House Buying/Chains

[yajeed]

I was hoping someone with a little more experience of house purchases could give some advice.

Basically, I've had an offer accepted on a house. I'm currently renting, so am at the bottom of the chain.

The house was advertised as 'no onward chain', then on viewing the estate agent said the vendors wanted to move quickly as they'd found another house. Now, it seems they haven't found a house and have no intention of renting in the interim.

So, I'm not sure what to do. Do I just hope they find a place and wait? Ideally, I'd like to move soon, but I don't have a pressing need to, other than for the certainty of actually owning a house again.

I don't want to unnecessarily annoy the vendors, yet if I can apply a little pressure or get some certainty of eventual completion, then that'd be great.

Any suggestions as what I can do to make sure I don't end up without a house at the end of this or forever waiting on the vendors?

[paulwirral]

Welcome to the chaos that is the English property market . It's unlikely you will be able to force a sale so either sit it out or look at other properties , preferably deceased estates or divorce settlements , they are usually good bets in the way of proceeding quickly .

[yajeed]

paulwirral said:

Welcome to the chaos that is the English property market . It's unlikely you will be able to force a sale so either sit it out or look at other properties , preferably deceased estates or divorce settlements , they are usually good bets in the way of proceeding quickly .

That's what I was afraid of. We do have a 2nd choice property and they would move quickly, but ultimately I'd prefer this one.

I was hoping there would be a mechanism that could be used to tie both sides into the sale and reduce the anxiety on my side. I guess they won't exchange without knowing where and when they can move, so we can't even suggest a 'maximum 6 month' completion time or similar.

Ah well, I suppose the best case is sitting it out and seeing a massive property price drop fuelled by article 50 in the interim.

[Renovation]

Ask them how soon they are willing to exchange.

Ideally talk to them directly.

[yajeed]

Renovation said:

Ask them how soon they are willing to exchange.

Ideally talk to them directly.

At the moment, it's through estate agents, and since I've heard 3 different version of the story thus far, I have little faith in them. So, you're right - getting to speak to the vendor directly would certainly be a bonus.

I'd expect they'll say that they will complete once they've found somewhere else (and carried out the associated searches etc), though it'd certainly be worth hearing that from them directly.

Edited to add: the market seems to have pretty much stalled (at least in this area) with few new properties being advertised, so I'm concerned I could be in for a very long wait.

[Spare tyre]

Don't start the legal process just in case they change their mind. Keep looking.

We've been looking since November, saw a good two or three houses a day come on the market, then just slowly dried up, I'm told at this is the norm over Xmas, next week I guess there will be a few more on the market

As you have probably worked out, don't believe a single thing you are told. We were constantly told lies last time

How thing is a st heap

[mikeiow]

Keep looking.

I haven't moved for years, so not the most current of views, but you are in THE BEST position you will ever be for buying.....

By all means tell the estate agents there is another house you are interested in, & given you were told they were wanting to move fast and have now changed their mind, then you need to speak with them directly. If you feel ballsy, add "or my offer will drop by £5K" (!).....

But keep looking.
& as someone else added, do not pay any money to start the legal process....

I doubt very much that prices are about to sky rocket: of course could depend on where you are, but it is this time of year (from now) that you will likely see a bunch more properties hit the market.

& remember you are in a very strong position with this first purchase: don't let anyone take advantage of you!!
Good luck!

[Blue62]

yajeed said:

Edited to add: the market seems to have pretty much stalled (at least in this area) with few new properties being advertised, so I'm concerned I could be in for a very long wait.

I wouldn't worry too much about the market at the moment, you won't see too much activity in terms of new stuff until early spring. If you are a cash buyer you are in a good position, if I were you I would let the agent know that you are withdrawing your offer but keeping the property in mind while you continue your search, as the vendor has moved the goal posts. I wouldn't worry unduly about losing it, there will be other opportunities and you (as a cash buyer) have the nap hand, use it.

[Trabi601]

Funny definition of 'no onward chain'!

[mikeiow]

Blue62 said:

I wouldn't worry too much about the market at the moment, you won't see too much activity in terms of new stuff until early spring. If you are a cash buyer you are in a good position, if I were you I would let the agent know that you are withdrawing your offer but keeping the property in mind while you continue your search, as the vendor has moved the goal posts. I wouldn't worry unduly about losing it, there will be other opportunities and you (as a cash buyer) have the nap hand, use it.

This is good advice.....if they are serious about moving, it could jolt them into action, if not, at l least you will know and can move on with looking!

[Hub]

mikeiow said:

Keep looking.

I haven't moved for years, so not the most current of views, but you are in THE BEST position you will ever be for buying.....

By all means tell the estate agents there is another house you are interested in, & given you were told they were wanting to move fast and have now changed their mind, then you need to speak with them directly. If you feel ballsy, add "or my offer will drop by £5K" (!).....

Or 6 months down the line they find somewhere they want to buy but it is more expensive so THEY ask for another 5k because property prices have gone up etc. Then you're back to square one - so yes, keep looking!

[Sheepshanks]

Trabi601 said:

Funny definition of 'no onward chain'!

That's a bit naughty on the EA's part.

When we last moved I was struck by how many people didn't seem to actually want to sell - perhaps it was just people trying to look like they weren't desperate sellers but when they say things like "we haven't really started looking yet" it doesn't half put you off.

[georgefreeman918]

We had this recently, in very similar circumstances.

- Offer accepted end of July 2016
- No onward chain, we were not selling, they were being put up by work

However we only completed at the start of December, which was a bit annoying as we wanted the property as soon as possible.

You can apply pressure, by threatening to pull out, but this may back fire if they decide to call your bluff. We didn't do this as we knew the sale of the property had previously fallen through.

Our solicitors were also useless. The best thing we did, was talk through estate agent, typically they are on commission (whereas the solicitor will get paid regardless of a sale) so they want the sale of the property to go through.

Ultimately its a waiting game, but good luck.

[Renovation]

yajeed said:

the market seems to have pretty much stalled (at least in this area) with few new properties being advertised, so I'm concerned I could be in for a very long wait.

It's always quiet around Xmas - it will pick up shortly

[yajeed]

georgefreeman918 said:

We had this recently, in very similar circumstances.

- Offer accepted end of July 2016
- No onward chain, we were not selling, they were being put up by work

However we only completed at the start of December, which was a bit annoying as we wanted the property as soon as possible.

You can apply pressure, by threatening to pull out, but this may back fire if they decide to call your bluff. We didn't do this as we knew the sale of the property had previously fallen through.

Our solicitors were also useless. The best thing we did, was talk through estate agent, typically they are on commission (whereas the solicitor will get paid regardless of a sale) so they want the sale of the property to go through.

Ultimately its a waiting game, but good luck.

That's half of the problem; The estate agent made out that the sellers aren't the most amenable (and it took 2 weeks to get a viewing), but then haven't exactly been consistent with their communication either.

I hate to generalise, so won't, but needless to say the 2 estate agents I've been dealing are in their early twenties, very confident in their ability and knowledge of the market. When 'helping' us through the negotiation process their advice turned out not to be very helpful.

So, with all that, I have reservations about speaking with them to help get a resolution. I do take your point about their commission though.

Rather foolishly. I've already appointed a solicitor. I think I'll speak with them and tell them to hold off until we're in a more certain position. and try to either speak to a more senior person at the estate agents, or try to get a number for the vendors.

edited to add: This isn't my first purchase, but it's my first since giving the other house to my ex-wife.

[blade7]

Knock on the vendors door and speak to them face to face. The majority of Estate Agents don't care about yours or the vendors best interests. And use a no purchase, no fee Solicitor.

Edited by blade7 on Monday 2nd January 12:36

[yajeed]

blade7 said:

Knock on the vendors door and speak to them face to face. The majority of Estate Agents don't care about yours or the vendors best interests. And use a no purchase, no fee Solicitor.

Edited by blade7 on Monday 2nd January 12:36

I did speak to one of the vendors when we viewed, and he seems a thoroughly decent bloke, and a petrol head.

Too late on the solicitors (though they won't charge much extra as long as we continue to use them for the eventual purchase).

So, I think that's the plan; don't do any unnecessary searches, wait for the mortgage approval to come through (just have MIP at the moment but it should be fine), then speak to the vendor directly to understand their position. It's a small estate agency, and rumour has it the founder is a decent guy, so to be courteous, I'll speak to him to explain the situation and get the vendors number.

I'll also keep an eye on the market. If there are many new houses advertised, then the delay could actually be a blessing in disguise.

Thanks for all the advice - appreciate it! Hopefully I'll be back later with a discussion on what to buy to put in the garage...

[wiggy001]

paulwirral said:

Welcome to the chaos that is the English property market . It's unlikely you will be able to force a sale so either sit it out or look at other properties , preferably deceased estates or divorce settlements , they are usually good bets in the way of proceeding quickly .

We are buying a house being sold because of divorce. The lady that resides there is buying our house (so no real chain as such).

6 months since we both accepted each other's offers and we are no closer to moving than we were in July.

[Steve H]

I'd agree with the suggestions that you talk to the seller and cut the agent out of the loop.


If you don't get some prompt progress they are messing you about, either keep looking elsewhere or explain that your offer will reduce by the amount of your monthly rent until you exchange contracts (or both).

[paulwirral]

wiggy001 said:

We are buying a house being sold because of divorce. The lady that resides there is buying our house (so no real chain as such).

6 months since we both accepted each other's offers and we are no closer to moving than we were in July.

Sounds like you need to put a foot up someone's arse , drop your offer and give the ex husband a backhander , that should get things moving