Hi, you might remember me from such thrilling update posts as 'why won't the seller let us in the cellar,' 'what's going on with the freeholders,' and 'why haven't you guys found a house yet.' Made a new thread for this as I'm so livid and I KNEW this would happen.
Backstory: We're FTB, offer accepted in late January, things moving along since then, normal pace for a leasehold with paperwork etc, but there were issues along the way. Things like the vendor taking ages to let the surveyor in. As far as a couple months ago, I suspected stalling tactics. They just weren't looking at houses to buy. Meanwhile, we'd tentatively agreed on a 17th May completion. They happily went along with this, insisting they were working to our deadline and that they were 'still looking,' but would go into rented otherwise. We went on believing this (well, I didn't personally) until about three weeks ago. We went for a third viewing to measure up, everything seemed positive, finally saw the cellar, etc. Then we discuss timings and the vendor says 'yes we're buying a fixer upper now so definitely going into rented while we do it up.' So we say great! Go off feeling positive. They say they will update us before end of the month (April) so we can be sure of what we're all doing.
More paperwork comes in, we don't hear from them though. After a couple of weeks we bug the agent about it and he starts to chase them up. Everything is pretty much in - we get a text from the vendor to say he has one document left to return, and the surveyor is popping in for a look at the cellar as we agreed. This was last Wednesday morning that we received the text. I just have an occupier's consent form to sign for the solicitor and then we should be ready to exchange.
But on Wednesday afternoon, the agent calls back to say 'sorry, they're not going into rented now.' They tried to reassure they are looking only at chain free properties and 'offering very soon.' Unfortunately, our mortgage offer expires after six months (end of June). They've known this from the beginning. To get a month long extension we will need a completion date.
So we put together a long email, stating we're worried they are not motivated to move and we want some security in the purchase. We propose they commit to exchange in the next couple of weeks and set a date, otherwise we may have to pull out. This was communicated on Thursday morning. Since then, the agent has been chasing them up - they said they would respond on Friday and didn't. No answer on Saturday.
Finally, this afternoon we get an answer. DH was hoping they were seriously thinking about this, but it turns out not. The vendor said he is not budging, they are not going into rented.
The agent said the conversation went in circles - he reiterated how long it might take to get completion even on a chain free property, and how this would take us over the time limit with our mortgage offer. The vendor simply kept saying he was offering on properties this week. He doesn't seem to understand or care that our mortgage offer runs out and they will lose us, so any onward purchase will be in jeopardy as well. He literally didn't acknowledge our mortgage offer whatsoever. The agent is run ragged over this.
For now, we haven't said anything concrete in response. We can't really withdraw until we know we are proceeding on something else. We have other viewings booked this week, unfortunately, after all this time we are now slightly priced out of the housing we need in the area we need. I'm absolutely devastated for that reason, not just for the loss of the nice house we had chosen. The alternatives that I get a 'feeling' for - well, we can only offer lower than asking, and it's very competitive here. The others on the market are not right for us. But if we don't buy something now, we risk being completely priced out even further.
I knew that the vendor wasn't willing to move. When we visited last they hadn't packed at all, and they pressed us to come back for a fourth or even fifth viewing if need be. That set alarm bells ringing because we were supposed to be fairly close to exchange.
As it is, we can ask whether they want to set a much later completion if they exchange now, but it's probably not worth it. I'm only considering that because I'm scared we won't find anything else suitable. We've been renting for over ten years and thought this was going to be it.
I suppose there's not much advice I can ask for, I've done most everything I can and taking steps to move on. But I guess I just wanted to vent/rant, maybe get some positive stories regarding this type of situation. Has a second purchase attempt worked out for any of you? I want to believe it's 'meant to be,' or whatever, that we will find a 'better' house, but finance wise I don't see how!