House move fell through on moving day

[Darbyand]

The pic is a Facebook post by Mrs D. If anyone is interested in signing the petition, the link is here: http://epetitions.direct.gov.uk/petitions/69309" onclick="window.open(this.href);return false;

[murf]

Isn't that why most people exchange and complete on different days????

[Darbyand]

We pushed like crazy for that to happen as we'd read all the horror stories but the "buyer" via their solicitors were very evasive whilst saying everything was fine - they even lied and said they were in the bank on Tuesday morning transferring the money. Then yesterday we got a message they were out due to "unforeseen circumstances" and not prepared to discuss it further. bustards.

[Surprised]

I feel for you. It must be horrendous.
In the Netherlands you have to put up a 10% deposit when you make an offer. If you pull out then you lose the deposit. It stops this kind of thing from happening.

[murf]

The system does need to change, agreed. Not sure the Scottish system(or Dutch?) isn't too far the other way but the English one ain't good enough - especially in a stagnant market that needs to encourage easy movement.

Must be totally gutting. My moves have all gone through in the end but my last seller (agents) were complete to$$ers with all sorts of threats when my hands were tied by waiting for everything to go through (in our rubbish, slow system) - I knew they wouldn't pull out and their threats were hollow but it was always there....

[jimmy ching]

France 5-10% deposit with offer

[Javahart]

Feel your pain. Hope you get another buyer lined up soon.

Were they a cash buyer? I ask because any mortagage offer would require a survey.
I would never exchange/complete on same day, especially if the buyer has no 'skin in the game'.
Stressful enough just completing and I've done that three times in past 15 years.

It's a poor system at the best of times

[Archy]

Dude, your solicitor should have been ringing alarm bells all over the place if the other party was not delivering the required paperwork and was not even demonstrating any commitment by doing searches, which are a standard part of the process.

You could consider suing them for misconduct - they've allowed you, their client, to suffer this loss through giving you bad advice and allowing this to happen.

The talk of changing the system misses the point in this regard. You employ the solicitor to navigate the system for you, that's their job and they have failed to do it.

[Ashers]

The system is not a bad one if you ensure that you have different exchange and completion dates.

As mentioned above, the Sols should not have put you in a situation where you were completing without the purchasers having their searches, etc done.

[eastcentral1]

I have had similar, but nothing this extreme. I feel your pain.

As other posters have said, it is a very odd situation that they managed to get along for so long without having conducted searches or a survey. The system is a poor one, but in this particular case someone has dropped the ball. I would be asking your solicitor how come it hadn't been flushed out that they were doing absolutely nothing.

[eastcentral1]

France 5-10% deposit with offer

The easiest solution. Deposit should become refundable if the survey or searches reveal a material defect.*

*Or perhaps the seller should be responsible for raising the searches and survey, and the offer to sell is made with those available.

[Darbyand]

A bit of context. The buyer was introduced to us by the estate agent as well-known customer who was a cash buyer looking to add to his small portfolio of buy-to-let properties in the village. They had sold him houses and their lettings team managed his properties.

Therefore the lack of searches wasn't an issue and he wasn't bothering with a survey as he didn't have to, the house is only 18 years old and we've replaced windows and outdoor...stuff (fascias, gutters etc) in the last year.

I'd love to lash out at all and sundry but can't really fault our solicitor. They were dilligent and kept us informed throughout and harangued him to exchange well in advance. With hindsight of course we probably should have drawn a line in the sand at some point but as I said earlier we were told lies like them being in the bank this week doing the necessary. And I'm sure anyone who's been there knows that you hope against hope that everything will be ok. And of course he was painted as a dream buyer who'd break a chain, we didn't want to lose that....though as it turned out it was illusory.

[Zimmerman]

Rotten luck!

Beware of somebody coming in and making a low ball offer in the nr future

[barry]

that's horrible!

I think offers are legally binding in Scotland.....find out soon, going through the process just now!!!

find a house you like, instruct solicitor to put in offer (subject to mortgage usually) once it's all agreed, there's no backing out.

my friends were doing a house swap and the seller changed her mind after contracts had been signed and was told it would cost her £16k (going to my friend) to cancel the contract...it all went through!

[bluenosey]

That's horrible mate

Try and think that everything happens for a reason and it wasn't meant to be.

You may end up in a better house as a result, so even though it's tough, cling onto positives.

[Ashers]

You can't be gazangled in Scotland are a legally bound to carry on the purchase once you have had your offered accepted.

[WilBert]

Rotten luck!

Beware of somebody coming in and making a low ball offer in the nr future

+1

[tommymooney]

Sorry to hear.

We had 3 buyers pull out on our move last year, only success at 4th time of asking. Not as late as that though. Our system is ridiculous.

Might get more for the house in the spring? Trying to find a positive...

[Five long bones]

You can't be gazangled in Scotland are a legally bound to carry on the purchase once you have had your offered accepted.

Did you mean:

gazumped

[Ashers]

You can't be gazangled in Scotland are a legally bound to carry on the purchase once you have had your offered accepted.

Did you mean:

gazumped

No, gazumped is different. Gazumped is where a vendor accepts a higher bid after accepting yours.

[Ashers]

And there is also gazundering. Which is when the purchaser decreases their offer at the last minute hoping that the vendor will accept.

[Five long bones]

Google must be broken tonight.

[murf]

Did somebody type Google into Google......

[barry]

accepting one higher offer after accepting a previous offer....
withdrawing offer after accepting......
offer less after having agreed at a higher price.....

what a fkd up system. That's horrible!!!

[Darbyand]

Three viewings arranged for this weekend something tells me the estate agent is putting in a little extra effort to rescue the chain...

[tommymooney]

you may not believe this, but we had an open day once the 3rd buyer fell through - and 34 people turned up to view on the day and we had 4 offers including one over asking price! London suburbs for you...

[murf]

you may not believe this, but we had an open day once the 3rd buyer fell through - and 34 people turned up to view on the day and we had 4 offers including one over asking price! London suburbs for you...

The way prices are going dairn sairf at the moment, it is a good thing if it falls through as the price will have gone up since the offer!

[tommymooney]

Yep, I wouldn't ever want to be in Darbyand's position, but from buyer 1 to buyer 4 - the flat went up £20k in 6-9 months.

[mikeg13]

Just about to put house for sale, so read with more than little interest any advice regarding how to avoid dreadful thing that opening post went through appreciated.
Bad enough trying to de-clutter house(30 odd years worth of stuff)
Not something have experience of moving, buying new home etc, its seems to be a minefield.

[tommymooney]

My number one tip - never assume anything is being done - if you think 'oh the agent/solicitor/buyer/removals firm are dealing with that' - they probably aren't...so be a nuisance and keep calling them.

Like with a lot of services compared to 30 years ago (ok I was a nipper then...) things are cheaper but also often of lower quality and customer service.

Make sure you get a few agents round to value - as some say they know the market, when they patently don't - I think one of ours undervalued as he had a buy to let 'mate' he wanted to knock it off to quick.

If it is a seller's market where you are, insist on a short turnaround from offer to completion - don't let them hang around and get cold feet.

Ask your estate agent what their back office set up is - they may have super shiny salesmen/women - but you need the admin person back in the office to get the deal closed.

Might think of some more things...