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

[BrokenCookies]

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.

really feel for you it’s awful thing to happen
But when you buy again get homebuyers insurance
it will cover you for assholes like this pulling out

when my son was buying the chain almost fell apart and if it had pretty much all of my sons solicitors fees survey would have been covered so around 2.5k
as it was the sellers managed to buy another house and my son and his partner stuck with them for the new sale

his insurance came from his solicitors but you can buy it within 2 weeks of making an offer cost around 60 -100

I also think the estate agents should bear some sort of penalty. Ours took our house off the market and every time we queried it told us to wait for our buyer to get a mortgage, that would be the smart thing to do etc. Five months later, buyer simply disappeared. I suspect he was a friend of one of the agents but there you go, nothing I can do. They seemed very unconcerned not to be getting a penny of commission after all that time.

We've now accepted a new offer through a new agent - they offered a (chargeable) service wherein the buyer has to deposit £2k which they lose if they pull out after the offer, but not sure how that would work in practice and we thought that would put people off big time. We're only 2 weeks in so no idea if this one will get past the finishing post.

I do find across the board though - particularly with younger people (say under 40s?) - buyers don't feel that this is a binding commitment, one that they should only withdraw from in dire circumstances. They feel its like choosing something in a supermarket and if you get the till and change your mind you just dump it in another aisle.

Hopefully the OP is moving to Scotland where all properties sales and purchases complete without even the slightest hint of stress or bother.

This completely!!!!!! I am 33, selling to two early 20's. I really REALLY do think they think it's a casual thing like returning an outfit they've worn to a party already because the selfishness prevails over everything. My first lady who really wanted my house was 38 and was in bits about pulling out, much earlier with good reason. She asked for a detailed email to be passed on to us and it was full of well wishes. I'm not saying everyone has to do that but I think you're so correct with the casual attitude of buyers. It's a horrible generalisation but one I'll buy into now to prevent being stung again.

I wish! I was so naive before this thread, the Scottish system doesn't sound perfect and I'm not downplaying anything some have said about it not being so but it must be better than this surely.

The system in Scotland has changed significantly in the last 20 years or so and is now much closer to the English system

I understand what you're saying and that does sound awful and I'm so sorry.

On the flip side just before exchange of buying my house I had a very strong feeling that I should pull out. I didn't as felt so bad but honestly it was the worst mistake I ever made and I wish I had have listed to my gut. I've lost much more money than the sellers would have.

But you were ok with your first buyers mum being ill.

For example does a break up trump an illness? You could go on?

How do you prove it?

It's awful but if it was so easy to set these rules they would have a long time ago.

"I was planning to give birth at a hospital five minutes from my new house and now 1.5 hours away" - that really is shit, OP. I can see why you're so upset with the buyers.

I assume it must be some years since you bought your house

It is a ridiculous, shitty system.

We were mucked around three times. But then an absolute dream house came on the market which was priced low to sell quickly and it was so much better than the one that we had wasted time and money on. I hope this happens for you, too.

You can say it all you like, people won't have it.
And those people have either usually bought or sold years ago or have never even viewed a property in Scotland, let alone anything else.
I do think it is a better system in Scotland in many ways but there's this myth that persists that goes something along the lines of, as soon as you click on a property on Rightmove you've committed yourself to buying.
Or at least you can't pull out like you can in the English system.
And for those of us who have had stressful times buying and/or selling in Scotland, well it's a little bit annoying to say the least.

Alternatively she might turn into a sarcastic dick on a MN thread implying things that no-one has ever suggested.

Who knows?

That aspect of the Scottish system is so much more logical. Seller should provide a thorough survey and searches, available to all serious prospective buyers. That would stop people playing at selling their home, as there would be a big up-front cost.

Then once sale is agreed, the exchange should be immediate.

It's so obvious how it could work.

I’ve also had babies in special care (prem twins) so I realise it’s stressful. 9 years later they had a garage of packed boxes and she’d re bought dinner plates etc rather than unpack the ones in the garage. Bonkers.

I'd rather be a sarcastic dick than get my facts wrong.

Well, you certainly got your facts wrong when you tried to imply my position was somehow "all properties sales and purchases in Scotland complete without even the slightest hint of stress or bother." Especially when my initial comment was a qualified "Don't think..." rather than some concrete statement.

I guess that makes you wrong AND a sarcastic dick. What a pity there isn't a block button on here for posters like you.

In Scotland, we exchanged missives in under 3 weeks. Both parties are then committed. Our completion date was set for 2 months later because it suited our vendor perfectly (his mortgage term ended then).

So much easier than house sales in England.

My last purchase was mega quick as well - that was a cash buy though. My first purchase was a lot more stressful.

I feel so sorry for posters like the OP when they get totally screwed like this - irrespective of where it happens (inserted so as not to trigger any posters who might think I'm implying Scottish buying/selling is a stress-free process!).

It’s so confusing why people let it get to this point before pulling out, in my head you have to be fully committed long before this! Should absolutely be a fine or something to stop this happening! Sorry this has happened to you but I’ve read stories like this before and things can still work out.. sometimes even for the better xx take care xx

Yes, but if your lawyer is switched on (and in our scenario our vendor's legal firm was not) things are coordinated so that you are concluding missives on your sale on the same day as concluding missives on your purchase so that everyone in the chain is protected.

@BrokenCookies I'm confused?

Why would you be repairing and cleaning a house for them?

Do you mean 'purchasers?'

A vendor is someone selling, and surely you'd not be doing stuff to their house?

I've not heard of sellers pulling out, but buyers definitely so.

It should be legally binding beyond a certain point.

Yeah sorry I addressed it above I meant buyers I was kudt upset when I wrote it

MN will amend your thread title if you want them to OP. It's your buyers who have pulled out, yes? I guess they found a house they like better, or are gambling on changes to the market. They will have lost some money too - but yes, it is hugely frustrating when property chains collapse at the last minute .

OP Can you contact the original buyer perhaps her circumstances have changed . You often here how people got their dream house this way.
I had the same thing happen at the last minute too. I actually vaguely knew the woman from playgroup and let her come in to measure for curtains. Two days before we moved they pulled out . Apparently they had a row and she decided she didn't want to buy with him. I did see her point but it was devastating to us. We had to move anyway as going abroad . We rented it out and rented abroad . Not ideal .