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Original poster

Paying buyers' costs if you withdraw from sale?

10 replies

Froghat · 16/08/2023 12:47

Having gone down a rabbit hole of due diligence on an old Victorian house I'm trying to buy, I'm starting to wonder if the whole thing might fall over (the transaction, not the house!). The survey has highlighted issues with the roof that are significant and it's becoming clear that there are several other issues too.

If the vendors won't accept a lower purchase price then I won't be able to go ahead with buying the house. I haven't yet spoken to the estate agent, am waiting for outcome of the last survey but he knows that we need to speak. I've been keeping him up to date.

My question relates to the buyers of my house. If I can't buy this house then I don't want to move out of my current house so I would let them down. They are FTBs currently renting with a rolling contract.

Those who've gone through this - did you offer to pay towards the buyers' costs (e.g. half or the full cost of the survey)? I have sunk ££££ into my purchase house already between structural survey (£1440!) plus drain survey plus asbestos plus legal fees. I'm not minded to reimburse my buyers because I can ill afford any further outlay... But I would like to get Mnetters' view on this. It goes without saying that I would feel awful to withdraw from the sale so please be gentle.

OP posts:
ClematisBlue49 · 16/08/2023 12:53

You are not liable for your buyers' costs. Both buyer and seller can withdraw at any time up to exchange of contracts. I understand that you'd feel rotten, but this sort of thing happens all the time. You have to protect your own interests and do what's best for you - you could not have foreseen that the problems with the property you are buying would be so significant. In your situation I would stay put, but put every effort into finding somewhere else. Your buyers may accept it and be prepared to wait.

bilbodog · 16/08/2023 12:55

No you dont need to reimburse them - unfortunately it is one of the things that can happen during buying and selling. You will have lost money as will the vendor of the house you are supposed to be buying. Until exchange of contracts no house sale or purchase is set in stone.

dreamersdown · 16/08/2023 13:02

You are not liable for them but it is kind and decent to at least contribute to their costs. We paid our buyers costs and when we went back on the market, they were still looking and well disposed to us because of it.

KievLoverTwo · 16/08/2023 13:15

It's a nice gesture but it could backfire. You pay their survey fees, they say 'thanks, now pay our conveyancing fees because you are terrible people and you should feel bad.' Then you don't have the home you want and are irritated to boot.

I also wouldn't assume FTBs have less of a disposable income than you or feel sorry for their finances. We are in our 40s and are probably x2 better off than most people we might buy from due to a high salary and no kids.

As a home buyer it is my responsibility to weigh up the risks of buying in a chain or buying chain free. If I choose to take the risk to be part of a chain, I would have the funds saved for at least a new boiler and 3/4 house purchases to fall through in the current environment. The number of failed chains has, from what I can gather (no sources) has something like quadrupled.

Nice thought, but you are not responsible for purchasers being fiscally responsible.

Whataretheodds · 16/08/2023 13:17

What about buying the survey (done on your property) from them?

Twiglets1 · 16/08/2023 13:25

Froghat · 16/08/2023 12:47

Having gone down a rabbit hole of due diligence on an old Victorian house I'm trying to buy, I'm starting to wonder if the whole thing might fall over (the transaction, not the house!). The survey has highlighted issues with the roof that are significant and it's becoming clear that there are several other issues too.

If the vendors won't accept a lower purchase price then I won't be able to go ahead with buying the house. I haven't yet spoken to the estate agent, am waiting for outcome of the last survey but he knows that we need to speak. I've been keeping him up to date.

My question relates to the buyers of my house. If I can't buy this house then I don't want to move out of my current house so I would let them down. They are FTBs currently renting with a rolling contract.

Those who've gone through this - did you offer to pay towards the buyers' costs (e.g. half or the full cost of the survey)? I have sunk ££££ into my purchase house already between structural survey (£1440!) plus drain survey plus asbestos plus legal fees. I'm not minded to reimburse my buyers because I can ill afford any further outlay... But I would like to get Mnetters' view on this. It goes without saying that I would feel awful to withdraw from the sale so please be gentle.

No, that's not a thing in the UK

Original poster
Froghat · 16/08/2023 13:39

Thanks all! This is really helpful. Have just had a call with drain surveyor who has done the drain survey this morning and it was good news when I was expecting it to be bad (based on what the structural survey said) so I'm back to feeling more positive. If the vendors can at the very least discount for the roof repairs, then we're in business. What an EMOTIONAL ROLLERCOASTER.

OP posts:
Sundaefraise · 16/08/2023 13:41

Well you don't have to, but I have done this to a point. I knew the buyers had been stung before so I felt terrible. I didn't make it open ended though, I wrote a cheque to cover their survey which I left with the estate agent.

catsnhats11 · 16/08/2023 14:10

It's a Victorian house, there will be issues, there's always issues and often not as bad as you think (if you're a FTB reports always look scary)

Echio · 16/08/2023 14:16

No need to cover buyer costs - only if there's anything you'd benefit from (like, sometimes they'd pay for a boiler to be serviced). Buyers can take out insurance against their seller pulling out so they did have an option to protect their sunk costs if they wanted to. It's a risk - it's shitty- but it happens and there's no expectation for you to pay.

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