Pulling out of house purchase last minute

[nachosTrafficante]

We’re about to pull out of a house sale...due to basically changing out minds. I feel awful especially for our buyer who has been waiting for us to fins somewhere and has just had survey down. I want to offer to pay for his survey as I feel dreadful.

Well then have survey I suppose.

Out of interest does any know why we have such a shitty way of buying and selling houses in this country? reading Scots post the Australian system sounds relatively simple, and when I watch property programmes from Canada/USA the buying and selling process seems so easy compared to ours, why has no government ever tried to simplify the process?

@bettyboojustdointhedoo The last Labour government did try to reform it, at the same time as they introduced energy labels. There was going to be a system where vendors had a survey done when putting their house on the market and the process became legally binding earlier. People with a vested interest in the current shitty system campaigned heavily against it and it was withdrawn.

The OP is both selling and buying BTW, she’s fucking up a whole chain because she ‘changed her mind’. The time to do that was two months ago, not when everyone thinks they’re about to move.

Thanks ChangeofTides that explains it, all boils down to making money. I’m guessing as us plebs have no clout we are stuck with it forever.

I find this slightly odd. Surely Op had appointed a solicitor too which means she had incurred costs. In order for the buyers solicitor to seek for searches and to arrange a survey, Op would have needed a solicitor. And Op is both a buyer and seller.

Annoying for the buyer, especially if they have spent their £2k on surveys and solicitors fees and really haven't got. Anything else and will have to start saving again.......but this is the way it works in this country. Being outraged doesn't really help....there is no commitment until the point of exchange. We know people drop out every day - because of issues to do with surveys further up the chain, because of price changes in the market over several months, because of changes in family circumstances, because of changes in the economy. In reality few people simply admit they pull out because they change their mind....but in reality that's kften what happens combined with some of the factors I've just mentioned.

It's certainly good to think carefully in advance of getting into a big chain and getting others involved in spending hundreds and thouseand of pounds and all the emotional upheaval as well. In future perhaps Op will think about that more and point out these issues to her DH too. But with the best will in the world, things fall through......and when people are in long chains, it can be difficult to identify exactly where it goes wrong and breaks down. It's one reason why it's so much easier for everyone if you can get into a short chain or involved with a cash buyer.....but I know not everyone can do those things.

What a bloody awful thing to do.
First time buyers (for example) are likely to have scrimped and saved and perhaps done overtime to be able to afford their first property. If their sellers call it off, they may be thousands down, with no spare money, and would then have to buy something less good or in a less good area. Or nothing at all. Could have long lasting detrimental effects on the children’s schooling amongst other things.

So what that it’s not illegal, or that it’s “just the way our system works”?It’s horrendous that flaky sellers can, essentially, choose to waste thousands of pounds of someone else’s money on a whim. It should not be allowed.

Yes, you should feel bloody wretched, OP

I thought OP was saying she’s pulling out of a house purchase but she feels bad for the person buying HER house because they’ve done the survey etc. She is buying. Well, not any more though.

Right

The person buying our house is a FTB living at home. They will have lost £600 in survey fees. No solicitors engaged yet. We are buying an empty house. I was askin* should we offer to pay that £600?

We are going to proceed. It’s been a long process and dh’s job situation isn’t as secure as it was when this started. We’ve discussed and we can manage it on my salary alone if needs be, so we are going ahead.

the system is crap in that people can spend 1000s and have a buyer or seller pull out

But we are going ahead.

But, you know, circumstances do change.

But, you know, circumstances do change.

But hopefully not minds, eh OP?

I’m confused I thought you said it was close to being a done deal, so late in the day - so how come there are no solicitors fees? Or did I read that wrong!

Hope the new place works out for you op.

One of my neighbours pulled out of a house purchase because of Brexit jitters. He is a paediatric surgeon not lucifer

Then he’s even more of a bloody idiot and his profession is immaterial.

Immature and selfish behaviour.