Buyer ploughing ahead chain not complete

[dingdongverawang]

Recieved draft contracts from solicitors for our sale. Great that buyer is keen but we haven't even completed the chain yet or started our conveyancing for our purchase.

Our seller is looking for somewhere to buy. Buyer knew this was the case as been in regular contact with our agent who has told them this.

Feeling stressed about it all as it is. Fully prepared that buyer is going to ask us to move into rental which we cannot do as would cost us too much in fees and have pets and no friends or family to move in with.

I thought it was normal not to do everything until chain was complete it's literally the advice I've seen on here over and over.

I thought it was the sellers solicitor who drafted the contract- so it's your solicitor, not the buyer's.

Hi, yes it's from our solicitors.

so not sure i understand your post or scenario then if it’s the seller’s solicitors that sent the contract to you - or it’s your solicitors that sent the contract to your buyers?!

The person you have instructed is being efficient and your buyers are also being efficient. It's quick but driven by your own solicitors!

Sorry realise it's confusing and didn't include more info. THe draft contract is from my solicitors to sign in pencil. The buyers have already had survey and searches done and their solicitor has come back with enquiries already.

@Diamondnights

The person you have instructed is being efficient and your buyers are also being efficient. It's quick but driven by your own solicitors!

Okay but they know the chain isn't complete and I'm making an onward purchase?

It's risky on their part but ultimately their call - as long as they know you're not prepared to go into rented then I wouldn't worry about it. At the end of the day, it benefits you as they're less likely to pull out having spent money on searches etc already.

Tell your solicitor to wait

yeah you simply need to tell your solicitor and estate agent to wait - and communicate that to the other side

@Chocoqueen

It's risky on their part but ultimately their call - as long as they know you're not prepared to go into rented then I wouldn't worry about it. At the end of the day, it benefits you as they're less likely to pull out having spent money on searches etc already.

That's very true. I guess it also shows that nothing bad has come back either from the survey or searches? Apart from needing to confirm some clauses including about not keeping livestock poultry or pigeons on the property lol!

I'm confused why it would cost you too much in rental fees to rent? Do you mean the actual cost of renting? Would it not be similar to your mortgage? I agree it limits you re pets, but not impossible. We are going into rental next month (with our two small children) and we will be paying less rent than we currently pay on mortgage ... for a substantially bigger place! I'm impressed with your buyers' efficiency to be honest, and if my seller was going really slowly I'd probably be asking them if they'd consider going into rental too!

I see it as a win win for you. You've got keen buyers so that when the chain completes there will be no issues from their end, they can go quickly, they've committed themselves financially to an extent having paid legal fees, if there is stalling from your seller your buyers seem unlikely to just pull out. So long as you are transparent and haven't made any false promises you have nothing to lose, it is their risk to take. If they start talking renting and you don't want to, you just say no, you're not obliged to do anything.

Trust me it's much better to have proactive buyers rather than slow!

You just have to bear in mind all buyers will have a limit as to how long they are happy to wait, so you may have to make a choice down the line as to whether you want to keep them and do what may be required for that, and push that decision to your sellers too.