Hi, all advice appreciated as my head hurts from thinking this through.
Have a cash buyer for our house. They need to move quickly (for university). That side of the move is all lined up, waiting to exchange.
We would ideally buy our onward purchase simultaneously, so can port our mortgage without early redemption fees etc.
Had offer accepted to buy our onward purchase days after accepting our own. We said about our need for quick completion due to mortgage porting, daughter’s schooling, husband’s job. They’re retired and said “not a problem, if it comes to it we can rent and break the chain”. So again we worked really hard to quickly finalise our mortgage offer, survey, searches etc. But the vendors were always really slow to send documents from their end. We’d be told “the solicitors posted them today”, but they wouldn’t arrive with ours for weeks.
Understandably our buyers are now fed up and wanted to organise a date for exchange and completion... and our vendor has done a complete u-turn. They’re not willing to rent and the house they’re wanting to buy is dependant on that vendor finding a house - they haven’t even started looking and have no intention of doing so “while there’s still a local outbreak of covid in the area they’re hoping to look in [Blackpool]”. So basically not even looking in the near future.
I really don’t want to lose our buyer - so am resigned to going into rented. But feel like pulling out from the place we’re buying as I just don’t trust them. We’ll have no choice but to pay several £000s in early redemption charges and be renting indefinitely... and they really aren’t in any hurry to complete - despite initially agreeing to this when we made our offer. I’d rather have the certainty of waiting for another property without an onward chain to come up, than deal with their deliberate procrastination. They’re early retired, so no schools or jobs to move. I thought about offering to pay their rent (in case it was simply that they now couldn’t afford to rent), but DH thinks that still doesn’t guarantee they won’t drag their feet and leave us without a house to move to and redemption fees on the day in exchange. Arghhhhhhh
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What to do... vendor delaying sale
6 replies
AsMuchUseAsAMarzipanDildo · 17/08/2020 19:17
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