Am about to have a compete breakdown about flat sale

[cantype]

Been trying to sell flat for two years, initially had issues with cladding/EWS1 form, then got a buyer, but he pulled out right at exchange having strung me along for SEVEN BLOODY MONTHS. Lost my dream house and lots of money.

Tried again, accepted an offer and they pulled out after two weeks. Tried again, and current buyer has been ongoing for five months now, some delays on their part, and I had issues with my solicitors (so bad I had to sack them and get new ones), but we have now got to the point of exchange and...buyer has suddenly decided she wants gas and electrical safety certs, and as I don't have any (which I detailed on the forms ages ago) to arrange for a company to come round and do these (at her own cost to be fair). Its a 17 year old flat, not a 100 year old house or anything unusual.

This is very similar scenario to my last buyer, raising pointless things right at the last minute, and I am just so stressed and anxious I can't cope with it anymore. In particular as if she pulls out the interest rate I will now have to fix on will be at least 6% (have been on SVR for the last year thinking I was moving) which is just absolutely shit. I cried down on the phone to my estate agent this morning (in my defense I have covid and feel really rough!), and have said I don't want any more delays and am not prepared to allow the inspections to go ahead, either buy it or don't buy it.

Waiting to hear back, but not sure if I've done the right thing. Urgh, WHY WHY WHY is this process so incredibly shit? If anyone has any words of wisdom they would be grateful received. Platitudes also accepted!

It is shit at the moment you have my complete sympathy at your situation.

However, looking at it from the buyer's point of view, they haven't been responsible for any of the shit you've had to deal with up till now. So refusing those things which are actually reasonable and at her own cost will come as a real surprise to her because she won't know or feel the back story.

I would gently suggest you phone your estate agent back, admit you got flashbacks of this happening last time and didn't want to do it again. But on reflection all of that nightmare is not your buyer's fault so you're prepared to go ahead with those inspections.

I would suggest you phone the EA and say they can have them done tbh.

Legally a landlord has to provide these every year for a tennant. You as a vendor with a private sale don't have a legal requirement to do so.

But if they have been renting they will be used to the fact it's a legal requirement of their landlord.

I also think you are (understandably) getting muddled with the past stresses that you have had. Bite the bullet and agree to these especially as they are paying for them. It honestly isn't an unreasonable request. By refusing what is actually a reasonable request you are putting an unnecessary spanner in the works yourself!

Good luck with it all.

Thank you, yes none of the past issues are the buyer's fault you're both right.

I would have been absolutely fine with the checks, no issue at all if it hadn't had been at the point of exchange, five months in. Buyer has known that there are no certificates for ages, so why only ask for them now, does that not seem iffy at all?

Sorry - I'm the OP, different name.

I think you are right to feel the way you do, and your buyer shouldn’t have waiting until 5 months into the process to do this. Perhaps you could allow them to do the checks but put a timescale on them being done, and request exchange within a certain timeframe if everything else is ready. And see if they will agree to that (assuming no issues arise from the checks).

our system is stupid and doesn’t require any commitment until right at the last minute when parties have usually spent a lot of money and also invested a lot of time and emotion.

I literally have no advice but huge hugs!!! You’re not the first to have gone through this cr*p and you sadly won’t be the last

I sold my house years ago after my relationship with ex H ended - my buyer was a complete nightmare from start to finish! Dragged on for months and just before completion stated she wanted £5k knocking off the agreed price or she would pull out. This was because her relationship status had changed, she was now single (also had no children) and she didn’t want to eat into her savings

My mortgage was already in negative equity. I was already also massively in debt and had to take out a loan to cover the shortfall, purely because I’d got so far down the line I’d actually already put a deposit on a rental property that worked for us and just wanted out. Essentially I paid heavily for a new life for myself and my children but if she had pulled out at that time I would have been liable for both a mortgage (until the house sold) and a rental property. She knew what she was doing, she knew the implications, she knew she was impacting heavily on a recently divorced woman with 2 very young children and she just didn’t care. Complete and utter cow!

I did reluctantly agree yesterday and got it booked in, but was so anxious and upset about it over night, then saw the interest rate rises this morning, I just had enough and called estate agent in tears and said no. I've already knocked £5k of the price in last two weeks, again for an issue that buyer was already aware of, just to try and get the sale done. So no matter what any inspections say I'm won't/can't knock any more off, so seems pointless.

Buyer has now got £5k from the reduction plus another few thousand from unexpected stamp duty reduction saved, so is spending much less than she had thought.

Even if inspection happens early next next, it takes 48 hours for reports to be provided, and I am so stressed about it I don't think I can cope with another week of uncertainty.

Right now you're better off selling at whatever price you can get.

@SansaStarkWolf that sounds awful, sorry you went through that.

I'm finding it so emotionally draining, I just want to make a nice new life for me and my three year old, desperately trying to leave London and be nearer family. And still haven't got over losing the dream house from my previous failed sale (am still full of burning fury at that buyer pulling out last minute, which is not very healthy). Will have to go into rented if this sale actually happens, in time for school application, adding to the stress.

@mathanxiety do you think? I was thinking that now is probably a bad time (but want to anyway) given all the rate rises etc, as buying a new place is going to be harder.

I was the same - trying to build a new life! We were moving to a completely new town, gorgeous new housing estate. It’s all worked out good in the end. I met new DP when we moved over and I now live with him. It doesn’t stop the entire issue being shit though!!!

So you initially said no, then yes and now you have told the EA no again?

I understand the stress (sold my flat last year and my buyer demanded a reduction at the last minute - horrible) but given how desperate you are to sell I don’t understand why you won’t go ahead with what is basically a reasonable, if admittedly late, request from your buyer that will be at her own expense?

You want to sell and make a clean break. Let her pay for these safety certificates so you can do that. You can make it clear you will not entertain any further reductions. This unnecessary refusal may lead her to assume you have something to hide and pull out.

I said I didn't want to when estate agent called me, but they talked me into and I agreed yesterday, slept on it (or rather, lay in bed and stressed all night) and called first thing this morning and said I'd change my mind as I'm not prepared to delay longer, she's had plenty of time, and I won't be knocking any more money off so outcome won't make any difference (not that I expect there to be any issues). I know changing my mind wasn't good.

This is exactly what happened with last buyer, demanded stuff right at exchange that could have been done months before, I didn't want to entertain it but was persuaded to, which then delayed everything for another couple of weeks, and then he pulled out anyway, it was a delaying tactic as turned out he had found another property. It feels like same is happening again which is why I'm reluctant to say yes. I just want her to buy the flat or not, so I can stop worrying!

so sorry to hear. If it helps, facing very similar - now onto our third buyer. First 2 pulled out stating “personal reasons”, I just think there’s so many time wasters around. We are very fortunate to not be buying as well (going to live with in laws), but dreading buying when we do get there…
I’d let the checks go ahead but be very firm on exchange dates once checks are done

I was thinking that now is probably a bad time (but want to anyway) given all the rate rises etc, as buying a new place is going to be harder.

Sell ASAP now.
People buying now are probably unwise to proceed because of economic uncertainty.
If you find someone willing to buy, sell.
Put your profit in the bank /in an interest bearing account.
Rent for a while/ move in with parents.
Property prices are predicted to fall as much as 10% and you may end up with a bargain, as long as you have a job that won't be affected by economic turmoil.

I was thinking that now is probably a bad time (but want to anyway) given all the rate rises etc, as buying a new place is going to be harder.
Should be italicised.

@mathanxiety that is actually the plan, though out of necessity more than anything.

Had another sleepless night worrying. I think main reason I am panicking is the interest rate rises. If buyer pulls out now, the best fix I can get is 5.7. A week ago it was 4.6. Fuck knows what it'll be in another week's time. The longer this drags out, the worse the outcome for me if she pulls out. Could costs thousands in mortgage repayments (and I've already lost thousands through this whole sorry process).

But I appreciate the consensus on here is let the checks go ahead. I'll speak with my solicitor today and see what they advise.

I can't tell you how much I empathise with what you're going through - I honestly thought house selling would kill me. But honestly, these are minor checks and v standard. They won't take long and a 17 year old place will fly through them. And not allowing them will raise all sorts of red flags. Just bite the bullet, get through the next few days and then you're free. xxx

If you don’t expect there to be any issues I don’t understand why you refused. What is the worst that you think will happen? If there are no issues then she will have zero grounds for requesting a reduction. Even if there are, you can just say no to any money off or fix the problem at your own expense (likely to be minor)

If it’s the time it will take that is causing a concern, can you stipulate that it has to be completed by date X? I’m sure the buyer is keen to get them completed asap.

I could only understand you adopting a hard line on this if you were happy to run the risk of your buyer pulling out. These really are very straightforward checks.

@Betmatch I suspect the reason your buyer has asked for these surveys now is because her conveyancer's report has pointed out they haven't been carried out and that it would be prudent to have them done. A cautious buyer, especially in the current climate, is probably going to think they are a good idea whereas others may think they'll have no impact on the decision to go ahead so won't bother.

Ultimately it's a business transaction and as a buyer you will want to be sure any risks in your new place are minimised. Your buyer is doing the same. If nothing is found to be unsafe there are no grounds for any price reduction or remedial work so try not to worry.

I think I wouldn't sell, not without something to move into it I were you.
Prices for decent property never go down that much in my experience, the houses in nude roads that are well laid out tend to hold their value.

My worry would be that your spend all your money renting. So either buy now Quickly so you're not wasting money renting and you can still get a reasonable mortgage rate or stay where you are.

Good not nude roads

My concern is that she's stalling for whatever reason, as this is what happened with last buyer. I should have taken a firmer line then and just said no, but didn't and it came back to bite me. I totally agree that they reasonable checks, but not at the last minute when we are just about to exchange - if they were so important surely they should have been done sooner?

Or that she's trying to knock more money off at the last minute - I've already knocked £5k off, I can't go any lower.

But I take on everyone's views here and appreciate the feedback, have spoken to my solicitor (who thinks buyer is being unreasonable), and they will be talking to buyer's solicitors today to see what we can work out.

Whether or not its a right/wrong time to sell, I just don't know. I'm not looking to 'invest' in property in anyway, just want a nice home for me and my DS with a little garden for him.

@dancemonke sorry you've been through the same! I feel so close to just losing the plot I can't tell you. Which is obviously feeding into my reaction here but I feel like I can't handle any more days of uncertainty, I am quite literally laying awake half the night fretting. I don't want to wait for a bloody check that could have been done weeks ago (though accept that perhaps I should suck up another week of waiting).