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Original poster

How can we assert some control over this house-buying situation?

53 replies

TheChineseChicken · 11/02/2018 09:40

We're in the process of buying a house. We have had a buyer since October, had an offer accepted on a house just before Christmas, were due to complete end of February.

Our vendor is buying a new build and recently pulled out of the one they were due to buy and have instead reserved one with a completely different builder, now not due to be completed until June. We only found this out by accident so not sure when they were planning to tell us.

The vendor originally said they would break the chain and move in with family so the completion date wouldn't be affected. Now they are saying the house might be ready in May and let's just wait until we exchange to agree completion date. So obviously no intention of moving in with family.

I feel like we are being strung along. We don't want to wait until May/June to move for various reasons. And that means our buyer would have been waiting at least 7 months! How can we get the vendor to agree to an earlier moving date? Do they have us over a barrel?

OP posts:
GreenTulips · 11/02/2018 11:01

And if your buyers walk you have to pull out

Original poster
TheChineseChicken · 11/02/2018 11:04

Exactly. I have just messaged our agent to ask what our buyer knows / thinks about all of this. I'm so cross.

OP posts:
NoSquirrels · 11/02/2018 11:07

Speak to your buyers? Be honest - your vendors are being PITAs and you need to put a rocket up them - how would they feel about you implying that they’re in danger of pulling out & scuppering the chain?

Original poster
TheChineseChicken · 11/02/2018 11:08

I'll check but I can't see that they would have a problem with it. They want this to be wrapped up as quickly as we do

OP posts:
Daisymay2 · 11/02/2018 11:15

TBH, I would start looking at other properties today and let the agent know.

Original poster
TheChineseChicken · 11/02/2018 11:17

But there are no other properties we want to buy and the agent knows this and knows how much we want to live where we are buying unfortunately

OP posts:
specialsubject · 11/02/2018 11:53

there will always be another house to buy. You can only sell one, the one you are selling. Don't lose that buyer.

No vendor is going to pay your rent. I'm afraid that they sound like professional muckers-about who may never move at all!

Kismett · 11/02/2018 11:58

I think the right approach is to take it away from you, and focus on your buyers. Say that you are going to lose them and it won’t matter if you want the house or not, as you won’t have your buyers anymore.

Realistically you also need to be looking at your alternatives, because this might actually happen. I know that you’d like to live there, but what if your plan if it falls through? Start looking farther out if you have to.

Original poster
TheChineseChicken · 11/02/2018 12:09

This is my fear - I do worry that they will dick us about and then not move. Not sure what we will do then. We are set on this location so may just have to put off moving until another house comes along. Or make ourselves like another location, as you say Sad

OP posts:
Kismett · 11/02/2018 12:56

Could you go into rented so that you’d be ready if a nice house did come along later?

I know what it’s like to have your heart set on something, and it’s not picky to be set on a general location. When we went to buy our new house, we looked in the same area as our last place as it was perfect for us.

That being said, I’m living in a different country than I wanted! I do feel that with the right attitude you can make the most of a lot of situations. And being flexible has allowed me to experience things that I’d never have sought out on my own. Sometimes the choices you have aren’t great, so you just have to go with the best option and make the most of it (attitude allowing).

If you have to widen your field, look for positives of other places. Maybe there’s a house out there that would be a better investment!

Original poster
TheChineseChicken · 11/02/2018 15:16

We really don't want to rent as we don't know how long we would be waiting.

Location is really hard. We're in a pricey area with either a prohibitively expensive city, where we can't afford the kind of house we want, or lots of towns / villages that are too sleepy / boring for us. This one town is a perfect combination of everything and the house is great. But there's not much property for sale, as you might expect!

OP posts:
Cheeseislife · 11/02/2018 18:59

Telling your vendor you are about to lose your buyer when they are looking for you to wait for months anyway probably won't make a jot of difference to them though...

Mjs0510 · 11/02/2018 21:19

Actually you're probably in a better position than you think.

If they are not proceedable then it's unlikely any major house builder will take them seriously. If you pull out they could end up losing their new build as they will need to be in a position to exchange within 4-6 weeks from reservation so unless they can sell again and the new buyers be ready to exchange in that time frame they may be stuck.

If they are buying a new build I doubt any completion date will be agreed at exchange - it will be left open as is normal (dependent on build stage)

Original poster
TheChineseChicken · 12/02/2018 06:35

That's good to know, thanks.

Don't you have to have your completion date in the contracts you exchange? Otherwise how do people get penalised for not completing on time?

OP posts:
Original poster
TheChineseChicken · 12/02/2018 06:36

Oh sorry, you specifically mean the vendor's contract with the developer, not our contract with the vendor

OP posts:
shakemysilliesout · 12/02/2018 06:58

Basically you can either a. Be patient and hope everyone else is, such as your buyer, b. Look at other properties and hope this gives them a kick/ find someone keener to get moving, c) move in to rented to keep your buyer

Original poster
TheChineseChicken · 12/02/2018 07:47

Apparently our buyer is up to speed and is fine with everything (they seem to be very nice and patient) so we don't need to panic yet. I really don't think renting is a good idea so I think I'll have to try to exert some pressure on our vendor via their agent and, if that doesn't work, sit tight.

OP posts:
Mjs0510 · 12/02/2018 07:58

I very much doubt the developer would be able to give them a fixed completion date this far out. We exchanged on our new build last month and had to agree to 7 days notice to complete - not sure what the official term is. Ours is due to complete April / May. We decided to do our sale and purchase as separate transactions - I wouldn’t have expected our buyers to wait for our new build. Obviously couldn’t exchange on our purchase until we had exchanged on our sale. So unless they have separate funds for their purchase they will be very much dependent on you purchasing their house to be able to proceed.

I’m sure this clause would flow down the chain unless anybody was willing to break the chain and move into rented etc. How would they be able to agree a fixed completion date with you if they don’t know yet when they will complete on their new build unless they were planning to go into rented move in with family etc.

Original poster
TheChineseChicken · 12/02/2018 08:14

So what will you do between sale and purchase assuming one completes before the other?

OP posts:
teaandbiscuitsforme · 12/02/2018 08:23

I think a lot of people buying new builds either rent in the interim period or part exchange. Unless the house is nearly finished then dates are completely up in the air and at this time of year, everything is weather dependent.

We've just exchanged on a new build due to complete in April/May (now in rented). You're in a strong position because you cannot even reserve a new build unless your house is sold STC. I'd put pressure on for the sale to complete and for your vendors to rent. That's very normal when buying new builds and an expense they'll just have to accept. Definitely go with pressure from your buyer and you having to consider pulling out and looking elsewhere.

Mjs0510 · 12/02/2018 08:28

We’ve already moved into a rental property. We knew we would have to do that

It’s very difficult to tie a sale in with a new build purchase so early in the build process. Gets a bit easier the more complete the house gets as you have a better idea of time frames. Unless you have a very understanding buyer.

We had an offer on our property in September, reserved our new build in November (we had to wait until the one we wanted was released for sale) for completion April/May. We exchanged and completed in January on our sale and went into rented

ApacheEchidna · 12/02/2018 08:49

Your buyers may not be stressed now, but the mortgage deal they had when they put in an offer in October will have an expiry date. They will suddenly get stressed in late March/early April when they realise that expiry date is imminent and that if they allow it to expire they have no guarantee that they will get a second mortgage offer of the amount they need. You will then suddenly get a demand to exchange in the next 2 weeks or they are off.

Original poster
TheChineseChicken · 12/02/2018 08:51

Thanks both, this is exactly the kind of information that will give me more authority when speaking to the agent!

OP posts:
Original poster
TheChineseChicken · 12/02/2018 08:52

That's very true Apache

OP posts:
TefalTester123 · 12/02/2018 09:02

Can you go and look at some of the new builds in the same development they are buying in to find out what terms/dates the developers are offering?

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