Buyers pulled out on day of exchange

[DizzyIzzy2022]

Just needed a rant really.

Due to exchange last Friday and buyers pulled out last minute. Had intended to buy a new build for which we had paid a £2k deposit. Builders aren't going to hold the property or refund deposit. We had also paid extra from some upgrades which is now a sunk cost as well as the legal fees.

Chances of finding a new buyer this close to the stamp duty change window feel slim.

Any tips on how to get over this, if was our dream house

Would the developer consider a part-time exchange?

That’s awful. Did the buyers say why they’d pulled out?

I have nothing to add but sympathy :-( So sorry that this happened.

I know it feels completely devastating now - but I hope it works out.

They have part exchange on website, but I'm not sure how this works. Do you stay in the property until the builder sells it and then move? Think the developer will be more concerned with a quick sale

Absolute twats. Did they give you a reason?

The husband considering changing jobs due to health and worried about affordability. Feels like something they should have discussed before making an offer I think, 5 months wasted! So frustrating

That's gutting. Phone up and ask them about the part exchange.

"A part exchange involves trading in your house as part-payment for a new build property. The property developer buys your existing house and then deducts its value from the cost of your new home."

When the new build is ready to move into you move into it and the property developer sells your now empty old house, no waiting to get a sale for you.

Ring the property developer and talk about the part exchange.

Agree, explore part exchange if you can!

We did a part exchange on our new build it was a really easy process with Redrow

I was you last year and it all worked out fine I promise but I'm not here to tell you that as it won't help until it does. Just here to say this is really shitty behaviour and I'm so sorry Op.

This is such a pathetic response for them to give also. The UK needs a real overhaul with this.

I think the new house has to be at least 25%more than your current home but defo explore before going back on the market.

I don't know how part exchange with the builders works.
But the neighbours next to our ds have just left after part
exchanging on a new build. It is now empty.
It took about 4 weeks.

This is why things need to change, even just more in line to how its done in Scotland, Im very sorry OP.

I know it wont help now, but we lost what we thought was our dream twice over the years and in hindsight it was completely for the best. There is something better out there for you Im sure. 💐

Awful, house buying is shit, so sorry.

Shitty of the developers as well as the buyers.

Definitely ask the developers about part exchange. We did it years ago as we were in negative equity at the time. Well DH was as it was his flat. Worked well for us.

We're just about to complete on our part exchange. You stay in your house until the new one is ready, regardless of whether your house has sold or not. You normally need a % difference between the selling & buying price but I'd definitely ask about it. They may also offer assisted move where they deal with the estate agents and pay the fees, but obviously your still in a chain that way.
I'm so sorry this has happened OP, house buying in the UK is crap.

@Ilikewinter thank you, was there a big difference between the market value of the property and what the developers offered you?

Definitely liaise with your developer - what’s the market like near you? Developers here are struggling to sell I imagine they’d be more flexible on deposit or yes part exchange?

There can be I think, and you really need to haggle. My then fiance wouldn’t help me do this, and I got a bad deal. He didn’t really care as he was moving in with me and it was my loss, but I’d have liked the help and support

In Scotland you can’t out after having an offer accepted without being fined. Much better than in England.

So they didn't have the money to start with. It's outrageous.

I'd do a two pronged attack. Contact the developer for a part exchange and get it back on the market. You may get another buyer really quickly.

We had to be at 75% value, but we were then offered deposit contribution, £5k off the asking price and upgrades, and of course you don't pay estate agent fees. Overall we have lost compared to what we might have sold for on the open market, but for us the the lack of stress has been worth it!