Buying one house but previous one back on

[starzyy]

Hello,

Arghh, the stress of trying to buy in the current climate.

So in March/April we were trying to buy in a new area (out of London). It was mental, couldn't even get on waiting lists to see some houses despite having sold our home (staying with family at the moment).

I had a few specific roads I wanted to buy on but was outbid on 3 properties. We looked a bit further away & had an offer accepted (which we didn't expect). It's a great house, my only reservation is the schools. It has access to grammars but that depends on dc, catholic (we are but not currently in a catholic primary) or a very average state comp. I've been keeping an eye out as our sellers hadn't found a place yet & they tried to sell pre covid so I think in the back of my mind I thought they may pull out.
Anyway on Friday we finally got the news our sellers had had an offer excepted. Friday afternoon an agent phoned me to say a house on one of my chosen roads had come back on because the chain had collapsed. This is a house I couldn't see but I did bid on an exact one opposite with the same agent. This house is not as good condition to the one we lost out on which actually suits me. I saw it & really like it, the advantage is in catchment for all the schools above but also a very good comp.
Can I put an offer on? Should I say my mortgage has been approved & I want a quick sale? The house is chain free & had probate granted last yr.

How much work will it take? Does it cost much more than the house you're currently in the process of buying?
It sounds like you could get in much quicker to the new house, no way of knowing how long it'll actually take for your sellers to move.

It's liveable & the kitchen layout is arguably better, but smaller house & not as nice garden. Currently 40k cheaper but it will sell for more.
Should be quick although the sellers of house 1 have said the sellers of the one they are going to buy will go into rental as she's already had a chain collapse & wants it done.

In that case I would probably stick with house 1. Most Catholic secondary schools rely on being catholic, not just a primary feeder. As long as you attend church you should be fine unless admissions policy says otherwise.
House 1 sounds much nicer.

I'm torn as I hadn't planned on catholic hence why we didn't chose for primary. So we will have to increase attendance, having said that it's a very good school so worth doing anyway.

I'm in the position of having had a purchase collapse due to the vendor changing her mind after 7 months, and having to start again from square one, so I'd think about offering on both and probably buy whichever gets to exchange first.

Do you know why the first sale collapsed? I'd be trying to find that out while pursuing it. Worst case is that you lose a few hundred pounds on conveyancing, which really is nothing in the grand scheme of things.

No guarantees with either house, and the chain you have just joined may collapse anyway.

I want house 1 in house 2 location for school security. House 2 is still nice but just a little less nice.

@Starseeking yes this is giving me major anxiety.
House 2 is probate, granted last yr. Chain collapsed as 2 underneath it fell through. If we got it should be just us & that house in chain.

House 1 chain of 3 with us at the bottom chain free & top of chain saying they will go into rented but who knows. They are keen to downsize though.

I would feel guilty about pulling out of house 1 but no one started surveys yet.

so I'd think about offering on both and probably buy whichever gets to exchange first.

Can you keep two going that long?

I doubt someone would go into rental in this market in all honesty. I wouldn't make decisions based on that.

It's not great for the party that loses out, but you can do whatever you like up until the point of exchange, as I found out to my cost after 7 months of conveyancing when my vendor pulled out on the day of exchange. I lost thousands because of that vendor.

However, if my previous vendor came back now, I'd give her a strict 4 week deadline to exchange, as in all honesty that was a nicer house. My current one while in the same location just doesn't have the same wow. I'd keep my current purchase going just in case, as my previous vendor has already proved to be a flake.

As PP mentioned, I wouldn't bank on anyone who says they will go into rented now; the rental market is dire at the moment. My current vendor initially said they'd move in with family. It hasn't been mentioned for a month or so now, and there are delays on their side, while I'll be ready to exchange by the end of this week. It's dog eat dog out there, and you have to do what best suits you and your family circumstances.

Catchment for a very good comp & in need of work doing would both swing it for me. I'd rather buy somewhere less 'done' (for less money) and have NO guilt about putting in a new kitchen/bathrooms to MY taste, not someone else's!!

it's a shame for your current sellers, but chains are collapsing everywhere & hopefully they can get another buyer easily enough.

plus as others have said ToC say they'll go into rented, but most everywhere that's virtually impossible AND financially stupid, so I wouldn't count on it.

ill remind you 'in zone for good comp' & in a state needing your stamp on it!!

tell them you're very sorry but a house in zone has to be your first choice.