To pull this house sale

[PolluxandCastor]

Bought my first ever home, with savings, zero bank of mum and dad. A 1 bed flat. lived in it, loved it.
was lucky enough to be able to remortgage but keep it when I met my husband, and have been paying interest only mortgage since whilst renting. When my tenants moved out, decided to sell as due to increased mortgage rates, government changes of policy etc was no longer viable.

i agreed a sale of the flat in late September and was told by estate agent it was a cash buyer, no chain. It is now end of April, and I have been paying mortgage, council tax etc and still not completed. I have been asked to get planning permission from other freeholders for loft conversion (never agreed as a condition of sale), buyer’s solicitor has been useless etc.

i feel like pulling whole thing - but am I cutting my nose off to spite my face? Should I just wash my hands and accept that selling at the agreed price may be a loss (or break even at best) but get rid of my stress? I honestly thought of this as an investment for my future but I think it’s going to cost me…

speaking from sad experience, 7 months for a cash purchase means they don’t want it or can’t afford it
I’d remarket with a different agent

One property, cash buyers, no chain? And it's been 7 months? Hell no, I would have that baby back on the market.

A cash buyer who wanted to buy the property and had the money in place to buy the property would have done so by now. Get it back on the market.

I assume you are buying another property with your DH, so wouldn't want to move in yourselves. I would try selling again with a different agent if possible it is ridiculous to suddenly want you to arrange planning permission and means they weren't really going to buy without it. They think they've strung you along so long that you have to comply with whatever they want. Don't!

Tell the other side you exchange within two weeks from tomorrow and complete within two weeks of that date or back on the market.

Waiting 7 months for a "cash" buyer is absolutely ridiculous and I would have long put the flat back on the market. As PP, I'd give them an ultimatum that they exchange by the end of next week or bugger off.

I agree with everyone else. 7 months is WAY too long for a cash purchase.

Definitely issue an ultimatum first. They either go ahead with the sale, as is, and by a date set by you, or it goes back on the market. This way you will be able to see just how serious they are about buying it. If they want it they will make it happen, if they don't they will walk away and you can relist.

You have nothing to lose by putting this to them first before pulling it yourself and going back on the market.

This, if you want to sell it.
We were cash buyers to a probate house, 8 weeks done and dusted.
I'd be tempted to add on the costs that you have incurred and that should sort it.
They have messed you about and your EA sounds useless.

I would have given it 4 months tops. You're missing the spring market OP.

Yeah absolutely. Final deadline or you will re-list. I know it feels like a risk but if they want it they’ll try hard to make it happen and if they don’t, you can move forward.

Have you had/been assured there is confirmation they actually are a cash buyer @PolluxandCastor?

To clarify, I think the EA gave me wrong information, as the latest delays are apparently due to the lender’s solicitor having queries on top of the ones we have responded to from buyer’s solicitor. So essentially there is some kind of borrowing needed, despite what I was told when the offer was put to me.

I’m torn as starting again means at least another few months of mortgage and bills, but also feel they are really taking the piss, and don’t deserve it at the price agreed. Worried I’m being emotional when I need to clearheaded…

You can always tell them it’s going back on the market whilst they progress their purchase. If someone else comes along whoever is prepared to exchange first gets it. That might make them pull their finger out.

No to the planning permission question- that’s for them to take on when they buy it.

They haven't been honest with you. They've strung you along. They are not cash buyers. I would get it back on the market asap.

I would put it on air bnb two weeks at a time in the meantime and say no to doing the planing permission application that’s too much work for you. And if you did do it it might make the value go up!

This

We saw a house mid November and completed 6th Feb as cash buyers with no chain. And we thought the solicitors seems to take ages! These people cannot be serious!

A cash buyer with a chain free purchase should be the easiest transaction in the world. Your prospective buyers have lied to you. Back on the market.

They could apply for pp without owning the property. If that is a dealbreaker, dump and remarket.

This happens a fair bit.

If someone says they're a cash buyer, they need to show funds and I'd pull the sale if they then add in a mortgage.

I also get the estate agent to explicitly ask and last time the cash buyer actually responded with "we only need a small mortgage"....

It can take ages with leasehold enquiries now. Basically if your estate agent has a chain chaser, get them to talk to everyone and find out exactly what the issue is.