House sale & purchase

[monkeybum19]

Am looking for some advice on what to do re. our house sale and purchase.

Situation is:

• Our house sold end September 2021 (day one of viewings). Offer was over asking, good buyer - we were over the moon.
• We then found a house we love three weeks later; offered on day one of viewings which was accepted.

All good you would think.. but the vendors of the property have not yet found anywhere they like and from speaking to them (they are using an online agent) they are looking for a fairly niche renovation project; which are not very common on the market at the best of times.

I'm worried that we are going to a) lose our buyer who will get fed up with waiting - has asked twice if we will go into rented to break the chain but we can't afford to; and b) our mortgage offer is due to run out at the end of April.

What would you do? I'm tempted to give the vendors a deadline to exchange or say we have to pull out. Am not convinced they are moving with any speed although I get, and have experienced, the tough market we are all in.

Any words of wisdom gratefully received!

Could you offer your vendor a set amount to persuade them to go into rented?

Hadn't thought of this; potentially yes we could - thanks @Salome61!

It's such a tough market

It’s not as simple as that though is it, there is such a shortage of rentals available, so many b2L landlords have sold up. I would feel inclined to set a time limit otherwise, it is still a very fast moving market, with more properties being added daily. Good Luck OP.

I would continue to look for other properties, to see if there is somewhere else I would like. You have nothing to lose by doing that.

I would also let them know that you don't want to lose your buyers, who have been very patient so far, and let them know you are looking elsewhere.

@Roselilly36 I think we will do this and as @Kite22 says keep on looking to see else becomes available.

Thanks all!