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Original poster

Would you withdraw from this purchase?

69 replies

mnahmnah · 07/09/2023 17:38

Hi

We sold our house in April. Offer accepted on purchase in June. Should be exchanging soon. We have first time buyers who are in rented until October. Their mortgage offer will run out in November I think. I really don’t want to lose them in case we don’t get the same offer or even sell.

However - we’re having major doubts about the house we are buying. The seller has proven to be difficult and we just don’t feel like we can trust his word or that the house won’t turn out to be a bigger money pit than it appears. He said he would do certain things then didn’t because he’s run out of cash to do them. Other things he has done, I’m not sure they have been done properly. We looked at it again last week now it is empty and it is in a far worse state than when we offered. We asked for a price reduction, he said no and if we didn’t commit by the end of that day, he would withdraw from sale. He then demanded we exchange this week, but the solicitors say we’re not quite there yet. We feel he is hiding something. Just a gut feeling about how he is behaving.

There's another house for the same price, in a better location and it is immaculate. BUT - will we lose our buyers? In terms of mortgage, we will have to re-apply and potentially not be offered the same amount and higher interest rate. Or not be granted a mortgage at all! Plus the extra survey to pay for and wasted solicitors fees.

What would you do? Are we crazy for proceeding or crazy for pulling out? Thanks!

OP posts:
Original poster
mnahmnah · 07/09/2023 21:22

@dreamersdown

Ah - so it is possible for us to change house with our current mortgage offer? I spoke to the customer service person at our brokers and he seemed to think it would most likely mean a new application. I’m waiting to hear from the actual advisor. I really, really don’t want to go through all the affordability checks etc again

OP posts:
Sureaseggs44 · 07/09/2023 21:28

What happened with us is we completed the sale but our buyers rented our own house to us for 10 weeks on the condition we would exchange on a new property within that time .which we did . Extremely stressful but the buyer was happy and we got a better house in the end .

Original poster
mnahmnah · 07/09/2023 21:30

@Sureaseggs44

That’s amazing! The problem is our buyers are in rented which runs out in October. No idea if they would be able to extend it.

OP posts:
dreamersdown · 07/09/2023 21:37

AFAIK it’s a new application but the financials are already approved. They have to check the property fits their criteria etc but it is done quicker.

MarshyMcMarshFace · 07/09/2023 21:41

The reality is that your buyers do not have time to start from scratch finding a place, getting offer accepted, all the various processes on a different property.

So if they love yours they may as well hang on for it as start on another purchase.

Is the other house you like in a chain? You would essentially be a chain free buyer, but would they also be prepared to break the chain and sell chain free to you?

Because they could take months to find somewhere to buy… and that might also be in a chain….

Original poster
mnahmnah · 07/09/2023 21:44

@dreamersdown

Well although that isn’t a certainty, it gives me hope it may be possible. Thanks!

@MarshyMcMarshFace

Well that’s true. They have bought a new kitchen already, while it was in the sale, ready to do as soon as they move in. They have repeatedly said they love the house and are committed.

OP posts:
bluebirdsongs · 07/09/2023 21:54

Contact airbnbs in your area. We had to do this and one that was £90 a night gave us it for £1100 a month inc bills. We've been in it for 5 months now as we're awaiting our purchase to finalise but the landlord is going to do the same when we move out as there is a lack of property in our area for this situation

Onemonthtofindandbuy · 07/09/2023 22:07

When we bought our current property it was after pulling out of buying another fairly far in. The survey had been quite a worry, but we had a friend who was a developer who was happy to help us sort out the issues, but it turned out the seller had told us a couple of major pork pies, which we only discovered when we got the sellers property information form (guess they didn’t want to lie in a legal document). That on top of the survey was just too much of a risk, so we pulled out.

Our buyers were in rented, so we had exactly 4 weeks and 2 days to find and buy somewhere else, or move into rented. We did a mammoth house viewing weekend, agreed a house we both liked best and put in an offer. We were lucky that the seller had moved into care, so she didn’t have to move. The bank agreed we could shift the mortgage across, though it took a fair bit of tooing and froing. It was up to the wire, but we managed to do it in the month. I will say this was just over 10 years ago now, so things could be very different these days.

I think you know when something is just too much of a risk, so weigh up the pros and cons, and do what’s best for you and your family op. I hope it works out well for you (and your buyers).

CrackedChina · 07/09/2023 22:24

You have offered on a fixer upper but seem to expect the seller to transform it before you complete. That's not going to happen. He's selling it as a house that needs work and doesn't want to pour money into it before he sells. If you don't want to fix it up yourselves, or can't afford to, then don't buy it.

I'm amazed your buyers are still waiting after being messed about since April.

Original poster
mnahmnah · 07/09/2023 22:40

@CrackedChina

Wow. They haven’t been messes about. When they offered they knew we hadn’t found anywhere and were happy to wait. It took 7 weeks for us to find somewhere. Since then it’s actually them that are currently holding up exchange for a totally unrelated reason. Conveyancing takes this long anyway.

In terms of the one we are buying being a ‘fixer upper’, it wasn’t when we offered. Since then he has let a friend stay there who has trashed it. We were also told before offering about some of these issues - the flat roof replacement, old boiler and toilet - and assured he was fixing these. He has gone back on that. We were expecting to redecorate and put in a new kitchen. It’s turned into so much more than that and that is why we’re considering withdrawing.

OP posts:
Original poster
mnahmnah · 07/09/2023 22:44

@bluebirdsongs ah right, so contacting them directly might get some negotiation. Great.

@Onemonthtofindandbuy

That’s really good to know about the lender. I shall live in hope!

also @CrackedChina , i already said that in order to not mess our buyers about, we would move into rented!

OP posts:
StarbucksSmarterSister · 07/09/2023 23:57

mnahmnah · 07/09/2023 20:18

@Prettypaisleyslippers

We have asked for money off and he was very clear he wouldn’t reduce it by a single penny. He won’t even remove the old carpets for us, which are a health hazard and I don’t want my children near!

It basically needs complete redecoration, which we knew, but can now see it’s for more cracks and peeling liner paper on every wall. So maybe plaster reskimming? He has removed the gas fire because it was condemned. But now there is just a hole in the wall. The old boiler is on the kitchen wall, which he said he would remove and hasn’t. The downstairs WC has a crack and is leaking. He said he would replace it and hasn’t. The kitchen is old, but last week it was in worse condition with doors hanging off and it’s disgusting. We thought we could use it for a while before replacing, but that would need to be done very soon. I’m not convinced the new flat roof on the kitchen is properly done. It’s a rubber membrane type and you can see the serial number etc printed on it. That doesn’t look finished to me? He’s even gone so far as to remove all the blinds, even though the fixtures and fittings says they’re included. I feel he’s just being petty and demanding. We discovered a few lights didn’t switch on. The estate agent says it just be the bulbs have gone. Feels like he’s in on it now!

Frankly, I wouldn't touch that house with a bargepole.

Walk away.

PragmaticWench · 08/09/2023 07:24

All the things you mention should be explained fully on your survey? You should also have an electrical survey by the sounds of it.

DrySherry · 08/09/2023 07:31

I think you need to focus on these two transactions separately. Firstly your buyers :

  1. They agreed to a price in April and values have slumped considerably since then. On top of that there is going to be worse, not better, figures coming out about the market over the next 8 to 10 weeks. They will already be aware that they may be overpaying and in the next couple of months that's going to reinforced.
  2. If they look at having to renew the mortgage offer the numbers are also going to be considerably different, the monthly payments will take a nasty jump for them. On top of the previous point. Don't imagine they can renew the mortgage offer at the same rates.
You need to focus on keeping them as you are very unlikely able to sell again at the same price if you need to start again. You are fortunate that they sound so committed.

Your onward purchase

If you really like the house and plan on staying for a good number of years then it might be worth just sucking up the vendors unhelpful behaviour. Do your sums again carefully - with the thought in mind that he won't have done any of the repairs. In that case how much do you still want it over the alternatives currently on the market. If you decide you want the alternative house then plan on your temporary accommodation - as first priority is to keep your sale on track. My cousin had this issue and they bought a cheap 5k caravan. They put all the non essentials into big yellow storage and lived in the van, moving it short distances every 3/4 weeks, for nearly 5 months whilst they bought another property. Two little ones in tow also. After they completed on the purchase they sold the van again and lost nothing. Cost wise for 5 months the caravan sites were charging less than £30 a night including electricity and water. They actually saved quite a lump of money through having no ctax or utilities to pay, even after the storage fees.
Good luck

Twiglets1 · 08/09/2023 07:45

You have major doubts about the house you’re currently buying.
You have excellent buyers of the property you are selling who can’t extend beyond November when their mortgage offer runs out.

I would withdraw from your first house and start proceeding on house 2. Don’t delay your house sale beyond October/November, accept that you will have to go into rented for a month or two.

Oldermum84 · 08/09/2023 08:27

mnahmnah · 07/09/2023 20:18

@Prettypaisleyslippers

We have asked for money off and he was very clear he wouldn’t reduce it by a single penny. He won’t even remove the old carpets for us, which are a health hazard and I don’t want my children near!

It basically needs complete redecoration, which we knew, but can now see it’s for more cracks and peeling liner paper on every wall. So maybe plaster reskimming? He has removed the gas fire because it was condemned. But now there is just a hole in the wall. The old boiler is on the kitchen wall, which he said he would remove and hasn’t. The downstairs WC has a crack and is leaking. He said he would replace it and hasn’t. The kitchen is old, but last week it was in worse condition with doors hanging off and it’s disgusting. We thought we could use it for a while before replacing, but that would need to be done very soon. I’m not convinced the new flat roof on the kitchen is properly done. It’s a rubber membrane type and you can see the serial number etc printed on it. That doesn’t look finished to me? He’s even gone so far as to remove all the blinds, even though the fixtures and fittings says they’re included. I feel he’s just being petty and demanding. We discovered a few lights didn’t switch on. The estate agent says it just be the bulbs have gone. Feels like he’s in on it now!

I would be worrying about it all collapsing, but I do tend to be risk averse!

I would put everything you have said here into a letter to the vendor (through the solicitors) and ask for an appropriate sum of money off that it will cost you to sort these issues. Give him a time limit to agree / exchange.

If he says no, then pull out.

You never know, he may get your point and agree once you lay it all out like this and then you will have a bigger house and the money to sort it.

Oldermum84 · 08/09/2023 08:29

You can put in the letter that you've found another house at the same price that is immaculate but that you want to be reasonable and not let the chain break. Hopefully he'll get you're serious and not call your bluff.

FineganFineagain · 08/09/2023 08:49

I think I'd pull out of the purchase unless you were looking for a project. It sounds like it could be a money pit. We've moved into rental property several times to facilitate house moves, the last one being 2017 when stayed in a holiday let on a local farm for a month (out of season so they did us a deal) and a hotel for a week. The time before we rented for 6 months as we hadn't found a house to buy.

If you can buy an immaculate house in a better location for the same price, I don't understand why you would go ahead with the purchase!

Original poster
mnahmnah · 08/09/2023 11:31

@PragmaticWench
He said he would sort the things from the survey. He hasn’t done some of them. The tenants have made things worse since then. I have explained this in pp.

@Twiglets1
Exactly my thoughts. Just waiting to hear back from mortgage advisor and for DH to view new property this afternoon.

OP posts:
Original poster
mnahmnah · 08/09/2023 17:28

Slight update - our mortgage lender says we can just alter the house on our current application, as long as the financials are the same, which they are. They might ask for a couple do updates documents, but it’s not a whole new application. Which is great news!

So, we have offered full asking price on the other house. The owner is out of the country, so we’re still waiting for a response. But the estate agent was encouraging and said we’re in a strong position. No chain either, they are keen to move fast.

The current purchase owner hasn’t responded at all today to our requests for info yesterday. So not that keen to get the house through!

Wish us luck!

OP posts:
KirstenBlest · 08/09/2023 17:34

Good luck, and let us know how it's going.

Twiglets1 · 08/09/2023 17:51

Oh wow that's a positive update @mnahmnah - Good Luck!

They would be mad not to accept your full asking price offer so hopefully you will be able to get the house you prefer

Original poster
mnahmnah · 09/09/2023 13:01

Our offer has been accepted!

We feel a huge sense of relief at not buying the other house. Thanks for all your help everyone in making me see sense!

We feel an excitement about moving to this house that we never had with the other one. Lesson learnt. Trust your gut!

OP posts:
KirstenBlest · 09/09/2023 13:02

Excellent news, @mnahmnah .

pilates · 09/09/2023 13:04

Good luck hope it goes through smoothly. Are your buyers onboard?