So close to being ‘out’ - views needed!

[Bwiththegoodhair]

Ok so hope this isn’t too outing but desperately need some views as DH and I are pretty much at wits end. It’s worth adding that during the whole house process he had some bad news health-wise (life changing but can hopefully be managed with medication). Oh and we’re looking for bigger house as we would like more space and potential for kids in next year or so.

Ok so accepted an offer on our home (FTBs) August bank holiday.
Had our offer accepted on a house end of September.
Mid-October our vendor states ‘they’ll take as long as needed’ to find something.
Been checking in with their EA weekly, today they pretty much said find something else as no movement from vendor.
Our sale is ready to exchange, but our buyers may wait until after xmas.
We’re waiting for our mortgage company to do valuation on our new house next week.

The number of houses coming up that match our criteria is reducing weekly (was c20 per week at peak, now 1-2 a week).

Think that’s all the facts... we feel unless we find a chain free property (rare) then we’ve missed the boat re stamp duty break (appreciate speculation on if it’ll be extended), also mortgage rates are increasing almost daily - we’ve got a great deal based on this property.

So if you were in my shoes, what do you think you’d do?

1. pull out of both sale and purchase
2. set a deadline to find a new house then pull out if haven’t
3. sell and move to rented
4. other?!

Our buyers are lovely and I’d hate to mess them around and that’s playing on my mind - so would really appreciate some external opinions to kick me into touch!

Think I'd opt for 3. As nice as the stamp duty break is, don't let the loss of it (if your purchase falls through) cloud your judgement.

Why are the folk in the house you are purchasing being slow to move. Do you know? I guess you'll have suggested that they move into rented.

Hope things work out for you.

Actually. There is an option 4, could you offer more cash, for example could you offer to pay 1/2 moving fees just to get things moving.

@LizzieMacQueen thanks so much, hadn’t even considered option 4!! I think we may try that - although I’m not hopeful, their EA basically has said they thought there were loads of properties out there but none are suitable and they won’t move until the right one comes up. So not sure if ££ will help - worth a shot though!

Yes we asked about rented and our offer was actually based on them progressing the sale - they accepted but have not done this (some lies we’re told their end!)...

I think we’re too hung up on stamp duty/current mortgage rates, it’ll be the top whack (£15k) so hard to get around that.

Rented and a lockdown - not ideal but cash buyer would put us in a preferable position.

Thank you

I think we may find ourselves in a similar position, our sale is progressing (touch wood) but not a lot seems to be happening with our purchase due to needing the chain to complete. We're planning on just going full steam ahead with the sale and going into temp accommodation in the meantime or renting longer term if we can't complete on the one we're buying.

It's not vital that we move but we if we don't sell now we're worried it will be harder to find a buyer going forward as our flat is really for first time buyers and things are looking increasingly difficult for them.

Sorry it's all a bit rubbish for you

@FlumpetCrumpet (love the name!), yes sounds like we’re both in the same unenviable position!! Why oh why do people go through the trouble of putting their house on the market, the viewings etc then decide... meh, maybe not!!

We didn’t get buyers straight away but sold in about a month so not overly confident we’d get a similar price etc if we sold again next year.

Just looking at some rentals in my city, wow has the price of rent increased!! So tempted to be an emu and just put my head in the sand and back out all round...

Best of luck to you!!

I mean ostrich !!

It’s really tricky to move into rented where I am - so if rental properties are in abundance where you are then go for that option.

Your vendors sound like they’ll be assholes throughout. E.g slow to choose conveyancers, slow to complete mortgage application, slow to fill out paperwork etc etc

@Badgerbadger22 you sum them up perfectly

I had the same problem (and almost lost the buyers!).

Today we found a new house and this vendor is super speedy!! hopefully goes through this time.

Good luck

We’ve sold our house, but cannot find anything suitable to move to. Everything has vanished from the market. And we now have to self isolate as we have Covid in the house, so we can’t even view the ones that are left.
I really hate to let our buyers down, but although we would like to move we are not desperate to, so we may be giving up abs staying put.

I would keep going with your own sale. Move to rented if needed. I can only see the market going one way next year. I would leaflet roads you are interested in and contact all the estate agents in the area to let them know you are ready to go. If you rent out will be in an excellent position come January when there should be lots on the market.

If you still want to move then I'd say move into rented. You're in such a good position to buy then.

Thank you all for your views, DH and I have some decisions to make tonight!

I wouldn't lose your sale, but wouldn't let yourself be held to ransom by your vendors. Moving to rented would be better than that! Prices are only going to go down in the medium term, so chances are you'll do ok.

their EA ... pretty much said find something else as no movement from vendor

That sounds to me like shorthand for "they're playing at it" and the EA's probably had enough of them as well

I wouldn't assume you'll be getting this property and certainly wouldn't pay them more to move; instead I'd look elsewhere and go down the rental route so you're in a really good position next time

"Mid-October our vendor states ‘they’ll take as long as needed’ to find something."

They are pissing you about, cut your losses. Timewasters.

If you can move to a nice rented where you would be happy to be for a year, I would do that.

I was in a similar situation as a first time buyer. They strung us along for 6 months! Took their sweet time finding a house in the first place, but then something unforeseen meant that through no fault of their own , they had to begin their (slow) search again. 3 times! Nobody's that unlucky!

Cut your losses!