Buying property advice

[round2]

Hi,

Dh and I, have put an offer on a property we like and it was accepted. We were advised the vendor was not working and departed from his wife so was after a quick sale.

Anyway, we put our house on the market and got an offer pretty quickly and we are due to complete in a week they need to complete by that date.

The estate agent has now advise the vendor from the property were purchasing is going to buy another property and hasn't had a mortgage offer yet so no completion date known. Which means we will be in limbo from next week with no idea when the sale will complete.

We marketed our property to purchase the new one.

Where do we stand legally with getting an idea of completion date??

Starting to panic as we have two do and no actual guarantee he will sell( he would ideal like to stay in property but is unable to and needs to split estate with ex wife)

Any advise appreciated?

It's a common problem, so with luck your own buyer will be flexible. Can you explain to his agent that you need to move fast and suggest your vendor moves into rented accommodation? Meanwhile, keep looking, just in case.

If he has to sell to split the equity with his ex wife and is not working so unable to get a mortgage you can be reassured that he is not likely to back out of the sale (he just has no room for manoeuvre).

Obviously do what racingheart says, but also consider renting yourselves if your buyer has offered a good price.

I assume you haven't exchanged on your sale?

Thanks for the advice so far, we thought as much.

Nope we haven't exchanged yet, close though.