Don't want to loose buyer, close to exchange, had to pull out of property we are buyingwe are buyi

[Joelijane]

Hi,

I'd love some advice please. We are approaching exchange with our buyer. They want to be in by Xmas day but we've had to pull out of our onwards purchase due to work required exceeding 25k after investigations. Would you advise us to go into a rental? If so how does that work when buying a property? Will we be seen as proceedable or a pain trapped in a tenancy? What should i get knowledgeable on? How quick could we get into a rental? We don't think we can push back too much on exchange (maybe a month tops) as want to maintain the relationships with our buyer. First time being in this situation so any lived experience so welcome 🙏

It's taken us 3 years to sell due to different reasons so 100% want sale to go through.

Thanks

Congratulations!

We are doing the same op. Its super scary and I am losing serious sleep over it. But when I think of starting again I know its the right thing to do. I think the answer is to take one step at a time. focus on finding a rental, decide whether to store furniture (surprisingly expensive) or use the money to get a bigger house where you dump your stuff in a spare room. Then take a deep breath and start looking to buy again. I feel your pain, just dont listen to the naysayers. Unless they are in our position ignore!!

We broke the chain and went into a rental, I couldn’t face going back to square 1 and losing our buyer. The estate agents knew of a flat that wasn’t on the market, we got lucky really. Still here but we have the keys to our purchase.

Your buyers probably won't want to lose your house if they have already put a lot of time, effort and probably expense into it for surveys etc. Have you spoken to them to ask if they are prepared to wait? If they pull out they will have to start the whole process again and still won't be in a new house in time for Christmas.
I wouldn't go into rental unless there is absolutely no choice.

‘Moving Home with Charlie’
(Charlie Lamdin podcast)
At the end of the latest episode, he says moving into a rental, between moves is absolutely the right decision. Worth a listening for your peace of mind. Best of luck!

You want to seen as a pain trapped in a tenancy. If anyone questions it, you accept you'll have to pay the minimum six month contract and if you have to pay an extra month or two, you'll suck it up.

We were literally a couple of days off exchange and two weeks off completion when we had to pull out years ago (problems along the way, then something we couldn't get our heads around was disclosed). We were going to go into rented, but luckily a family member said that minute we could go there, so we were lucky in that regard. Whether it's rented or staying with someone else, it does show that you can easily proceed with any ongoing purchase as you're not in a chain yourself.