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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To pull out of house sale

21 replies

Goingforplatinum · 20/03/2023 19:50

Currently private renting. This time last year LL offered to sell us the house. We sold our possessions including my car, got a 5% deposit on a mortgage deal at 2.2% all good. Got a survey on house and all pretty much fine. Nice rural location, low crime and good schools. 12 months down the line house still isn't ours due to issues with the land and the land not belonging to house. I've had to finance another car within this time and now the interest being offered to us is 6.5%. This will be a struggle for us to afford. We have asked LL through the estate agents if we can sign another 6 or 12 month contract to give us security and give us chance to improve our financial situation (DD will get funded childcare hours) and also with hope the interest rates will come down. LL has said no as he hopes the deeds will be sorted soon. I'm thinking now I don't really want the house and feel I only wanted it because we are already in it, it has nice views and it was the home DD was born into. Realisticallyit needs new windows, repointing, has no parking, thin walls upstairs and is a flood risk (never floods but river water comes to the bottom of garden). Df has offered for me, DH and DD to live with him and also for DSC to stay every other week. He has 2 spare bedrooms and has agreed to me furnishing them as I wish, DF house will just need a good clean and organising to make safe for DD, I also think DF would like company after DM passed away.
AIBU to carry on renting, as rent is very cheap at the minute, and then when the deeds are sorted telling LL I can no longer afford a mortgage and pull out of the deal, stay in the house until he finds a buyer and gives notice, then move in with DF until we can save more of a deposit to buy a different home?

OP posts:

StillTryingtoBuy · 20/03/2023 19:54

What’s your current arrangement with the landlord, do you still have a lease…? How many months notice do you and the landlord have to give each other? I think it’s fine to not buy the house - of course - and that sounds like the right decision. Is there a way you can pull out of the sale that protects you and also avoids stringing along your landlord / the seller?

lionsleepstonight · 20/03/2023 19:54

Why not move out as soon as you can to start saving?

Original poster

Goingforplatinum · 20/03/2023 19:57

Rolling contract at the minute. The reason I'm not pulling it now is because Ideally I don't want to be living back with my dad, and also if the paper work isn't sorted in 6 months then there may be a chance still to buy the property as will be in a better financial position.

OP posts:

Original poster

Goingforplatinum · 20/03/2023 19:59

There is no guarantee how long this paper work could take, could take 8 weeks or 8 months and don't want to make any quick decisions.

OP posts:

fruitbrewhaha · 20/03/2023 20:03

I would hang on and decide when you have to.

Original poster

Goingforplatinum · 20/03/2023 20:04

fruitbrewhaha · 20/03/2023 20:03

I would hang on and decide when you have to.

This is exactly what I'm thinking.

OP posts:

ThinWomansBrain · 20/03/2023 20:05

You say you don't really want to live with your DF - doesn't sound like a great start; and if you're leaving it as long as you can, DF wanting the company sounds very low priority for you.
I'd stay, purchase if you can afford it.

Ireolu · 20/03/2023 20:29

Will all these issues crop up again when you want to sell? If yes then I would be looking elsewhere to buy personally.

Original poster

Goingforplatinum · 20/03/2023 20:35

But if we want to pull out should we do it now or wait until he's sorted paper work, rent is very cheap at the moment, hasn't been increased for over 4 years.

OP posts:

Missedourhouse · 20/03/2023 20:37

Do it when it suits you.

Original poster

Goingforplatinum · 20/03/2023 20:42

I thinkci need to put personal feelings aside and look at it as a business transaction. I feel bad for LL as he is expecting a sale, but it has been over a year and he can't sell to anybody else at the moment anyway

OP posts:

Bunny2607 · 20/03/2023 21:11

What about speaking to your solicitor about exchanging conditional upon the land being sorted out. And if after say 3 months or whatever time has passed it hasn’t been sorted out you can back out. Assuming you still want the house of course.

Thisismeyeah · 20/03/2023 21:19

I dont understand what the problem is, if you want it buy it, if you dont then dont. Its really that simple.

StillTryingtoBuy · 20/03/2023 22:19

It sounds more like you want to buy the house now in which case…you shouldn’t pull out? You should decide if you want to buy the house or not, or maybe decide what price you’re still willing to pay for the house? And take it from there. If you’re not buying the house and you don’t want to live with your dad maybe you should also keep an eye out for suitable rental properties?

Quitelikeit · 20/03/2023 22:22

What is the precise issue with the deeds?

Maybe if you tell us someone can give you an idea of a timeframe

Quitelikeit · 20/03/2023 22:23

Personally I would not screw the LL over

Be honest with him now because if you needed a reference or anything in the future then he might not be keen……

Also it will give him the chance to put it back on the market

He hasn’t increased your rent for four years - have a sense of decency?

Original poster

Goingforplatinum · 21/03/2023 06:05

It's never been on the market. He doesnt own 100% of the land so can't put it on the market yet anyway until the paperwork is sorted. This could take 8 weeks or 8 months, no one knows how long as it has already taken 12 months (most stressful 12 months I've had) if paperwork is sorted in 2 months, we can't buy it as don't have affordability and interest too high that would be still paying conveyancer and bank and, if paper work is sorted in 6 months then we will have the affordability and hopefully interest rates will come down.

OP posts:

Original poster

Goingforplatinum · 21/03/2023 06:07

As soon as the documents are sorted, if we can't buy I would let him know straight away so he could put it on the market, but I don't want to pull out now for the documents then to not be completed for another 6 months plus.

OP posts:

icypompoms · 21/03/2023 06:37

Don't pull out until you absolutely have to. Give your self options by staying in the game.

Mummyoflittledragon · 21/03/2023 06:38

This is all on the landlord imo. If they owned the land, the house would be yours by now. Tbh I’d just let them know you’re waiting on them to proceed (as you may be in an a position to go ahead by the time the property is available for purchase). The landlord put you in this predicament by giving you the impression you could buy when the deeds weren’t ready and didn’t care about your future, foregoing a car etc. You’re being too honest. I’m a landlord and I’ve divided land and I know what both entail. You’re landlord is getting a good deal because you’re paying rent, you leave and they don’t anymore.

Original poster

Goingforplatinum · 21/03/2023 08:09

Mummyoflittledragon · 21/03/2023 06:38

Exactly, all along we have had the deeds will be available soon, so we have just waited as it would be easier to buy a house we are already in. At the time of getting the mortgage offer there where a lot of houses available in our price range. Now we have had to pay for a survey and solicitor fees, our already low deposit has taken a dent.

OP posts:

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