our house sale/purchase is about to fall through - any creative ideas to save it?

[SarfEast1cated]

Its a long story and I don't have much time, but here are the bones of it. We are buying house A, our mortgage expires end of December and our vendor who had previously agreed to a December move date, has now said she can't move until mid feb. she has many properties and is going to move into one of them (I believe). We could complete on end of Dec and then she could live in house until mid Feb, but she has been so unreliable I don't really trust her to do that plus would have to rent ourselves. People buying our place are going to rent it out so they aren't too fussed. Is there anything we could do to save this? Don't have time to apply for another mortgage or pay for another survey etc. EA have no suggestions, Sol suggests exchange now complete later, but Mortgage people won't agree to that. Are we stuffed?

Have you said decemwbr or nothing to her?

Won't mortgage people extend offer?

She said it was a shame but she couldn't do it any quicker. Apparently mortgage won't extend- need to apply for a new one

You would have to get your mortgage provider's consent to allow her to live there

Best bet is to extend the mortgage offer if possible

Alternatively, offer to pay 6 weeks if re t somewhere fir her

However, how much do you want the house? If you're willing to walk away, tell her that the exchange date stands and you will forgoe the purchase of she doesn't agree

If there's no way of sorting out your mortgage at all then pull out. Now, this morning, first thing, explain you are now looking for other properties. Might focus your vendor's mind. HOWEVER I'm afraid you aren't in a terribly strong position as it is pretty obvious that if you pull out now, you aren't going to get into somewhere else before your December date and if she has several properties she probably isn't that bothered about selling now or later.
It depends how much you love this house really!

If you do want to complete and let her rent you would need her to sign something (drawn up by your solicitor) agreeing to move out by X date. I'm not sure how easy you will find it to rent something for yourselves for a couple of months though. ARGH sorry, I wish I could think of a solution rather than problems.

I do feel for you, we were messed about dreadfully during our last house sale/purchase, it was a complete nightmare with people making demands up and down the chain.

Good Luck!

Most rentals are for a minimum of six months, so if you don't have somewhere to stay yourselves (or could rent your current property back from the new owners) then I'd pull out.

Sorry, it is beyond stressful I know - very bad form of the vendor to let it get so far into the process. I also suspect pulling out may focus her mind a bit more.

Yes, pull out. It's unlikely she'll get a new vendor before Christmas. Renegotiate you mortage in the new year and if you really want the house, come back to her. But watch out. There are people who just put their hous eon the market because they feel restless and have no real intention of moving. I've met a few. They are a real hassle to deal with. You may also find a better house. It seems impossible but it can happen. It happened to us after we'd been messed around countless times - a house better than we dreamed we could afford came on the market at a low price for a quick sale and we could move immediately. Keep looking.

It would be cheaper to pay her rent than yours, but I suspect there's some other issue at play.

Definitely say you are now looking at other properties.

Have you spoken directly to your mortgage provider, when you say "apparently"? If you have to reapply through them, will they use the same survey at least?

How close are you to bring ready to exchanging?
I honestly think your only options are to either extend mortgage offer or pull out completely. If she now agrees to Dec completion, she can change that at any time until you exchange contracts. If you don't trust her then I'd pull out and not look back.

Yes you are all right - it's pretty futile isn't it. So infuriating! I just don't think we should have to find somewhere to rent to suit her convenience, and also sort out the legals so she can rent ours! Will try mortgage people again!

When our house sale fell through because the middle of the chain collapsed, the top of the chain (developer) bought the house at the bottom (us) and sold it on a few weeks later. Is there anything like that you could do?

I don't think that would work run but thanks.

How much do you love the house Sarf?

IIWM I wouldn't pander to her, it sounds like you are well aware of how much she will continue to mess you about if you accept this.
I would simple say "if we can't complete by the end of December then I'm sorry but we will be forced to pull out of the sale"
Make it clear to solicitors/EA that you are deadly serious (even go as far as to stage viewings of other properties) hopefully it will get back to her how serious you are and she will sort herself out.

Otherwise I would walk away.

Sarf most lenders will allow an extension of a couple of weeks but 2 months is possible with some. It really does depend from lender to lender. It is highly likely that they will require up to date bank statements/payslips, etc. If you used a broker to arrange the mortgage go back to them - get them to arrange an extension.

The broker seemed pretty sure they wouldn't extend, but our sol has spoken to her since so she's checking again - fingers crossed! We're hoping for a staggered exchange completion I believe.

Unless you've already had an extension on the offer it is unlikely they won't allow you to extend.

If you do manage to get agreement from all sides (legal & mortgage etc) to rent your new house to the current owner so she becomes your tenant, you mentioned "people buying our place are going to rent it out". Can they rent it to YOU so that you can remain there until February? So essentially you will each become tenants in your current homes to your now buyers?

katrina a fab idea but we need the equity from our flat to buy the house. Thanks tho

Sorry kat misunderstood- yes that would work!

Yes, should have clarified: proceed with sale of yours and buy hers, ensuring this happens before the end of December. Then all remain in current houses but renting from new owners until February when her other house is available for her to move into. If you can get the legal and mortgage etc pieces to work and all to agree!

It seems a lot to ask of our buyers, but they may be amenable - thank you for a tiny ray of hope!

If they are going to rent it out then you are 'providing' tenants for them without any effort on their side, so they may think it's a benefit for them too. Plus, will they really find tenants just before Christmas? That's probably unlikely so it would have been empty and costing them money.

What's to stop her changing her mind again in February again, and saying she cannot move until April?
Even if you have a legal agreement drawn up, you cannot just go in and hurl her out.

How about top of the chain vacates on completion, you move in and she rents your old house from buyer until her house is vacated. It shouldn't matter too much to your buyer who their first tenant is, and that gets you in to your home and away from this bollocking-mad woman.

Could you not exchange contracts now but complete February, like delayed completion? I'm sure I've heard of people doing this. That way you all have the guarantee it will go ahead but can wait til your vendor is ready?

Hi New I think that is what our solicitor is trying to suggest to the mortgage brokers, so we should find out about that on Monday hopefully.
Thanks for your suggestion - much appreciated :)