AIBU to tell our buyer to fuck off?

[AppleWin]

We put our house on the market in March. On the first day of viewings we had multiple offers. We went with a particular couple (even though their offer wasn’t the highest) because the agent stressed that they were very proceedable and had a high deposit so wouldn’t have any hiccoughs with their mortgage - and also because they weren’t a landlord.

In July, they still hadn’t booked their survey or had their mortgage approved. It’s a character property and you’d be bloody stupid not to have a survey (even though we know the property is fine). This was very concerning because, when we had the survey on the house we’re buying, there was a six week lead time. After a few weeks of the agent chasing them and them dicking about, they said that they didn’t want a survey and their mortgage was approved. We thought they were stupid as hell not to have a survey but it’s their choice.

They’ve been pushing for a very quick move and this has mostly been held up by searches and the solicitors. We were due to exchange tomorrow and complete on Friday. As such, we spent the bank holiday moving all our possessions into a storage unit (we have a toddler and a newborn and are now living off a few items we can fit into just our car). We’ve got DS booked into a new nursery from Monday and DH has a new job near the new house (this is two hours from our current house). Obviously our risk but it’s not physically possible for us to have moved out on time with a short turnaround between exchange and completion - especially with DH and I both working full time.

Our agent phoned this morning to say that they’ve changed their mind and want a survey. We’ve told the agent that they had their chance and there’s no way. Even if it’s quicker to let them have their survey than find a new buyer, I no longer trust them not to fuck us around at every stage. We’re not reducing the price so the survey won’t help them anyway.

AIBU to say no to the survey (and curse them to hell for good measure)?

I really feel for you. Had this shit back in January when I was selling. In the end I called solicitor and said they close at midday tomorrow or that’s it, back on market. They signed at 11.59am. Bastards.

The sale did conclude and go through but I was thoroughly pissed off with them and didn’t do my usual spotless clean (house still left clean and tidy, but not to my standards), nor did I leave a nice card, instructions or bottle of champagne. They made everything unnecessarily stressful for us.

Many lenders will give you a mortgage on the basis of a 'valuation' survey alone, this is much cheaper, costs £100 or so compared to £500+ for a homebuyers and £1000+ for a full structural, a valuation just involves the mortgage company assessing the value of the house based on prices in the local area etc, pictures and floorplan from the estate agent and sometimes doing a 'drive-by' assessment of the outside. This is particularly the case for low-risk mortgages i.e. low loan to value rates so the bank is only risking their capital on a low % of the house, and for modern properties/flats, where the chances of the house being in such a catastrophically poor state their capital is at risk is low. Also it's what typically happens when you remortgage as you usually know all about your own house by then and don't need a repeat survey, just a valuation to reassure the bank.

The bank only really cares whether or not they're going to get their money back in the case of a default, not whether there's loose tiles or the boiler's about to pack in or all the other useful info you get from a proper survey. E.g. if they are only lending £100k on a £250k house, the fact it actually needs £50k's worth of work and so is only actually worth £200k or less and the buyers are being ripped off isn't that much of a concern to them as they'll still get their money at the end of the day. It should be a big concern to the buyers of course but that's their lookout!

If they insist on a survey then you should also relist the property and see if you can get another buyer so that you are not wasting any more time.

No need to totally bin them as they could come up trumps in the end - keep focussed on the fact that its the sale you need. But you should make it clear that it is being relisted now in order to attract other interest as you feel they are not committed.

Then back to buyers, exchange tomorrow or we will remarked at the increased price.
That way you cover your increased expenses.

It might all turn out for you, new buyer, increased price, leaving you with more money than you thought you would have

It's simple. Tell them to stick to the original timetable or the price goes up by £20k at end of business Friday and £10k per week after that until exchange. And you tell them it's going back on the market today, with viewings starting on Saturday. Regardless of what the reasoning is for changing their minds about a survey now, they started the process dragging their feet and delaying and it's unlikely they're going to suddenly get a shift on at this stage.

I'm going to repeat my usual advice on house selling threads, do not stop marketing a property until exchange. The system for selling property in England and Wales is broken (the Scottish system is broken in other ways), but it will break you unless you work it the way it is. Get it back up and listed with the EA today at the same time you're telling the buyer to honour their agreement.

There's nothing wrong with being a landlord, or the concept of landlords. It's how you behave as a landlord that counts. If you're in it for the long-term rather than the fast-buck you can be an ethical landlord providing short- or medium-term accommodation for those that need it.

Presumably you had a survey done when you moved in?
Can't you give them a copy of that to read to allay their fears?

Agree with this approach, it gives you more options and also sends them a clear signal that you won't be tolerating cheeky attempts to knock down the price following the survey, as by relisting your house you may well get a higher offer.

They’ve had their chance if they wanted one done and it’s clearly a delaying tactic or to get your to reduce the price. If you can move and get more for your money now with selling at a higher price give them the option to proceed or if they want a survey then they can put another bid on it when it’s back on the market this afternoon.

YANBU tell them to fuck right off. I can almost guarantee they'll back down. If they don't it's because they don't want the property anyway and are just stalling for time to consider pulling out or trying to reduce the price.
Say they can either stick to the agreed timescales or you're pulling out on the original exchange date.
If you can move anyway, do that.

This

We had buyers who did something similar when we last moved. Got the most basic survey, all good. Then decided at the eleventh hour they wanted a more comprehensive one and what do you know they’re asking for £15k off the asking price for absolutely no reason. They were incredibly unpleasant to deal with and after a lot of back and forth it fell through and we lost our dream house as a result. Thankfully we re-listed with a better agent, found a buyer quickly and moved into what we now realise was our actual dream house.

I say better to call their bluff now and give them an ultimatum rather than let this drag on. It’s better to know now than months down the line.

On a separate note you’re not using Purple Bricks as your agent are you? We used them first time around and were shocked at the lack of checks and involvement our agent had what it all hit the fan. She just took our money and ran basically. The second we connected with a local estate agent it all ran without issue.

Have you told them OP?

It's a stalling tactic. 100% call their bluff.

Survey instructed, to use as leverage for any reason to reduce the PP prior to exchange.

Let them do the survey, but also, advise the estate agents that the property is back on the market and to contact all previous interested parties.

Let the buyers know, that due to the late request, you have had to cover your own backs and relist. If they are able to have the survey done, and are happy with it in a timely manner then you will proceed, other than that it is relisted.

@fromdownwest

Yes, covers all bases.

To complete on Friday they almost certainly need to draw down the mortgage today. You can do that without having exchanged but it needs to be done.

This sounds unbelievable, even to me as I'm notoriously risk-averse, but the first time we bought - a listed flat - we only relied on the mortgage valuation survey. Think we were inexperienced, bit naive, thrifty and optimistic. And tbf, we didn't have any major problems and totally renovated the place. BUT I would never be so cavalier again!

Good luck with enforcing a verbal contract. My instinct would be to drop them too. They’re unreliable, and a bit stupid. Who knows what else they might try.

What a nightmare. I’d relist as a precaution and call their bluff.

Why are you against being a landlord? It’s not ‘hoarding property’ if it’s rented out to a family that want it. There’s a huge shortage rental property around here and I know families desperate to find one, who’d be really happy to have a good landlord. It’s the unethical landlords that are the issue IME. A new rental property with an ethical landlord would be a good thing here.

If you don’t have the time and inclination to be a landlord that’s fine but the way you worded it sounded like you were ruling it out as unethical or something?

I would tell them that the time for this was between March and July!! What a tremendous waste of time!! They can do what they like but your property is back on the market immediately and get the EAs to get in touch with people who were previously interested. Oh, and point out to these time wasters that prices have gone up since March so any ideas they had of trying to reduce the price will be met with a firm ‘fuck off’. Good luck!!

3 Let them continue with the survey and sorting their finances out but also relist is, you may get a better buyer.

I don't see how their mortgage could be in place if there's been no survey, don't lenders do a survey as a minimum?

This is what I came on to say. I wouldn't dump them, but would relist in parallel to cover your back

It's then their risk that you may get a higher offer while they are faffing around extending the process, and you are telling them that you are unlikely to play the post survey 'how much can I get off the price' game

Definitely ditch them. This won't be their last stalling tactic

This ^^

The last minute survey requirement is right up there with "we don't need a mortgage/oh look, we do" and it's unlikely to get any better. Of course they'll claim you're trying to stop them getting a survey because you're hiding something that's wrong, but that doesn't matter since you'll never have to see them again

No you don’t need a survey, we have bought & sold without one.
What you do need if you are getting a mortgage is a valuation from the lender. It confuses people because they sometimes call it a survey but it isn’t a proper survey it is just a valuation.