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Original poster

seller pulled out - options and opinions please?

17 replies

Evecob · 08/01/2021 10:12

Hi,

Unfortunately we just found out our seller is pulling out, we were pretty close to exchange.

Info: We were selling and purchasing. Moving from a 3 bed detached no garage to a 4 bed detached with garage. We have a 5 month old and a 2 year old, wanted more space for the kids, storage and a bigger bedroom for our baby who currently has a box room. Other than that our current house is lovely. We are pretty devastated and we always said if anything went wrong we would stay put, however I am after a bit of advice from experts in the housing market field.

Our buyer is going to be renting out our house upon completion.

Option 1: There is a new build that ticks most of our boxes but it is ready end of spring past stamp duty. Can we suggest to our buyer we would complete our sale within stamp duty limits if they were to allow us to rent for the last couple of months until the new build is complete, or is this not allowed?

Option 2: there is a house with curb appeal in our ideal location chain free, however it needs completely doing up inside. Would making stamp duty deadline with a chain free purchase at this stage be likely?

Option 3: pull out and stay in our current home. Do it up a bit more (bigger shed for storage, sort out a few niggles) and look to move in a couple years time.

What would you do?

OP posts:
RainbowRaine · 08/01/2021 10:21

Option 2

RainbowRaine · 08/01/2021 10:22

Do you know why they are pulling out?

SoupDragon · 08/01/2021 10:23

I'd go for option 2 if it has everything you want.

However, this assumes you are fine with doing the work (probably slowly!) whilst living there with children. Is it livable?

Howluckywewere · 08/01/2021 10:26

Option 2. Or sell your house and rent it from the buyer until you find another. I think prices have peaked so would proceed with the sale.

KitKat1985 · 08/01/2021 10:27

Do you have the money to do the renovation on option 2? Is it livable in the meanwhile?

Original poster
Evecob · 08/01/2021 10:30

Option 2 is not currently livable, no floors its all pulled up. kitchen needs completely redoing. Sorry i should have been more clear. We have a viewing tomorrow not even sure if kitchen or toilets are usable

OP posts:
Original poster
Evecob · 08/01/2021 10:31

@RainbowRaine

Do you know why they are pulling out?
Yes, they pulled out due to ill health :(
OP posts:
Findahouse21 · 08/01/2021 10:34

I think you'd struggle to complete within the stamp duty limit now. We're in a short chain (we're buying a new house and our buyers are ftb). Everything is taking absolutely forever despite is and out solicitor pushing so hard. Hoping to exchange tomorrow after 4 months

Needmoresleep · 08/01/2021 10:36

If option 2, start with a low, though not unrealistic, offer.

They will realise that their property only appeals to a limited market, and that things will get tougher after the stamp duty deadline.

Also check first with your mortgage company. Most want properties to be habitable first. You might have to take out a specialist, more expensive, mortgage.

Also ask if you can do essential works at your own risk between exchange and completion. Then exchange quickly and complete on 31 March.

Loofah01 · 08/01/2021 10:43

Option 2. Very achievable especially if you're willing to skip some searches. Start looking at rentals immediately and get one booked

Needmoresleep · 08/01/2021 10:44

I think you'd struggle to complete within the stamp duty limit now. We're in a short chain (we're buying a new house and our buyers are ftb). Everything is taking absolutely forever despite is and out solicitor pushing so hard. Hoping to exchange tomorrow after 4 months

It depends very much on the mortgage company. If you are using a good broker they should be able to advise. A local solicitor will know how long searches are taking. I assume you will want a full structural. The quickest way is to find your own surveyor, which is also on the mortgage company's panel, and who is able to come out quickly. And pay for searches to be done whilst you wait for the mortgage offer.

andweallsingalong · 08/01/2021 10:54

Could you make enquiries about renting from your buyer first? Then if they say yes it gives you breathing space to choose house 1 or 2 or?

It would also give you the option of staying put whilst doing the work on house 2.

Ariela · 08/01/2021 11:20

Option 2 - and I'd discuss/offer to rent from your buyer for 1 month immediately post completion, I know you'll have to allow access for viewers etc but would mean you could do up some main rooms to move into in new house, but would mean your buyer can get on with letting it without a post-purchase gap

KarmaNoMore · 08/01/2021 11:24

I have renovated 3 houses but only a tiny one that required so much work as number 2.

There is no way I would do number 2 with 2 young kids unless I could afford to live offsite while the work is done and was using tradesmen.

Original poster
Evecob · 08/01/2021 12:17

we just found out from our broker the good rate we got when we reserved the product would no longer apply as we would need to make a new product for a new house. so I think we are going with option 3 for now.
I think we sold our house for too cheap to be completely honest so not too worried about losing out on a good deal. A house exactly like ours but with a garage went for 20k higher than what we agreed to sell at, in late 2019.

OP posts:
Original poster
Evecob · 08/01/2021 12:17

thank you for all your views

OP posts:
Dolan348 · 01/03/2022 21:40

What happened in end? Are you still on the hunt for a house?

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