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Original poster

Buyer Pulled Out

31 replies

The3rdWatermelon · 26/05/2022 20:23

We’re absolutely stuffed.

We were waiting for a completion date when our buyer started making noises about not being happy with the ground rent on our flat. It’s a flat. The ground rent was explained to him when he made his offer nearly 4 months ago. He’s pulled out today. He said he was just finding the buying process too stressful (it has been incredibly straightforward up to this point. The only delay has been HIS solicitors not sending things on time). He had already asked for loads of stuff like the leasehold pack and other documents which we’ve now paid out for.

Our sellers have given us two weeks to find a new buyer.

It’s not going to happen. It took 6 months to get this offer. We’ve run the numbers again and after we’ve paid all the costs incurred already, and taking into account the changes in rates since our mortgage offer, if this falls through we’re stuck. House prices are still going up in our area and we can’t move further away due to family and work commitments.

We both work from home and I’m 20 weeks pregnant. We’re in a 2 bed flat (one double one single), no outside space. The house we had lined up was perfect and we’d sorted everything. We were ready to set a date and sign contracts on it. We thought we were at the same stage with the flat sale.

There is nothing we can do, and I don’t know why I’m posting other than to rail against the unfairness of it all. He’s completely fucked us over and walked away. I’m just absolutely devastated.

OP posts:
Fifi0102 · 26/05/2022 20:25

Awful OP he knew it was a flat so why bother putting an offer in! Fingers cross you get a buyer soon

Isseywith3witchycats · 26/05/2022 20:29

sadly it happens we had a buyer pull out completely on exchange day their solicitor was fuming, we are selling my MILs flat at the moment went for well below market price nice flat in a nice complex so far two buyers have pulled out and hopefully this sale will go through not holding my breath till completion though

Clevs · 26/05/2022 20:29

I can't offer any advice, but can empathise with you. We are days away from exchanging contracts on our sale and my buyer pulled out yesterday. So angry 😡

OneRingToRuleThemAll · 26/05/2022 20:31

The same thing happened to us last year. Our buyer pulled out just before exchange and the chain collapsed, leaving us in a flat with no outside space.

In the meantime houses have shot up in price and we now can't afford the move.

I'm sorry this is happening to you too.

Okigen · 26/05/2022 20:58

I'm so sorry to hear OP. The English system is absolutely nuts.

Zeus44 · 26/05/2022 21:09

Perhaps contact him and offer a cash incentive to continue.

Don’t ask don’t get. Got nothing to lose at this point.

Wanderergirl · 26/05/2022 21:24

Set competitive price for your flat and you should be fine. I noticed that expectations for flats prices are quite high from sellers still. You will definitely won’t make a profit from flat, so probably worth adjusting your purchasing power. Because if first time buyers can pretty much buy a house for the same price, they will buy the house. Also new builds are being built like cakes. If I’d be going for a flat, might as well take the brand new one.

AmberLynn1536 · 26/05/2022 21:26

It is absolutely devastating especially if it’s your only realistic chance of a buyer, years ago I was in a similar situation they pulled out a couple of days before exchange, we managed to turn it round by offering to pay their legal fees, we couldn’t afford it really but it was cheaper than having to try and sell again in a rising market as the house we wanted to move to would be beyond our reach, I hated having to do it but swallowed my pride and fortunately they took the bait, might be worth a shot you have nothing to lose.

RandomMess · 26/05/2022 21:38

How much is a years ground rent? Could you offer that as an incentive to keep him?

Original poster
The3rdWatermelon · 27/05/2022 18:06

There’s no chance of offering the former buyer any incentive to reinstate his offer. The ground rent he’s quibbling over is £250 a year. We spoke to his estate agent to try to offer anything, and he’s told them he doesn’t want any further communication from us or them!

Our estate agents are pulling out all the stops, but realistically we have two weeks with a double bank holiday in the middle. We have no chance.

I’m devastated. We’ve had four years of IVF to get pregnant. And all my plans for the baby are ruined. The money we’ve lost will come out of my savings for maternity leave instead of out of the flat.

OP posts:
Tossedsaladandrambledlegs · 27/05/2022 18:09

How much have you lost OP? You know that you’re not liable for EA fees as you no longer have a willing and commendable buyer. That’s not your fault. So is it a percentage of your solicitors fees?

Peeeas · 27/05/2022 18:15

We had a second baby in a 2 bed flat (moved recently) and worked from home, small balcony. You make it work, it's not a disaster. It sucks when you had big plans, and your buyer is awful, but try not to let it take away from your baby. 💐

TheMadGardener · 27/05/2022 18:23

Last time we moved, our buyer pulled out at a fairly late stage. The whole chain teetered and we thought we were going to lose the house we were buying. We were only given a week to find a new buyer and save the chain. Our estate agents threw absolutely ever viewer they had through the door. We managed to find a new buyer 3 days later but had to accept a lower price than we would have got from the original buyer. But we managed to save the chain and get our house!

WeAreTheHeroes · 27/05/2022 18:23

I'm sorry this has happened to you OP. It sounds as though your buyer was in a mess though that doesn't help you now. If you haven't already, get on to the EA and get them to do everything they can to get more interest. New photos might help and is there anyone they've registered as interested in buying who might be in the market for your flat.

What are your sellers going to do if you haven't found a buyer in 2 weeks? Presumably they'll have to start all over again? You might be able to persuade them to give you longer as they'll need to start the process all over again with a new buyer.

Roselilly36 · 27/05/2022 18:33

So sorry it’s just so stressful moving, we moved last year, such an awful system. 🤞 you get a new buyer soon, lots of people still looking and prices still rising. Your plans for the baby aren’t ruined, try to keep calm.

CafeCremeMerci · 27/05/2022 18:37

I'm so sorry, it's a shit situation!

£250 a year, that's a poor excuse, it's obviously something else, perhaps just cold feet in the current cost of living crisis, over extended himself in the mortgage maybe.

I have a flat, I want a house, well a garden really!! but the gap just keeps widening.

At least you're young & have each other!! (And baby on the way!!!) I'm single & closer to retirement than having babies, it sucks!!

it's a risky strategy but have you considered bridging finance?

can the EA, not grovel a LOT to get you more time?!

best wishes

PragmaticWench · 27/05/2022 18:58

Can you pay for your listing to be a Premium listing on Rightmove?

Geranium1984 · 27/05/2022 19:11

This sounds incredibly stressful! We are in a similar position, 2 bed flat, a toddler and I'm 18 weeks pregnant. We have had the flat on the market for 9 months with one offer who pulled out after 4 days 🙈

We are not even going to try and line up selling and buying, praying that we will sell and move into a rental property in the area we want to move to. Then we will have cash in the bank to buy.

If we don't have a buyer in the process by September then I think we are just going to have to move out and rent regardless and either leave the flat unoccupied or rent it out but then furniture becomes an issue.

Could you look at renting elsewhere for 6-12 months after you've sold? Then you'll be chain free.

Waaahhhhhhhh it's all so stressful 😫

Geranium1984 · 27/05/2022 19:14

Another option if you have to stay a bit longer to get rid of the working from home issue is the person working from home rents a Co working space. My husband does this above the library, it's called the workery. No way he would be able to work in the house with our toddler around!!

Summerwetordry · 27/05/2022 19:19

We had a buyer drop out at exchange because he wasn't happy at the £45 a month charge for gardening, lighting (private road). He was a solicitor. It really sucks. Luckily sold again with a bidding war within days.

caringcarer · 27/05/2022 19:19

It is so unfair that buyers can pull out. They should have to at least pay a non refundable deposit when an offer is accepted. My dd lost their buyer and was in a chain and thought she had lost to he house they were going to buy but EA persuaded rest of chain to give her a month to resell. She got unexpected buyer 8 days later. I hope someone wants your flat and puts on a speedy offer. Could you reduce it a bit for quick sale?

Original poster
The3rdWatermelon · 27/05/2022 19:51

Thank you all for the sympathy.

We’ve dropped the price, not quite to the bottom of our budget, but we’ve told our estate agent the minimum we can afford to take for it.

The other estate agent has begged the people in the house to give us a bit more time and they’ve said they’ll think about it over the weekend.

Our estate agent has put it up as a premium listing at their own expense and the branch manager is offering a bonus from her own pocket to the sales staff if they get a buyer within the two weeks.

My parents have offered us some money to do up the flat by adding storage everywhere we can fit it. DH is looking into the cost of going back to work from the office full time. My mum has said we can have a little area in her garden for baby to potter about and learn about growing plants and making a muddy mess when it’s a little older.

I’m feeling more positive that we have a plan for if we stay here. I’m still crying on and off when I think about the plans we had. But I’ve felt the baby move properly for the first time today, so that was a nice boost.

OP posts:
MabelMoo23 · 27/05/2022 21:31

Am feeling your pain. Our buyers buyer has pulled out so she’s desperately trying to get her flat sold.

we are dreading our seller finding out as they were quite hard work and it was a bidding war - and they are top of the chain.

its shit. Our buyer is selling a 1 bed flat in a city centre so in theory should be perfect for a first time buyer, but it’s been on market again for 2 weeks already and she had a load of viewings last weekend but nothing yet

not sure how long to give her - bloody terrified of losing the house we’ve offered on (we are buying through same agent who is selling ours so am pretty shocked they don’t know yet)

parietal · 28/05/2022 23:15

might be crazy & impossible, but can you afford to buy the new place AND keep your old flat with a buy-to-let mortgage on it? then let out the flat for a year or two and sell when you are ready.

StageRage · 29/05/2022 08:15

Fingers crossed for you OP.

It’s a miserable business.