Point of exchange - despair. Not sure what to do.

[BreakdownInevitable]

I've posted before - we're selling our 2 bed flat in SE London. We're chain free, having already bought somewhere closer to my Mum, who has dementia - and for our disabled son.

We priced the flat competitively - at £50k less than what we bought for in 2016 - but I appreciate the market has changed since then.

We had 2 offers - and the estate agent took it upon themselves to accept an offer which was £2k more than the other - we reiterated we just wanted the most proceedable buyer.

Everything has run pretty smoothly - we've obtained gas & electric safety certs at the buyers' request. She had a homebuyers report 3 weeks ago, and went to measure up afterwards - she had looked at the report at this point.

We have now signed contracts - and are at the point of exchange, we've had to serve notice to our lovely tenant. Yesterday she sent through concerns flagged in the report - saying the roof is showing wear and tear, and will need full replacement. It was replaced in 2022, and she has the 20 year warranty - we sent this 8 weeks ago. Even the estate agent looked at the pictures and couldn't see an issue.

All this happened yesterday afternoon, and the buyer is now thinking about what to do. I don't understand why this wasn't flagged 3 weeks ago - after we checked about serving our tenant notice? I guess it could be a negotiating tactic to get the price down further - but I just feel so despairing, and am tempted to pull the plug, look for new tenants - we can get a very decent rent for the place which would cover our mortgage - even when our rate goes up.

I don't know what to do, and how to handle this. It'll be cut & dry if she pulls out, I just don't know why she has waited to do this.

Completely agree. Tell her to sign by end of Monday or deal is off.

Tell your buyer to jog on. If they want everything to be in tip top condition, then they should be looking at new builds.

However, your buyer's solicitor will not exchange until the property is vacant. When is the tenant due to leave? Signing contracts still doesn't commit either party. Exchanging them does.

"I just don't think I have the resilience to go back to the start."

You may not have to.
She's trying it on, if you stand firm she may well buy at the agreed price.
But if it comes to it you're in a good position, you can rent the property out if you need to.

Still waiting to hear from the buyer, eurgh - I hate this, got a sick feeling in the pit of my stomach.

Going to contact more agents now about the possibility of renting it out - just so I feel there are still options for us.

I feel for you. We’ve had the usual home selling nonsense go on this year (although not at the point of exchange) - offers being made then buyer pulling out days later without any reason (not that they have to give one but why make an offer only to withdraw it after a week?). Another buyer pulling out after 2 months because the transaction was ‘taking a long time’ which made him suspicious apparently (good luck to him finding a house and getting it all wrapped up in 6 weeks!). It’s exhausting and so frustrating. We are off the market for now as with a small child, baby and dog, I just can’t face doing constant house cleans for viewings again, I need a break from it all.

Hope it all get resolved for you ASAP.