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Original poster

Should I threaten to pull out of sale?

57 replies

Argyllsocks · 28/07/2022 22:41

We’re moving abroad and selling our shared ownership home. A buyer was allocated at the end of Feb (FTB who lives with parents) and we were really clear we needed to complete as quickly as possible and absolutely by 31st July.

We’re now 14 weeks in, our flight out is booked for next Thursday 4th August, and we still haven’t exchanged. We’ve left the flight as late as possible - my husbands job starts 3 days later.

We’ve been ready for weeks but there’s been constant delays on their side through just being slow. (Eg mortgage valuation happened beginning of July).

We’ve now reached the point that the buyer has finally gone in and signed the contract today but now her solicitor says they are waiting for the mortgage company to agree to release funds on the proposed completion date so can’t guarantee when we’ll exchange.

As far as I can tell it’s because they’ve left the pre-exchange stuff too long so that it’s now too close to our proposed completion date for them to be able to assume that it will be ready.

Essentially, it’s us that’s suffering all of the consequences and it’s getting so close to the wire it’s looking like it won’t even exchange before we go.

I never wanted to complete from abroad, but if I’m going to have to (or worse, stay behind to get it sold while the rest of the family go) then I’d rather try my chances with someone who’s actually motivated. I’ve lost all faith in the buyer and their solicitor now and I feel like one or both of them is taking the p*ss.

So I’m thinking I’d rather give them a deadline to exchange by the end of play Monday or we pull out. (2 days before we are due to complete and 3 days before we fly).

My partner is more pragmatic and says if we pull out we’re back to square one and it’ll take longer, but that also we’re so close it might complete after we go but it can’t be too long afterwards.

I’m not so sure.

What would you do?

OP posts:
Original poster
Argyllsocks · 28/07/2022 22:43

*edit buyer allocated end April not Feb

OP posts:
FurAndFeathers · 28/07/2022 22:45

some mortgages have been taking ages due to rising interest rates and a flurry of activity
mot might not be their fault

ChicCroissant · 28/07/2022 22:50

I can understand why your stress levels are rising as the departure date approaches but it would be madness to pull out at this stage - you'd only be hurting yourself. Hand the keys over to the EA or conveyancer and there isn't really anything else you need to do about the sale at this stage, surely?

Sales take at least 3 months, and I've heard on MN that they are taking longer (often searches take a while to come back) so I think you've actually got everything done pretty quickly.

Gettingonabitnow · 28/07/2022 23:41

Your partner is right - sorry!

Namechanger355 · 29/07/2022 01:19

Pulling out is a madness

sorry but 3 months isn’t even that long - our purchase has just completed and we offered in early jan

The buyers don’t want to exchange until the lender has confirmed all good - why would anyone in their right mind do so?

Monty27 · 29/07/2022 01:34

What would be the point of pulling out and remarketing your property. That won't help your urgency. Leave it in the hands of the estate agent and lawyer. You're almost there 👍🏻

Monty27 · 29/07/2022 01:34

Good luck by the way OP 🤞

Allicando · 29/07/2022 05:33

To be fair they have sorted things very quickly if you only sold in April. You took the risk of booking flights knowing you may not have exchanged. You'd be crazy to put it back on the market now!

Hotandbothereds · 29/07/2022 05:44

When exactly did you accept their offer? You say end Feb, which is more like 16-18 weeks but then 14 weeks?

Annoying as it is, I don’t think you’ll gain much by pulling out, and it’ll you’d lose money - house sales have been taking a long time recently and you’d only put yourself back at square one.

Hotandbothereds · 29/07/2022 05:44

Allicando · 29/07/2022 05:33

To be fair they have sorted things very quickly if you only sold in April. You took the risk of booking flights knowing you may not have exchanged. You'd be crazy to put it back on the market now!

They sold end of Feb, it doesn’t say April?

WinterMusings · 29/07/2022 05:52

Argyllsocks · 28/07/2022 22:43

*edit buyer allocated end April not Feb

@Hotandbothereds you missed the update.

@Argyllsocks I understand your stress/frustration.

But, as others have said, things are taking a long time now. Why does it matter if you're not here when it completes? If you pull out, it's going to be months & months.

As much as it pains me to say, your DH is correct.

Good Luck with everything!!!

Mindymomo · 29/07/2022 06:04

It’s so frustrating, but speaking from experience of selling my in laws house, just one missing bit of information can hold up sale. We were fortunate that our Estate Agent did most of the chasing, so we knew exactly where the hold ups were, once with the buyer and once was a land registry form that we needed sorting. We were quoted 12 weeks and in the end it was 14 weeks.

Beees · 29/07/2022 06:19

You'd be bonkers to pull out your partner is correct about that.

I'm am however staggered you ever thought it would be complete in time. April to the end of July is no time at all in house buying and to be honest I'd actually be very impressed your buyer and their solicitors had sorted everything so quickly.

girlmom21 · 29/07/2022 06:21

Mortgage companies often release funds on completion date. If they've signed the paperwork to exchange there's no issue.

Msloverlover · 29/07/2022 06:28

Planning anything concrete until you’ve exchanged is a mistake basically. No one can ever predict how long it will take and all of the hold ups so far sound as if they were standard busy mortgage company hold ups (eg valuation) and there was probably nothing the buyer could have done. You would be mad to pull out now.

MayThe4th · 29/07/2022 06:28

?those kinds of threats rarely actually achieve anything. You’re not going to force an exchange based on a threat. If they’re not ready to exchange then they’re not ready, and as a rule estate agents and solicitors don’t take threats to pull out at the last minute very seriously.

If you want to pull out, then pull out now. But you could still be here next year by the way house sales are going, so be careful what you wish for.

Twiglets1 · 29/07/2022 06:32

I get that you’re frustrated with them but there’s no point starting with someone new at this stage. You are so close you just have to be patient a little longer. Even if your husband has to move abroad slightly before you

capedavenger · 29/07/2022 06:39

I've known 4 people move house (or attempt to) this year and they've just all been a snail's pace nightmare. Honestly after reading a few mumsnet "working from home" comments I'm wondering if the solicitors are all working from home and taking naps and doing yoga!!
But yes, if you pull out now you'll be back to square one and have the same situation down the line. There's a chance that making a bit of fuss and threatening to pull out might sharpen people's minds though. 😆

Whinge · 29/07/2022 06:50

I'm another who thinks 3 months it's actually really quick, I know plenty of people who have gone through the house buying process recently, and all have taken between 4 - 9 months to complete / exchange.

If you pull out you're the only one who will suffer. Your buyer might even thank you, as house prices now are coming down in some areas and your buyer might be able to afford something that was out of reach in April.

DashboardConfessional · 29/07/2022 06:50

You were unreasonable to expect a sale to take from April to July with current lender and solicitor backlogs plus a Housing Association involved.

If you back out now it'll be at least November for another sale to go through.

MushMonster · 29/07/2022 06:55

I think your partner is right.
Also... I struggle to see how someone who is buying a house may not be motivated!
It is not the buyers fault. They have signed on time.
It will be you and the buyer who has to pay the consequences.

Hollyhead · 29/07/2022 06:56

April to July always completely unrealistic! Your DP is right.

Daisy95 · 29/07/2022 07:10

April to July was sooo unrealistic, you should definitely stick with this buyer you'd be crazy not too! We sold/purchased in June 2020 and didn't complete until February 2022!! 14 weeks is honestly nothing.

Original poster
Argyllsocks · 29/07/2022 07:19

Namechanger355 · 29/07/2022 01:19

Pulling out is a madness

sorry but 3 months isn’t even that long - our purchase has just completed and we offered in early jan

The buyers don’t want to exchange until the lender has confirmed all good - why would anyone in their right mind do so?

I hear you. But this has been a very straightforward sale. The housing association have been lightning fast with everything. There’s absolutely no chain. The buyers solicitor seems only to have actioned anything when we have directly asked the buyer to chase it up. Even then he’s been slow as molasses.

Nobodys asking the buyer to exchange without knowing the funds will be there. We’ve all been ready to exchange for nearly 4 weeks. It’s taken their solicitor this long to sort the signing, deposit and now the mortgage release.

OP posts:
TheTeenageYears · 29/07/2022 07:20

Your timeline was completely unrealistic in the current climate. You'll be cutting off your nose to spite your face if you pull out now. You'll have all the same issues again and the HA may well have an issue with you trying to pull out of a perfectly good sale. There's no issue with completing from abroad. If you pull out now you'll have a property you are responsible for for a lot longer including insurance which most companies will cover for up to 60 days unoccupied but then you'll need a different policy. If it's still empty come October you'll have to heat 24/7 or have heating system drained and water off.