Should we pull out?

[Goingforplatinum]

In the process if buying property we currently rent. Offer accepted, surveys all done, reasonable mortgage offer.

But it's been 7 months now and still no completion date!!! Called the conveyencer and apparently the hold up is to do with land and trying to sort who a patch of land belongs to.

I feel so fed up today, I sold to put towards deposit for house thinking it would take around 12 weeks, but still no house I'm reluctant to purchase another one until the house as gone through, so I can be more sure on finances. The house needs some TLC such as painting and carpets and I'm tired of walking into every room feeling depressed at how grubby it is.

I'm seriously contemplating pulling out and looking for somewhere else, however with the climate how it is at the moment with rising interest rates, I'm not sure we could afford to buy anywhere else.

Then I feel bad about getting down about it when I'm lucky to have a roof iver my head and food on my table.

Whats the answer??

Sorry, I don't understand. You sold what to put towards a deposit? Are you buying a second house with the proceeds of a different one you have already sold?

Sorry, that's supposed to say car, I sold my car to make up the deposit for the house thinking I could just buy another once once house has gone through, I was told as we are buying off LL should be a quick sale.

I'm reluctant to buy a new one (or buy any big purchase) until the house has gone through.

get some clarification on the land issue. What’s the rush?

If you are buying the house you are in can you not start the TLC now ?
Annoying about the lack of car though .

Well lack of car I would think 🤔

@pavillion1 I'm reluctant to do anything just incase something happens and it doesn't go through.

Its highly unlikely its not going to be ours, but still that chance and if I start painting I won't get deposite back.

It takes way longer than it should for it to all go through.

why not ask the vendor/LL if you can start on the painting etc. redecorating is more work than cost. At least you'll feel you're getting somewhere making it yours.

re the car, is it massive changing your life (2hour commute to work instead of 20 mins) or just a bit of a pain (walking kids to school instead of driving them)?

is there any additional cost?

I rented one when mine was written off while I looked for a new one, the monthly rental wasn't too expensive.

keep on st the people holding things up!

So you are buying the house you rent? No moving costs, you know what you are getting re neighbours and problems with the house. Sounds like that might be worth hanging on for. 7 months plus does happen unfortunately.

what’s your mortgage situation? Do you have a mortgage offer, is it a fixed rate, and when does the offer expire? That’s potentially the most important factor.

must be frustrating about the car.

Get your deposit money into an instant access savings account if you haven't done already.

How long is left on your mortgage offer? They’re normally only valid for 6 months. I would be putting a fire under everyone to push things through because there’s a risk your lender will not extend your offer but reissue at a different rate given the current climate.

So morgage will be fixed for 5 years, managed to get the deal when interests where low, luckily the building society have extended another 6 months. So now have until March.

Car wasn't such a problem during summer months as DH as a run around. It's not an ideal family car and I'm due to start going back in the office, so not sure how we will manage then.

My deposit is currently sitting in an old current account, never thought to move it to a savings account

Neither you or the seller has pushed before 7 months- you either have crap solicitors or one/ both parties aren’t serious

Just hang tight and ask for regular updates on the land thing. Be a bit pushier.

In terms of the stress of buying and selling, yours is a low-stress situation (although the delays are annoying) because you already live in the property, so no removals or a chain where you’re also keeping a buyer sweet.

Buy a car now if you can afford it. Wait till the mortgage goes through if you’ll need to finance it.