House move - vendors changing agreed terms quite late on, WWYD?

[twinkie100]

We are selling our house of 10 years and (hopefully!) buying our ‘forever’ family home. it’s in a completely new area, miles from where we live now - will mean new schools and completely uprooting.

Our buyers are selling their property to a cash buyer so that is the end of the chain, they want to complete in about 6 weeks.

When we found our onward purchase (offer accepted 2.5 months ago) we were keen to prevent a long chain, so negotiated a that the vendors would vacate the property chain free (ie rent) for a higher purchase price.

Suddenly, 2.5 months on once surveys are done and we are all talking exchange and completion dates our vendors have decided they don’t want to rent (!!) and will be looking for a property to buy. We are at our wits end that they are changing their minds at this late stage, and they also don’t seem to realise the impact this will have - they haven’t found a property yet and who knows how long the chain would be!!

option 1: reduce our offer/ purchase price back to reflect the change in terms, hope the onward chain is short and that our buyers stay patient

option 2: pull out of the purchase, sell our house and move into rented in the new area - giving us more control on timelines, a chance to get to know the area better and leaving us chain free for an onward purchase

Thank you!!

Option 2. It allows you to properly get to know the area and puts you in a stronger purchasing position. The market near us is sluggish and I wouldn't want to lose a buyer.

Option 2, I'd always prefer to rent in an area I didn't know first to get the feel of it.

I would go for option 2.

Option 1 won't help to keep the chain together. It's not a bad idea when you move to a new area to rent for the first 6 months/year anyway. Would enable you to really research areas and put you in a brilliant position for securing the best house once you are in a rental.

It's also possible that when your vendors find out you are serious about withdrawing from the sale they go back to their original plan rather than lose the purchase (& the good price you agreed). You can't bank on that though.

Option 2

They are either trying it on or can't find somewhere to rent. It's very costly to have a short-term tenant in agent fees, so they might be struggling.

Defo option 2.

Dont lose a good buyer, if you're keen to move.

And if they want to continue with the sale, I'd think about reducing your offer if the muck you about.

Tell them that at the same time as telling them they can either continue (current timescales/values) & vacate as promised or sell to you later at a lower cost (you paid for convenience).

Option 3: sell your current property, relocate in to rental, but don't withdraw yet. Start looking at other properties, but don't withdraw until you have secured another purchase.

Combination of the two. You could try and renegotiate the price, continue with your sale and move into rented and wait until the vendor is in a position to proceed to exchange and sell. The Vendors may decline to renegotiate in which case you then have to make the decision. Trust me, they will not take your situation into consideration, at all, they have already gone back on their word.

Thank you all so much for the replies - option 2 seems to be the clear winner (with a sneaky option 3, which is a good thought!!). I should add that they are mad as their house has been on the market for 9 months with no other serious offers.

Our current house is in a desirable area (it was on the market for 10 days and we had three offers over asking), so if we lose our buyers we do have a safety net as I think it would sell quickly again.

I just feel quite disappointed that they are breaking agreements now - but, I guess alls fair in house buying/selling 😂😭. The stress will turn me grey!!

We agreed a sale STC in December (we are the buyers)
The Sellers of our dream home haven’t found a house yet and it’s been 5 months
My advise would be pull out ( you never know they may change their mind again if they are serious about selling) and rent somewhere.

We sold our two homes and are renting a beautiful house in the area we are buying in
We are able to get to know the area and have the time and patience to let our sellers now find their forever home. It’s been ages yet but it’s not too stressful.
I did consider asking them to move into rental so we can complete but they are elderly I think one move is going to be hard enough for them.
Always get something in writing signed legally if you can where significant money is involved although I’m not sure that would have been possible in your case .

Have you checked out the rental options in that area? Rentals are like gold dust in my area. You wouldn’t find a short term one. Just checked Airbnb - £4K a month and nearest one 15 miles away, rural and not ideal.

It wouldn’t necessarily be a short term rental though. As OP would probably be starting the house search again from scratch.

I would be looking at 6 month rentals in the new area or 12 months with a 6 month break clause.

Definitely sell your house, pull out of the dream house and rent in the new area. Local knowledge is so important and when you relocate to a new area you don't know. Also join the local Facebook group and see what everyone complains about. We have relocated twice to new areas.

Definitely don’t lose your buyer if you’re serious about moving. Give your vendor an ultimatum (and mean it) and see if they back track . If they don’t, they yes, pull out of the sale and rent for a bit.

Option 3 suggested above is a great idea! If you’re looking to change your children’s schools so they start in September you need to be in the area asap. If the current sellers take ages to find somewhere to buy and it’s in a big chain you could still be in limbo at Christmas! If you go into rented yourself, at least the power is in your hands.

Option two looks great.

You will be so attractive to sellers when you find a new place. Renting in the new area might allow you to do some essential work on your new place thus allowing you to buy a property that needs some work.

You therefore would have greater choice.

Using your own furniture means you don't need to pay storage fees.

^^ This

it ma give your sellers enough of a shock to change their minds. But in any case, when moving somewhere new I would rent for a year first.

I have checked out rentals - there aren’t lots (!) but certainly a steady flow of 4 bed houses within budget, so I think we would hopefully find something. If we go down this route, we would ideally take a 12 month rental with a break clause, and then relax into the area and house hunt with less pressure.

This is really helpful to read and good to hear that this solution has worked so well for you!

Even if you find another perfect house, conveyancing is taking so long you'd "use" most of the rental period.

You could also decorate the new house or whatever whilst not living in it.

We've bought & sold a lot of houses but considering renting next move as it will be easier.

I'm with @DongDingBelland was going to suggest the same.

Don’t lose a buyer.

We rented for six months and it was fine.

Tell the estate agent you are going for option 2 unless the vendors commit to the original plan. My guess would be they never intended to go into rental, but they haven’t found somewhere to buy so are now having to come clean.

Hopefully the estate agent will panic at the thought of a lost sale and work to get them back on track

Tell them that unless they stick to the original agreement you will pull out. To make it very clear to them I'd even book a few viewings (with their agent) so they know you mean it.

Personally, I'd consider how much I want this particular house. Renting somewhere and moving twice will be my personal idea of hell, but it might work for you.

I agree with most people that Option 2 is best. It's cheeky of them to move the goal posts are the last minute when you agreed a higher price on the basis on no chain.
It's unlikely that these people will agree to rent now and that is what you and the buyers want so that you can complete within a few weeks. Renting will also enable you to get to know the area and make you chain free, which is a big advantage.