Is it reasonable to ask vendor to rent so we can complete?

[Budsonthetrees]

Had an offer accepted very late December on a house and our vendor hasn't found anywhere yet. Do you think it would be reasonable to ask them to consider going into rented to complete the sale?

All paperwork and checks needed on our side are done as is the survey. We have just over 3 months left on our mortgage offer and we are concerned that the way things are going we won't have it extended and will end up with a higher mortgage rate. Or, because she can't find anything, she will pull out.

Any thoughts please? Normally we buy empty houses for this reason.

sure I’d ask the agent if they’d consider it but I bet the answer will be ‘no’, unless they’ve already suggested it! At this stage I’d be saying you are considering pulling out for the very reasons you mention. That might concentrate her mind. You should have started to look at other properties a couple months ago!

You're assuming they'll be able to find something to rent.

We always said we'd go into rental if we were to sell our house but at the moment there's literally nothing to rent

Yes, totally reasonable. If they say no then start viewing other properties.

Our buyers did this to us. We had actually found a house but the vendors weren’t showing any urgency as they’d already moved abroad.

Our buyers told us they were pulling out if we didn’t complete by the end of the following week. I don’t blame them tbh, we were all getting really fed up!

We completed on our sale, had our stuff put in storage and rented an Airbnb for a few weeks. It was horrendous and not an experience I’d like to repeat, but we got there in the end!

If they find somewhere today, it will be tight to exchange and complete in 3 months.

I would ask if this is something they would consider, to ‘break the chain’. If they can find alternative accommodation they would then be chained free buyers, and possibly cash buyers, giving them an advantage. In theory.

This! Absolutely this! If they’re not willing to do this I’d assume they were not that serious about moving!!

Assume you’ve done surveys etc and are just waiting for exchange? If so give them an ultimatum, exchange within a month or you’re pulling out. And in the meantime start looking at other properties.

I’ve just sold mine and can’t be bothered with the stress of a “chain” so I’m moving in with a friend for a couple of months until I find somewhere.

I'm really serious about selling!!

I would ask them, and if they say no, start looking at other properties. There's a good chance that if you have to get a new mortgage it will be much more expensive.

Last time I moved house, my vendor was being really slow and difficult and my buyer said they would pull out if we didn't complete before their mortgage offer expired, and it did put enough pressure on that the sale went through.

Thanks all. Looks like we won't be unreasonable to suggest it. We did originally say we wasn't in a rush but that was before things kicked off. Their estate agent has been a bit rude too when we asked for an update last month. We do know they are actively looking and they have been outbid on houses but we didn't think it would take this long

You can ask but they may well say no. Many sellers would rather lose their buyer and find another one, rather than go through the hassle and expense of renting and moving twice.

It all depends how separate they are to keep you as a buyer.

desparate even

Yes you can definitely ask but they might just say they're not moving if they can't find anywhere. I have to say you are brave going through all the paperwork and survey when they haven't got an onward purchase! I hope it works out for you.

Have you considered the alternative that you complete and move into rented accommodation. With no chain you might be able to find a new property with a buyer that has already purchased or is empty. Vendor with no found ongoing purchase is very unlikely to move to rented to accommodate your needs.

Yes perfectly reasonable, but they may say no so before you issue any ultimatums think about whether you are actually willing to walk away from the sale.

We had to move into temporary rental accommodation as we had fixed a completion date with our buyer who was very anxious to move into our house and our seller had tenants in who were moving into a new build council house so we’re waiting on that but they had also been served notice. We are in Ireland so the chain thing doesn’t really work here like it seems to do in England. If we wanted the sale then we needed to move somewhere and we didn’t want to loose the buyers as this was several years back when things were much quieter.

That’s an option for OP but I wouldn’t have confidence in the vendors intent.

why wouldn’t the vendor move? They have a non complex buyer. Get theirs sold then they are in a far stronger buying position to secure something they like.

I have never sold and bought and moved on the same day. It takes so much pressure off to rent for a while even if that’s a week. You can clean your home after your belongs have been moved out and clean the new one when you get the keys without pressure or stress. I can also say that being a buyer in rented makes a massive difference to offers being accepted.

I know this doesn’t help you now but I’m writing in case it helps someone else in the future, but this is why you shouldn’t spend money on surveys and searches until the chain is complete (granted this wouldn’t help the fact the mortgage rates have surged).

Definitely not unreasonable to ask them to consider renting, but it is a total ballache (and cost heavy) so I wouldn’t be surprised if they say no - probably depends on how desperate they are to sell.

Why wouldn’t the seller rent? Cost and hassle being two pretty clear reasons. Depends if they are desperate to sell?

I’m intrigued by the fact you have never sold and moved on the same day. Do you mean you have kept your initial property and for a short time owned two? If so, have you had to have the money available for the ‘additional property’ stamp duty surcharge? And how long does it take to to claim back/receive the stamp duty rebate once you actually complete your sale? Just intrigued because anything to ease the stress of moving is good, but this just seems to be adding an extra set of complications.

Tell them you’ll pull out otherwise, and mean it. It can take months for them to find anything, especially if they feel there’s no urgency, don’t let them mess you around.

Trouble is they may well say ‘fine, pull out then’

That’s exactly why I would have said if our buyers had made that threat when we sold. We didn’t have to move, we just wanted a bigger house in the same area. There’s no way we would have given up our family home and moved to rented if we hadn’t found a permanent new home.

Fortunately our buyers were patient and waited for us to find a new home. As a result they got the house they had fallen in love with.

To offer a different perspective - the rental market is awful at the moment so you might find the vendors don't want to take this on.
Having done this myself and not found a house to buy I can see why sellers don't want to go into rented.
It's a bit grim moving from a lovely family home to a rental which hasn't been looked after. It is also expensive with added storage and removal costs for the seller.
I was told I would be much more attractive as a buyer but so far I have yet to see any evidence of this.

I wouldn’t be prepared to rent currently - it would mean moving twice and cost a small fortune. It can be harder to find a rental and be approved for it than buying a house.

In England at least, the chain is never “complete” until you actually exchange. Anyone can pull out at any time and delaying searches etc just delays the already tediously slow process.
My suggestion would be that people actually be honest.
Don’t offer on a house you have zero ability to afford (that happened to us, twice) Don’t say you are a “cash buyer” if you actually need a mortgage, to sell your house and to rucks around down the back of your couch to find the bloody money!
Oh and don’t dick your vendor around for MONTHS then be surprised that they can’t exchange and complete in the next 5 minutes, because you’ve been silent for far too long!!

Sold and rented. Either holiday cottage for two weeks-month, pub B&B for a few nights to a week, or full rental for 6months.

I mean, you could ask, but they can also say no.
Our buyer asked us to do this when we were selling and we didn’t - no way was I moving 2 kids and all our stuff into rented, paying rent for however long it took us to find somewhere, then moving everything again. The buyers pulled out, but I’m still glad we didn’t. (We actually didn’t find anywhere for another 6 months and sold at 40k more - this was post covid when prices were going nuts - so it was worth holding out)

I don’t understand the system in this country. Other places (such as the US), you commit
to selling and have contracts drawn up within a couple of weeks of accepting an offer and at that point you state whether you’ll move in 30/60/90 days.

We sold our house in September. Our buyers paid way over the asking price and we agreed to break the chain and move in with friend and family. Similarly, on the house we were buying, we offered only on the basis that the vendors had to be willing to break the chain (which they did in the end).

You either want to sell your house or you don’t. I have no time for time wasters, putting their house on the market and then changing their minds and dicking everyone around.