Breaking the House Purchase Chain
Discussion
I would say not to move out and into rented, as if it all falls through you are in a disadvantaged position in the best case.
It isn't you holding up the sale, so the chain will have to wait. If not, c'est la vie..
As your agent has suggested you could exchange, but do not set a date - as you have no control over it and you are likely to lose out more than anyone I think.
It isn't you holding up the sale, so the chain will have to wait. If not, c'est la vie..
As your agent has suggested you could exchange, but do not set a date - as you have no control over it and you are likely to lose out more than anyone I think.
XJ75 said:
there's an issue with the probate of the place we are buying, something about having to amend the will. They have absolutely no idea how long it will take to sort (couldn't even say weeks or months).
I may be being blonde here, but how are they going to change a Will when it is going through probate?it depends how desperate you are for the house you are buying and how confident you are that you could sell yours again if your buyers pull out...
XJ75 said:
We've now had 2 suggestions from the estate agent:
Why on earth would your buyer agree to 1? - Exchange contracts on the sale of our place but don't complete until the probate is granted on the house we are buying
- Exchange and complete and on the sale of our place and rent the new place under some kind of license agreement until we can exchange/complete
We had a similar probate situation, their house on market in April 2015, our offer accepted, everything ready to go by June, except their probate wasn't sorted.
We eventually moved into the house as tenants under an AST contract, and exchanged/completed in March 2016. Had we not moved in as tenants then the vendors would have pulled the house off the market a long time before, and put it back on sale when they were finally ready and increased the price a fair bit too. Only the fact that we were living there stopped that happening.
Is there no option for all parties below you to exchange and complete, you exchange but don't complete, and move in as tenants or under licence?
I don't know why your buyers would even consider your option one, you're placing a delay in moving onto the whole chain when it doesn't need to be.
We eventually moved into the house as tenants under an AST contract, and exchanged/completed in March 2016. Had we not moved in as tenants then the vendors would have pulled the house off the market a long time before, and put it back on sale when they were finally ready and increased the price a fair bit too. Only the fact that we were living there stopped that happening.
Is there no option for all parties below you to exchange and complete, you exchange but don't complete, and move in as tenants or under licence?
I don't know why your buyers would even consider your option one, you're placing a delay in moving onto the whole chain when it doesn't need to be.
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