Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Flip

1 2

Original poster

WIBU to pull out of this house purchase

28 replies

FuckingHouseBuying · 07/10/2018 11:29

NC'd for this as I know a few of my RL friends are MNers and the details could be outing.

Offer accepted on a house (advertised as no upper chain) at the end of May. Mortgage offer in place at start of July. We have nothing to sell.

End of July, sellers' (separated couple, one still resident at property) solicitors were sent half a dozen supplementary questions arising out of the contract, searches, PID etc. Despite many chase ups, by the middle of Sep we were still waiting for answers to two of them, and they were not hard to resolve. That week, I spoke to the relevant people at the LA and got the answers myself.

We've been ready to exchange - our side of the contract signed and ready to lodge - for almost a fortnight. We had made it clear that due to our current temporary living arrangements, we needed to complete by 11th October.

We found out recently that not only is the resident seller in breach of a court order requiring the property to be vacated and sold, but that he is buying another property and is refusing to agree a completion date in the hope he can tie his purchase - which is not as well advanced - to the same date. (He is using separate solicitors for the sale of 'our' house and the purchase of his new one - is that normal? - which is why we've only recently found out.) After some pretty stern emails from my solicitor last week and the estate agent ringing him, he has, according to the latter "agreed to aim for the 11th but it will have to be exchange and completion on the same day".

I know some people do this but I feel without the legal commitment of having exchanged beforehand, there is no sanction or incentive for him to pull his finger out for Thursday? He's shown himself quite happy to lie/be economical with the truth - he hadn't told the estate agent about his purchase, he told us to our face that where he wasnt tied to any dates with regard to moving out, and he's blatantly disregarded a court order to get out.

WIBU to instruct my solicitor to say we exchange by close of play on 10th or we pull out? I really love the house and it's the best we've seen in our limited budget, but if his purchase is a tricky one we could still be here in three months time and no further forward. It means we'd have to move out of our current accommodation and rent somewhere for six months, which realistically means we wouldn't be able to start looking again until after Christmas, is more dead money etc, and obviously we'd lose the fees we've paid so far.

It's so fucking stressful, I'm second guessing myself constantly!

OP posts:

MrsStrowman · 07/10/2018 11:32

I think at this point you've got nothing to lose, he either exchanges and completes next week or you pull out at the end of the day on the 11th. I wouldn't exchange first as he'll then find a way to delay completion and you're then stuck in limbo.

TedAndLola · 07/10/2018 11:33

The guy sounds shady as fuck as clearly doesn't give a shit about you. I would issue the ultimatum!

Charlie97 · 07/10/2018 11:34

No way would I agree an exchange completion on the same day as this guy! So bloody unfair though!

QuickPollPlease · 07/10/2018 11:36

Definitely. I would not trust him at all.

You never know, he might pull his finger out if he knows you are serious.

However...do be prepared to lose the house if he continues to mess you around.

Dragongirl10 · 07/10/2018 11:36

I don't think you would be unreasonable to pull out, and l say this as someone who has just had my buyer pull out after offering on our house in June, causing us to have to pull out of our purchase, school places etc......

You are in a very good position and he should be delighted you can move fast! Someone else will be very happy to have you as a buyer.

Malbecfan · 07/10/2018 11:38

Hmmm, might you be better to appeal to his grasping nature by sweetening the deal? Could you offer him say £500 cash (assuming you are not at a stamp duty threshold) to exchange imminently? It would mean you wouldn't lose the fees you have already spent. If push comes to shove, can you put stuff into storage for a couple of weeks and camp out in a Premier Inn or the like if you need a gap between exchange & completion? I own a holiday cottage and have had people stay for up to 6 weeks between properties. At this time of year, you might just be lucky. It would add up to a lot less and would mean you get your lovely house, just a little later.

Celestia26 · 07/10/2018 11:40

It's very risky. We did this once on a property, as no other option available. It was nerve-wracking though.

I would call his bluff and say you have to exchange by the 10th or you're pulling out.

Original poster

FuckingHouseBuying · 07/10/2018 11:41

MrsStrowman at least then he would be liable for penalties, which are not insignificant, and any costs we incur through not being able to take possession.

OP posts:

Original poster

FuckingHouseBuying · 07/10/2018 11:43

Malbecfan our stuff is already in storage so we've paid a fortune already! We're staying with a relative currently but that can't carry on beyond w/c 15th, and we have pets which makes hotels difficult / expensive (as separate pet care costs would be needed).

OP posts:

SassitudeandSparkle · 07/10/2018 11:43

I'd push for an immediate exchange with completion by whatever date you want tbh, I doubt he will be ready by Thursday so I'd be prepared to look elsewhere. OTOH, if you don't have anything to sell yourself do you have anywhere to live after Thursday? You may want to wait, but I think putting a firmer deadline in might focus his mind a bit more.

MrsStrowman · 07/10/2018 11:44

I guess it depends if you're genuinely willing to walk away, it seems like you really love the house, so push for exchange first but then be aware completion could take months longer and he'll be liable for penalties but not the costs of storage or you living elsewhere, so it also depends if you have a contingency plan. He sounds like an absolute nightmare!

Santaclarita · 07/10/2018 11:45

I would call his bluff and pull out now. As soon as he risks losing everything, he'll be at your door step begging for it to be completed. You're likely to lose out anyway, may as well do it on your terms.

AlwaysSleepy1 · 07/10/2018 11:45

There's no reason for him to delay the exchange unless he's planning to delay completion and you'd have to call down your mortgage funds and send funds to his solicitor before exchanging which could cost you extra money. I would be very wary or agree a slight extension at this stage if you could just to get the exchange! Nightmare for you!

Foslady · 07/10/2018 11:47

I’d pull the plug if he’s not prepared to move on that date. It sounds like he couldn’t care either way to be honest because I guess it’s a separation and all he’ll be doing is delaying his partner from moving on by not being able to release them off the existing mortgage and possibly releasing any equity to them.

Sorry if it’s not what you want to hear

seesensepeople · 07/10/2018 11:48

If it makes you feel any better, I have exchanged and completed on the same day 3 times. I have also had a buyer pullout the day before exchange when I was all packed up and ready to move a week later.
How long have you got in your current accommodation after Thursday?
If you want the house, then you could take the risk - get your stuff packed and ready on the assumption it will work out but have a backup plan, e.g. use a removal firm that also offer storage, have a weekend trip to relatives or a nice hotgel at the ready.
Whatever you decide, I hope it goes well.

ResistanceIsNecessary · 07/10/2018 11:55

I've done a simultaneous exchange and complete and it was a stress nightmare - i really wouldn't recommend it unless you have no other options. And in your case there is no reason why you shouldn't exchange tomorrow.

I would instruct your solicitor to send a firm email advising that he needs to exchange by 5pm tomorrow for completion on the 11th. If he refuses to do this then you are pulling out - no second chances, no excuses, nada.

Joe66 · 07/10/2018 11:57

We exchanged and completed same day. Iiwy I would go for it as you have nothing to lose at this late stage. Even were you to find somewhere else, you'll still need to find somewhere to live for a few months in any case whilst a new purchase went through.

GU24Mum · 07/10/2018 12:08

It's a pain and unfortunately,, when the sellers are a couple who are separating, that makes things much more complicated often.

Get your solicitor to let you know whether you would be liable for any costs to the mortgage company if they drawn down the monies and have to return them (other than bank transfer fees which are c £30). If you don't then you aren't really in any worse a position aiming for Thursday or trying to exchange on Weds as the monies need to be requested in advance anyway.

I'd be inclined to agree to exchange and complete on Thursday but say it needs to be done then. If that doesn't happen then pull out.

Hope you manage to get it over the line.

crimsonlake · 07/10/2018 12:13

I would only make the threat if you are prepared to carry it out. I have been there with sellers like this, initially saying they are prepared to rent rather than lose the sale. Fast forward a couple of months and they are suddenly in a chain and cannot complete on the agreed date. Of course by then you have paid out a lot of money on searches and solicitors and it would cost to pull out and start again.

niknac1 · 07/10/2018 12:15

As people have already said you have nothing to lose to go for exchange and complete on the same day, as others I’ve also done this on 3 house purchases. Issuing ultimatums before the soon to be exchange date could have a negative effect. I would consider this ultimatum if they fail to meet the deadline already set. Good luck with your house purchase

Jaxhog · 07/10/2018 12:19

Don't pull out, just keep him on the boil and start looking at other properties. Keeping him hanging on won't hurt your search, and will put pressure on him to pull his finger out. Serve him right if he then doesn't complete before you find somewhere else.

My mum just exchanged and completed in the same week (2 days apart) earlier this year. Not ideal, but it can work.

Gemini69 · 07/10/2018 12:30

Pull out now

bellsbuss · 07/10/2018 12:39

As we have exchanged and completed on the day quite a few times I actually believed it was the norm

properlook · 07/10/2018 12:44

This is similar to my first house purchase. I have a date and said that was it. It came and went. The house was going to be repossessed and sold st suction. His solicitor came back with a week and asked if I would reconsider pulling out. I did, for £5000 off the price.

Stick to your guns op.

properlook · 07/10/2018 12:45

HAD a date
Sold at AUCTiON

Flip

1 2

Swipe left for the next trending thread