We're cashed up and renting.
We have had an accepted offer on a local house since July 7th. Vendors wouldn't commit to exchanging- til they'd gotten us all into a 4 long chain. We signed the contract 3 weeks ago at which stage we were told the vendors wanted a Sept 24th completion. Fine. We found out this chain had collapsed yesterday ('Told to us as 'Good news!' by their EA - on the basis the vendors would now rent! But THAT'S what they said to their EA the day they accepted our offer, 2 months ago).
We are wondering what's now holding up exchange seeing as there's no chain to satisfy anymore.. of course! The vendors are now going to fanny around LOOKING for a suitable renter, meanwhile refusing to exchange with us!
It strikes us that we are being taken for a ride. As it is, the EA (whom I find to be a patronising little git) just said the vendors were looking at a renter this Saturday and IF they take it, they'd exchange 'early next week' and complete 'in early November'. Thing is, we are also renting and OUR tenancy expires on Nov 22nd and we are NOT going to extend it for their convenience! We feel it's about time they wore some risk. We are prepared to say completion can be as late as Nov 15th (or earlier as we are prepared to write off some rent) but exchange may as well happen right now as if they leave finding a suitable renter MUCH longer, assuming it's one with a long 'lead time' their completion date will run past Nov 15th in which case we're out of the equation anyway!
I should add that house prices are holding here and suitable properties do sell 'on the day' BUT we have seen 3 come and go during this last period of fannying around since our offer was accepted!
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Chain collapsed- but our vendor STILL stringing us along. WWYD?
36 replies
faraday · 08/09/2009 14:51
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