We are currently in the process of selling our shared ownership flat (so leasehold) and buying a house (freehold). It is a really short chain, FTB buying our property, we are buying from a vendor who is then buying a another property which is empty and chain free.
From my buyers side and from my side, we are ready to exchange and complete, however, I cannot complete on my house as the vendors associated purchase is really behind despite us all starting legal proceedings at the same time. I have been told that the sellers of the associated purchase have not responded to the enquiries raised despite them being submitted a month ago. I have had the estate agent and solicitors chasing daily but there has been no movement. This chain was meant to be straight forward and fast but it has been almost 4 months so far with everything done and ready to go for about a month on mine and my buyers side.
My buyers are being evicted in a few days from their privately rented accommodation (landlord is selling) and i am now feeling really anxious about everything. I have put to the vendor of the house that as the hold up is on his end, to break the chain and sell to us as planned and that he should find temporary accommodation until his purchase goes through. Could you give me some advice please on the following:
- These enquiries were submitted about a month ago and the vendors solicitor has had no responses yet. How long until they HAVE to reply or do they not have a legal requirement to respond in a reasonable time frame?
- The vendor of the house I am buying may request to rent the place he is buying whilst the sale goes through. I understand that they have to apply for some sort of rental license however to do this. How long does it take for one of these to be granted if it is agreed?
If anyone has had a similar experience please let me know!