To think there should be a fine for vendors pulling out of a property buy/sell process last minute?

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Just had this happen. Pregnant, strung along for months, collapsed a sizable chain because a couple of immature children think it's acceptable to pull out the day of exchange. I'm broken hearted, wasted all my money and savings and I have never felt so much hatred for two strangers. From speaking to the agent they have no genuine reason, just playing a bit of a game with us all I guess. How is this legal? It is the cruelest thing anyone has ever done to my family and I don't want to start it all again but now I have to with way less money. We had spent months getting our house ready for them as their first home, deep cleaning, painting, repairing.. turns out they never deserved any of it. It's really knocked me and I have no faith in anything now or people but I have to just get on with it :(

Yanbu - there should be a fine to stop this from being possible after a certain point.
Yabu - it's okay for people to do this.

We’ve had the same op and you have my sympathy, we did end up with something better in the end so fingers crossed for you x

Children aren’t allowed to sell houses.

Also had the same. Should be illegal. In France there’s a 10% deposit/penalty system if you pull out. Should be the same here.

Thank you so much for replying. This they'd is the only way I can really vent because of the way all the communications are done I was just left with knowing they had pulled out ( although the agent was disgusted with them too ) and that's that. It almost seems cowardly. We had someone else pull out before whose mother had fallen ill and never in a million years did I blame them but this is different. Why let it get to this point? I'm glad you found something better. How did you get back on the horse so to speak? I can't stop crying :(

What do you mean?

This would be so much better, only serious buyers would then come forwards.

It happened to us too but then we found a much better place for us as a family and are really happy there, so fingers crossed it works out that way for you as well.

I don't come from the UK and I find it bizarre that the sale doesn't become unconditional after a certain point In other countries there can be huge penalties for failing to settle a sale (as there should be!)

I agree, there should be a fine etc or at least some kind of system where if the vendor pulls out last minute, they’re penalised. A deposit system sounds fare.

Really feel for you, OP 💐

I'm so sorry this happened to you. I agree with you there should be a financial penalty.

The money you spent on your home has made it easier to sell now. Try to put straight on market again.

Me too, it's been months of the worst stress with all the emails and demands and phone calls, jumping through hoops all for nothing. I don't understand how anyone can do it though, really past a certain point no normal human should be thinking of pulling out after committing to the sale for so long. I know I'm angry but it makes me despair of people. I don't even know where to start today with moving forwards.

Can’t really vote. What they did was rotten and very disappointing for you, but people can pull out for all sorts of valid reasons, so I don’t think a fine would be appropriate.

I agree, op. At the time you accept their offer, they should put down a deposit which they forfeit if they then pull out, and it should cover all costs.

I hope you find another buyer quickly.

The op means they are behaving like children with no responsibility.

Sellers do it too. I don’t think there is a big enough appetite to change the system because many like the fact they can pull out.

OP I know exactly how you feel. The same happened to us - months waiting, money spent, dreaming of our next move, massive house sort done in preparation for the move, in correspondence with new school.

It is the most horrendous system imaginable. By the time (6 months later!) that we were completing our second chain I was so beyond reading surveys, the searches etc. There absolutely must be a better system where you aren't left in limbo for months.

The Scottish system seems far more sensible to me.

I like the Scottish system more, sellers have to have the survey done and provide the results to buyers. It’s hard to back out once an offer has been made.

Friends had it the other way the seller asked for an additional £10k on exchange day. People are just co*k wombles

I agree! It happened to us in the run up to Christmas. We were all packed with removals booked. In time the feelings ease but I'd be lying if I didn't say I still feel some heartache every time I pass the house we were meant to buy.

I agree with you. My buyers were from EU, as am I, and ww baffled solicitor by wanting exchange month and half before agreed completion date.... Why the hell not? They even wanted to charge extra for that.
I don't get why people can just bugger off like that till so late in process.
I also think exchange and complex on same day is masochism.

Didn't they pay for a survey/solicitor/mortgage arrangement fee? I wouldn't accept an offer without those in place. If so they must be somewhat out of pocket.

Not much consolation for you though. I'm really sorry. I do think people should be able to claim back costs from the party pulling out.

sellers have to have the survey done and provide the results to buyers

Didnt they try to introduce this here? A home sellers pack or something it was called. Sellers didn’t want to pay for it from memory.

I agree it's shit but the whole point is that exchanging contracts is the legally binding part.

In our system, you can't expect a buyer to put down a deposit until the mortgage company has confirmed it's suitable security, the searches are back and they've had a survey done if applicable.

The Scottish system is better but even then the offer isn't binding until the missives are negotiated. As someone else said they tried to introduce a Homebuyers Pack here but nobody would do one!

So sorry for you OP!
The difficulty in legislating is that there are all sorts of good reasons why someone might pull out. I'm near to exchange, but stuff has come up in the legals that the seller knew about but didn’t disclose. Significant chance that I may have to back out. I'll be out of pocket on fees, and they'll lose their buyer, but it's down to them not being up front about things.
Any legislation would be open to rows over who's at fault for pulling out (e.g. vendors could say "issue doesn't matter, buyer should still buy," buyer says "issue wasn't disclosed, it's a deal-breaker.")

It's terrible that this is allowed to happen, it's just happened to my ds as well. The buyer strung him along for months. He's in rental at the moment as he had to relocate for work, so he's paying rent and mortgage! Can't buy again obviously until he's sold his property.

You must be beyond frustrated, OP.

I hope you find a new property to purchase soon, you may find a vacant one that's even better!

Fingers crossed your purchasers and chain below can hang on.