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Original poster

Help buyers giving us ultimatum

27 replies

Stressme · 03/11/2020 18:22

So our buyers sold their property before 1st lockdown they then completed end of August and their buyer have let them stay in but now only until 20th November we are ready but our vendors onward purchase is still awaiting a couple of enquiries any ideas what we can do

OP posts:
LIZS · 03/11/2020 18:35

Chase your vendor and find out if 20th is realistic.

Original poster
Stressme · 03/11/2020 18:46

I have they won’t give me any ideas on dates

OP posts:
LooseMooseHoose · 03/11/2020 18:56

Commit to breaking the chain yourselves?

Original poster
Stressme · 03/11/2020 19:09

We have no where to go if we break the chain

OP posts:
NationalShiteYear · 03/11/2020 19:12

Then find somewhere, even if it's just a shithole or something cheap on airbnb for a few weeks

Original poster
Stressme · 03/11/2020 19:18

Will air bnb be shut due to lockdown and also if they run into problems up the chain we will e left with no house

OP posts:
PointyMcguire · 03/11/2020 19:19

We had this, our options were break the chain or lose the buyer. We opted for break the chain and are going into temporary accommodation from Friday. Yes it’s shit, but we feel happier knowing the money will be in our account and worst case even if our ongoing purchase falls through we’ll be chain free and ready to proceed.

Original poster
Stressme · 03/11/2020 20:58

If it was just me and hubby I would but we have my elderly mother living with us and she will not like the upheaval of moving into renting then into her new house

OP posts:
Original poster
Stressme · 03/11/2020 21:02

If it was just me and hubby I would but we have my elderly mother living with us and she will not like the upheaval of moving into renting then into her new house

OP posts:
MoirasRoses · 03/11/2020 21:22

Is it literally just a couple enquiries? Cos if that were me, I’d be relentlessly badgering the estate agent of your vendor to get their clients to badger their solicitor. Threaten them that if they don’t reply back with answers, the risk loosing you as buyers. Literally, contact them daily until they are sick of you. We are waiting for enquiries back & I email the agent everyday. Solicitor finally agreed to prioritise them tomorrow 🙄

You’ve still got over two weeks. That should be enough time unless you are buying a horrible complicated house?

MoirasRoses · 03/11/2020 21:32

Is it literally just a couple enquiries? Cos if that were me, I’d be relentlessly badgering the estate agent of your vendor to get their clients to badger their solicitor. Threaten them that if they don’t reply back with answers, the risk loosing you as buyers. Literally, contact them daily until they are sick of you. We are waiting for enquiries back & I email the agent everyday. Solicitor finally agreed to prioritise them tomorrow 🙄

You’ve still got over two weeks. That should be enough time unless you are buying a horrible complicated house?

Spickle · 03/11/2020 23:40

This is surely just the usual histrionics from a buyer who, for one reason or another, decided to separate their sale from their purchase and have been living as tenants in their old house until their purchase was ready. Now they are being told to move out (by the new owner of their old house) and so they are piling the pressure onto you to either break the chain or set a deadline while there are still outstanding enquiries? I am sure you want to be helpful, but this is not your problem. Just do not engage with either the EA or the buyer over this. If your buyer has to move out by the 20th, then let them. As tenants though, they do not have to move out on that date. They could force the new owner to go to court to evict them, but I am assuming they would prefer not to do this. However, why should their problem be your problem.

Do you know what these enquiries are, anyway? Are they simple ones or not? Get your EA to find out what is still outstanding. I'm a conveyancing assistant and hear all manner of deadlines etc being bandied about by frustrated buyers and sellers which usually achieves nothing except a load of stress on those at the receiving end.

Original poster
Stressme · 04/11/2020 08:02

It’s enquiries on the property out sellers are buying so no idea what they are I ring EA daily and our solicitor but I have now said if not done by 20th the chain will potentially collapse

OP posts:
CrotchetyQuaver · 04/11/2020 08:23

I think I'd consider knocking on the door of the house you're buying and talking to the sellers direct and see if they will help push this for you. Or you'll find out if you need to break the chain.

I'd be looking for a place (air b&b type place) to stay for a few weeks whilst your furniture goes into storage, it's not ideal but your mother would surely cope, it's not that different to going away on holiday.

Spickle · 04/11/2020 08:24

Without knowing specifically what these outstanding enquiries are, no-one can really advise you. If it's a few certificates missing, then a Building Regulations Indemnity Policy will sort that out, if it's a discrepancy on the title/probate etc or tenants in situ, it could take quite a while.

So, I reiterate, just let the conveyancing amble along. If your buyers pull out, then they will have to start the process again, presumably after they've moved out on the 20th.

PointyMcguire · 04/11/2020 08:33

@Spickle I suppose it depends if you really want to call the buyers bluff. If you’re not bothered about losing them, go ahead, but if you’re set on the new house, or completing before the stamp duty holiday ends I think it’d be wise to try to come to an amicable arrangement with the buyer.

Spickle · 04/11/2020 09:02

@PointyMcguire Yes, of course it is wise to come to an amicable arrangement with the buyer, but without knowing exactly what the hold up is, it is difficult to predict whether it actually will be another 2 weeks or 2 months. OP could be in an AirB&B for an indefinite length of time, which might put them in a good position re their purchase, but the elderly mother might be a problem and if the process does go on another couple of months, then OP will be the one issuing ultimatums to his vendor and be in the same position as their buyer is currently.

TW2013 · 04/11/2020 09:14

It sounds as if with your elderly mother you might be in a worse position to go into rented potentially than either your buyers or vendors so I would be putting pressure up the chain to complete whilst staying firm with your buyers and asking for patience. You have nothing to gain by moving into rented, your purchase could still fall through and you not be able to benefit from the stamp duty holiday.

NoSleepInTheHeat · 04/11/2020 09:34

I am sure you want to be helpful, but this is not your problem
Well it is OP's problem as she will loose her buyer and then won't be able to buy herself...
In this climate I would prioritize a buyer that is ready to go, proceed with them and hope that the rest of the chain follows (make it clear now that you will pull out if completion hasn't happened on the 20th). Accept that you might have to move into rented for a short while. Then you have to upper hand to buy as you are no chain.

The other option is loosing your buyer and then trying to find a new one, possibly getting a lower offer, possibly loosing the house you wanted to buy, etc.

SimplyRadishing · 04/11/2020 10:11

I had this and we broke the chain

Annoying but right decision for us as it turned out...

Viviennemary · 04/11/2020 10:24

I think you will need to move into rented or lose the sale. Buyers are going to be thin on the ground over the next few months IMHO.

Loofah01 · 04/11/2020 11:12

You can't do anything, it's not in your control. You have to wait for the enquiries to come back and if they're not the answers the vendors want then you're still fucked.
What you CAN control is when you leave the house you're in - keep your buyers happy and find somewhere else to live, should the worst happen, or prepare for the chain to fall apart. As mentioned before, your buyers do not have to leave their house on the date they agreed, it's a bit of a dick move but the now landlord took the decision to have sitting tenants and they will, I'm sure, leave asap when / if the chain completes and pay any rent due.
You might also ask where your buyers plan to go if the chain does fall apart as presumably they have a plan?

Murmurur · 04/11/2020 11:32

Yes all you can do is (1) keep badgering, and (2) decide if you would rather break the chain or take the risk on losing your buyer. To me it seems like not a huge risk, as they don't gain anything by walking away, but they might do that anyway. But if you would rather get the sale under your belt then

Murmurur · 04/11/2020 11:36

(sorry, pressed send too soon) ...then take it on yourselves to break the chain. But don't feel you have to because they say so. Try to look at it dispassionately, what th advantages and disadvantages are given you can't force the rest of the chain any more than your buyers can force you.

GreenClock · 04/11/2020 11:45

Go onto an AirBNB OP. Don’t take any risks with your buyer. Your mother will have to cope, it’s not exactly ideal for you either but that’s life.