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Original poster

House sold but nowhere to buy. Pressure to exchange

21 replies

Bumblebeebumblebeebum · 08/09/2024 15:04

I’d be grateful for any advice please. My house sold for a low offer in March to a FTB. They took ages to get organised and partly as a result my onward purchase fell through. FTB’s immediately asked for a discount and I suspect their plan was to drop the offer immediately before exchange. They said they would pull out if I refused. I refused and they still want to buy but want to exchange immediately and complete at the beginning of January otherwise they are pulling out.

Unfortunately I haven’t been able to find anything within budget to buy and so this is a huge gamble as I wouldn’t have anywhere to live (pets and young children rule out staying with friends/family/renting).

Their solicitors have been verging on bullying and just awful and all trust has gone. What would you do please?

OP posts:
Normandie · 08/09/2024 15:08

Exchanging now and completing in 4 months’ time is utterly insane and I don’t think your solicitor would actually do that. Even if you found somewhere tomorrow you might not be in a position to move until later in the new year. I’ve only ever done purchases or sales, never both, and every time the process has been at least 20 weeks from offer to completion. I’d put your home back on the market and refuse to sell to them. They are assholes and will just mess you around.

heldinadream · 08/09/2024 15:08

Instruct your solicitor that you don't want to proceed any further until you've found a place to buy.
Unfortunately this is the system and it drives everyone nuts. If they pull out do you think you'll get a new buyer relatively quickly and easily? They sound difficult.

tealandteal · 08/09/2024 15:09

Do you NEED to move? As in relocation, marriage breakdown etc? If it wasn’t a must I would not exchange until I had something to buy. It puts you in the weaker position as you are legally bound to complete the transaction and if you can get out then it will most likely cost you a lot. If you do need to get out then could you afford to move into rented for 6 months?

Original poster
Bumblebeebumblebeebum · 08/09/2024 15:16

Thank you for quick messages. No, I don’t need to move and we are very happy where we are, we just need a bit more space. It’s just the pressure from them and EA made me feel I was being unreasonable.

OP posts:
TerfTalking · 08/09/2024 15:23

I’d let them pull out, there might be nothing new you like now until the spring. They sound problematic.

tealandteal · 08/09/2024 15:33

In that case you are not being unreasonable at all. It’s not the ideal situation for them but make it clear you will not be exchanging until you are ready. If they wish to pull out that is their decision.

cansu · 08/09/2024 15:38

I think you push back. Tell solicitor to tell them that
1 the price is what has been accepted and you will not be changing it

  1. They will need to wait for you to find a home
3 if they prefer not to wait then they can do what they like Don't be bullied in essence.
Original poster
Bumblebeebumblebeebum · 08/09/2024 15:41

Thank you. I really needed to hear these messages today. I’m very grateful for you taking the time to reply.

OP posts:
FinallyMovingHouse · 08/09/2024 15:43

I would SO pull out of this one. Rude buyers and rude solicitors can all take a running jump, eps if you don't have to sell now.

kiwiane · 08/09/2024 15:45

If you’ve sold at a price where you can’t afford to move then I would pull out of the sale, give yourself some time and remarket the house.
Most people have to have a sale agreed before they find their next house; it’s not unusual for this to take time - don’t allow them to pressure you.

DisforDarkChocolate · 08/09/2024 15:48

I'd pull out. It doesn't sound worth the stress.

LindaDawn · 08/09/2024 16:05

I would pull out too! You should not be subjected to this bullying! These buyers got a good price and then tried to reduce the price further! You need to put yourself and your family 1st. Take the house off the market and take a deep breath. Maybe wait until you have found a house to buy at a price you can afford then you will know how much you can afford to sell your house for. Selling without buying makes you very vulnerable as vendors will know how desparate you will be to get a house and therefore you may not get a house at a reasonable price.

RoachFish · 08/09/2024 16:19

Is there a point in selling at all if you can't afford a bigger property anyway? Is there a way to extend or re-jig the house you already have?

Either way, they sound like they are in a rush so I would just say that you won't agree to their terms.

Maurepas · 08/09/2024 16:27

My experience was to find a house near my son and sell my flat. Put flat on market and buyer found. I became totally exhausted trying to find somewhere to move to that I liked over several months but could not do so. I informed solicitor and flat's managing agent I was not selling. Well, the solicitor did not believe me and even sent sale agreement document to sign - which I refused. Unfortunately the buyer for flat was living in my block - even the caretaker tried to help him! I was a nasty bad person. But I wasn't budging because of previous experience - it had taken me 3 years and 10 offers to buy existing flat in first place in a completely different area from where I really wanted - so was not prepared to experience something similar again!!

Pixiewombat · 08/09/2024 16:35

They're pushing to exchange as interest rates are likely to fall and it looks like house prices are starting to rise.

Hold your nerve.

They can pull out if they're that unhappy.

RB68 · 08/09/2024 16:39

walk away, get it back on the market at proper rate

Tupster · 08/09/2024 18:01

I think politely say you accept their offer to pull out since you have no onwards purchase at this stage. You should never feel you have to make yourself homeless out of guilt or being steamrollered by someone buying your property. You need to do what's right for you - your home and security are hugely important.

TheRoseTurtle · 08/09/2024 19:22

You took a low price for a quick sale so you could achieve your onward purchase. You've lost that onward purchase, partly due to your buyers, and they are now issuing ultimatums and making unreasonable demands. So you need feel no obligation to them. You now have nowhere you want to buy, and, most importantly, you are in no rush to sell. What to do? Tell the disagreeable buyers (and their hectoring solicitor) to get lost, get your home re-valued by EAs, and get it re-listed. You might find it's now worth a little more than it was 6+ months ago, but even if not, you are not in a rush you don't need to either take a lowball offer or deal with those people anymore. If you re-list with a different agent it will go to the top of the Rightmove listings.

Viviennemary · 08/09/2024 19:24

No. Sit tight they will have to wait or find something else. Don't be bullied. You lost out already because of their dithering. Low price for quick sale which you didn't get. Tell them to p off.

Baggingarea · 08/09/2024 19:57

You're in the house and dont need to move. Your onward purchase has fallen through so your losses have already been cut (apart from sale solicitor I'm imagining). Tell them to stick to agreed price or you are not selling. If they say no, say bye then. If you end up renting, capital gains tax will go up in October meaning likely rents will too - another reason to not be in a hurry.

Chewbecca · 08/09/2024 19:59

I wouldn't actually pull out but I would make my position clear:

  • not exchanging until I find an onward purchase
  • not dropping the price further

Your buyers then have to choose between waiting for you to be ready to sell your home or pulling out.

Are you actively searching for an onward purchase?

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