Oh the frustration of buying!(8 Posts)
My DP moved into my very small flat just over a year ago. We decided that we would buy somewhere bigger together but keep my flat for rental purposes until the fixed term mortgage ran out.
We found a perfect house in October 2015 and put in an offer which was accepted. Ever since then it has been hell with no movement at all. The vendors did not answer any queries for ages, the last query was only answered at the beginning of February despite our solicitors pushing.
Originally the vendors were going to be renting so there was no chain but they then informed the estate agents that they were now buying a house instead. Overall we have been quite patient as we have a flat to live in but we did have a deadline of 1st April due to the new stamp duty - an extra £8,500 to pay on top of all the usual as I was planning on renting my flat. If I had known that it would not be done by April, I would have looked at paying the early repayment charges and selling the flat.
They have now told us that their other house has fallen through and can we just hang on for another 3 or 4 months whilst they get sorted....so what do we do? Keep looking for other houses and keep them hanging on or withdraw from the purchase?
Has anyone else had something similar?
Their delay has effectively cost you £8,500 or thereabouts. So I'm afraid I'd be pulling out on principle. IF their sale doesn't go ahead anyway (because they are clearly flaky) and you've waited 3 or 4 months or longer, you'll be livid!!
I'd tell them you're pulling out because they're costing you £8,500. And then you've got nothing to lose by saying maybe you'll reconsider waiting 3 months but only if they pay it.
I would put your house back on the market as they have mucked you about so much.
Pull out. That would be my advice even without the increased stamp duty consideration.
We were in a similar situation and waited patiently... and waited, and waited and waited - 6 months later, the chain still hadn't progressed any further (they kept "finding" houses only for them to "fall through" - either they were the unluckiest people in the world or lying through their teeth!)
We eventually issued an ultimatum to complete by a certain date or we'd pull out and we ended up having to do just that - in mean time house prices had increased, leaving us with less buying power, and I wish we'd pulled out at the first sign of them messing us around.
Thanks - I know you are all right and we should just pull out. We are looking at other houses now but an evil part of me just wants to let keep it going until we have offered on another house
and let them deal with the consequences of mucking us about
OP you need to find and read the official guidance on the stamp duty changes. I believe that if you buy a new main residence and sell the flat within 18 months you can claim back the extra stamp duty paid on the house purchase.
I don't think it's evil to only pull out once you have actually found somewhere else. It's not as if the vendors have been honest and upfront with you. If you are leaning towards pulling out, so don't mind doing so, why not issue an ultimatum to exchange by X date?
I agree pull out I sold my house only to have the one I was buying fall through it took us two months to find another house which fell through after all searches and surveys our buyers were in rented and had now waited over six months in which time my house had gone up twenty grand. They have me a deadline which I couldn't meet and then asked reduction in price it was just too stressful so I took my house off the market. They could no longer afford houses in my area and had to go farther afield I found a new house about six weeks later sold mine in 24 hours for twenty five grand more than first sale (same amount as my new house had gone up give or take so no benefit to me) . Moral is don't commit to a house unless the chain is complete your sellers are ideally situated and will have to do what's best for them, I always ask for confirmation of whole chain or I don't stop looking.
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