Hi just looking for some advice. We went sale agreed on our house to first time buyers in May. We were clear from the beginning that we wouldn't move from our house until we had a house to go to. Our buyers have now advised however they have a deadline of September to move into the house (mortgage offer expiring/they are having a baby and understandably want to move in before this).
We've been actively trying to buy a house and have finally got to sale agreed on a property today. The issue is the sellers are buying a new build which won't be ready until December (I'm assuming this is an estimate though and it may be later than this!). They do not want to go into rented so we would have to wait until at least December to move in. Obviously this does not fit in with our buyers timeline. We would rather not lose our buyers and in fact the people selling to us went with us because our circumstances were better than others who offered higher. If we were to lose our buyers and have to remarket the house we wouldn't have this advantage.
We do have the option to move out of our home and in with family, although this would be a pita and cost us in terms of storage and removals x2. My concern is that this leaves us vulnerable should the sellers then pull out. We did tell the estate agent today that we would want to at least exchange before moving out and they said that the solicitors would deal with that (I will be ringing our solicitor tomorrow to discuss but wanted to see if anyone had been in a similar situation).
I'm now thinking it might be mad to even do this though!? I'm worried if building takes longer our mortgage offer would expire for example. It seems like we are the ones taking on the risk if things fall through.When I've tried to research this it always seems to be the seller (buying the new build) that moves to break the chain, not the buyer. I suppose I want to know if we would be mad to consider this and if there is anything else we should be thinking about if we go ahead with the purchase? Hope this all makes sense!
(Just to add when we viewed the house the sellers told us they were buying a new build and the timescales but advised that there were plots available that were further on in being built but that they couldn't be considered for these until their own house was sold. Although they indicated then they would explore this option and be open to moving quicker the estate agent today has advised this is not the case).