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

I’m so sorry this happened! I’m shocked it could happen! What an unpleasant, stressful and archaic way to do things, in an already such a stressful process
good luck

I'm sorry to hear this has happened to you, I'd be gutted if my buyers did this. See if developers would consider a part exchange it might be an option.

We did a 3 way part exchange. Complicated but it worked. It had to be a 3 way due to relative value of the houses concerned.

You don’t get top price - but you do get to move relatively stress free.

It’s worth a asking - and then negotiating.

good luck.

We part exchanged our house a few years ago. We had a figure in our head that we were happy with (that the builder didn’t know) and then the builder valued the house and made the offer. It was just over our minimum and so we accepted it. They may be happy to do a part exchange to ensure the sale completes so I would definitely ask them.

We had this end of November. Offer was made end of August. It took a chain of five properties down. We are back on the market. Ours was the same reason affordability. They had been found four times to view the house. The whole system needs an overhaul.

What do you suggest? However you do it, there will always be a point where you can just walk away and after that point, you are committed.

Deposits upon making an offer at least which are non refundable.

Our buyer did the same in October. People are AWFUL! I'm so sorry that's happened to you as well.

Just to say we got another buyer within a few weeks - a higher offer and it only set us back 2 months. Perhaps it will right itself if you put it back on the market.

It's after the missives are signed that people can't pull out, though from what I see about the English system the missives happen much earlier in the process. But I have had a buyer pull out, leaving me with a few hundred extra in legal fees and could do nothing.

The builder may be more open to part exchange depending how badly they need to hit their sales target. I was given a hard no at one point (same flat the buyer pulled out on, but not at the same time) and a couple of weeks later they were all over it. So don't give up hope.

The British process is rubbish, I bet you were all boxed up etc. We have been boxed up for a few weeks, still waiting for exchange date, 13 weeks in to the process. Still saying IF we move, not when... your whole life is on hold.. wish you all the best.

Above poster saying it is only when missives have been completed in Scotland that it is binding with penalty are correct. There is arguably less protection, missives (legal letters effectively between solicitors) can be being completed up to the moving day along an entire chain that anyone can pull out of without penalty! Be really careful what you wish for. Offers in Scotland are frequently nade subject to new survey (although if on open market a home buyers report is required by vendor but eg the mortgage company may want to ask questions or have this report updated etc).

Sorry meant to say upto and including day of move for completion of missives!

Do bridging loans exist anymore? It is exactly what you need.

How about a system where once an offer is accepted, the property comes off the market immediately (it could always go straight back on if the buyer fails the estate agent’s credit check)?

Then, the buyer has, say, six weeks, to arrange a survey if they want one. Once the survey results are in, the buyer can pull out, try to renegotiate the price or commit by paying a non-refundable deposit.

About 10% loss some years ago, hut we swallowed it and wad 100% the right choice. Our new build was the forever home to raise our famiky

For part exchange you're in a strong position with the time of year, since the developers will struggle to find anyone else that can complete on the same property before the financial year end. So like other posters have said, you should be able to negotiate a reasonable deal.

In a slightly different scenario a few years back we were wanting to buy a new build but our buyers offered a lower offer than we were willing to accept...our developers told us to accept it and made up the difference (and threw in a ton of extras on our house, including stamp duty) if we were able to complete before year end. I ran myself ragged for 5 weeks moving heaven and earth, but we did it...

They do but they are very expensive.

Thank you everyone for your advice and support

We had an unexpected offer on the house yesterday! £15k under asking so now negotiating price so we don't have to redo our mortgage application.

I don't think I'll ever move again

We did part exchange (although this was 2013). We got a little less than we’d planned to accept if we’d sold it ourselves, but not much and we had no estate agents or removals fees. We paid a little more than some (but not all) of our new neighbours for our new house, but DH also negotiated half the stamp duty paid. Basically the sales person has an amount of incentives they can give and a certain leeway in negotiating, and part exchange used up part of what we could have negotiated.

In your situation as they know you’re desperate, they may well drive a harder bargain (if they accept part exchange at all).

But if you can I would do that.

The developers got a buyer for our old house quickly, but that fell through the day we completed on our new house - and it wasn’t our problem! They eventually sold our old house for around what they bought it at from us.

Good luck.

Oh good news on the new offer!

At 15k under your asking price I think I’d still approach the developer about a part exchange and see what they offer.

Our new buyers just pulled out over affordability!! Arghhh had enough of this whole process

Sorry to hear that. It's a wonder anyone comes out of this process with their mental health intact. I nearly lost it over ours earlier in the week - it's so hard to keep a positive perspective throughout the lifecycle. I hope you get things moving again soon.

Oh my goodness - what farce, I'd definitely speak to the builders about part exchange.

Total timewasters