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Got gazumped now our buyers getting impatient!
4

Bunnyfuller · 30/10/2020 17:04

A month ago we found out the house we’re buying was bought by another buyer at a higher price. We found another place last weekend but the lady there hasn’t found anything yet - she’s elderly and lost her husband recently so doesn’t seem to be in any rush.

We’re porting our mortgage, if we went I tormented would we still have to pay the mortgage while we waited for our purchase to complete?

Buyers want to be in by December!

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ILoveYoga · 30/10/2020 17:19

This is how many chains collapse. Even if the new property you've found wanted to move quickly, you’d be hard pressed to be completed by December.

So you have a choice to make. Continue with your sale and move into rented until this current property can proceed or another property

Or pull out of your sale if the buyers cannot wait.

Or if your sellers can wait a little longer, find another property that is ready to proceed.

We’re in our house (16 years now) only because it was empty and we didn’t want to lose our buyer. The house we were going to move to (and who said they were moving into rental while building a new house) decided they weren’t in a hurry after two months and thought we could all wait about 6 months to proceed.

Empty house was a great solution.

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Bunnyfuller · 30/10/2020 17:39

Thanks for that. No empty houses where we are! Not that are lovable anyway. I thought we did well to find somewhere in 3 weeks but the issue is the seller of the one we want, and the fact that we lost 6 weeks when we lost the first one.

What a nightmare

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goldilockss · 30/10/2020 17:49

What would happen if you moved into rented would depend on the terms of your mortgage at the moment- the building society I work for won't make you pay while renting. They give you 6 months to complete on a new property from the date you redeem your current one (if it takes longer than 6m you won't get any early repayment charges back)

Fingers crossed you don't lose your buyers and your seller finds a place soon!

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Bunnyfuller · 30/10/2020 18:40

Thanks @goldilockss

Not sure on the mortgage thing, will try to find out Monday.

Not sure how many places for short term rent with 2 cats and a dog tho!

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