorcing couples, probate properties (particularly where probate has not yet been granted), repossessions and where someone's name is on the title but isn't the person selling or where there is a second charge on the property i.e. equity release company etc. Leasehold properties come with another set of problems too, i.e. breaches of the lease, length remaining on the lease, enquiries being made of the management company/freeholder/landlord as well as the vendor, service charges, major works planned........ I could go on, but believe me a short chain is only a small part of a quick transaction.
Might be worth looking at a rental near your DH's work if it is too far to commute to from your current location. September is not far away.
Thanks spickle. We're moving two hours away so dh is going to be living in a Travelodge while I deal with solicitors etc here and pack up the house. I know I'm being unreasonable bring pissed off with the sellers-they are totally entitled to do whatever they want with buying or selling but it's been so stressful so far and we really thought it would be easy with them moving out to rent (what they've been saying since May) as soon as we were ready to move. I just hate all this uncertainty.
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