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 1 with a time limit and then moving to option 2 if they don't move forward. The price drop may be enough to change their minds.

Our vendor had the same issue around the same time. In the end our vendors offered their vendor 6 months rent to move into a rental (which was accepted). We offered to split the cost but they refused as they didn't see it as our fault.

This is good advice, OP. Keep all your options open.

We sold snd then rented for 6 months in a new area. It was actually really useful and we ended up buying a house that we may not have looked at before as we got to know the area so much better. I would sell and rent if needed.

Option 2. Cash buyers are very favoured over a chain so you will have your pick of properties when you do buy.

I would go for option 2. Something similar happened to my brother that happened to you.

They did option 2, pulled out and went into rental in the new area. He says in some ways it was a blessing in disguise as the new area didn't work for them - difficult to source childcare and too far from DP, us and his PILs for regular childcare arrangements, schools with spaces weren't great and the decent schools had waiting lists, the commute from the place they were going to buy in (and rented in) wasn't as good as they thought and both their offices went from wfh with a few days in the office a month to 3 days a week in the office minimum. In the end he was pleased they hadn't committed all that money to have to resell again as it didn't work for them.

This is definitely a consideration- it’s a gorgeous house, ticks (almost) all of our boxes and anything it doesn’t tick is a happy compromise… it’s really making us ask all the deep questions about how much we are willing to fight for it!!

BUT, we don’t want to lose our buyer/be taken for a ride, especially as we agreed a higher price to avoid this situation!!

Well then you move into rented and proceed with the sale on the basis that they drop the house price by £50k or whatever to cover your rent and inconvenience.

Personally I would play hardball and push for a completion date or you will pull out of the purchase. Its THEIR problem, not yours.
If they are motivated to sell they will find a way.

Exactly, make it their problem by threatening to do what they promised they would for extra cash.

There's always another house...

If we go down this route, we would ideally take a 12 month rental with a break clause..

I doubt any landlord of a decent house would agree to this. It often costs thousands to repair a house between rentals so a short let makes no sense for them.