To withdraw from the sale or not?

[MotherOfRatios]

Maybe asking the question suggests it's time but hey! Open to suggestions.

I went under offer in June 2024 it was hard to get a slot for the mortgage evaluation but I figured that's normal because it was summer. In November I discovered the sellers solicitors had been off sick and almost no work had been done on the file the estate agent was reluctant to step in and say c'mon sort it. The seller is older and not the type to push as she struggles with the tech of everything (EAs words). We had an issue with the survey as well. December comes we have exchange and completion dates for January.

The EA was reluctant to let me have a pre exchange eventually a face time viewing happened the seller was not packed or packing up 2 weeks ago

On Friday I was notified our completion wasn't happening and further up the same and me decided on the 31st I checked with the EA she said she's fine but it's not convenient and I thought you're lying, the EA have a habit of lying.

The 10th of February has been floated around but my mortgage offer expires on the 31st and it can't be extended the bank have said no.

My head says pull out due to the impact on my mental health (I'm not sleeping etc) but my gut says Im best to put a new application in as there's nothing this cheap and that ticks my boxes on the market in London.

But if anyone has any wisdom please share!

There's nothing on the market yet

Yes 2 hours at 6 and 2 hours at 7 it's exhausting

Just to comment on your mention that they hadn’t packed. Maybe they’re paying for a packing service. We didn’t pack anything before or after exchange as our movers did it the day before we moved.

I agree to an extent but after the 31st I have no choice but to withdraw

Have you asked your mortgage provider if you can extend your mortgage offer? This is often possible if you’re close to exchange.

It was supposed to expire Wednesday and they've extended until Friday my rate is very low compared to the current rate which why my broker thinks they've only given 2 days and I don't think we are close to exchange

My DS has the similar worries.

He has nailed 3.69 but it runs out early April. His hope is that his vendor will be motivated by the stamp duty change date. Plus this chain appears relatively short and making progress. Although searches not back yet! His survey was pretty good though - just some repairs which hopefully they are actually sorting because it makes sense to!

The reason for his delay was having to pull out of a purchase due to a terrible survey.

He's worked out a rate change now will.cost him £6.6k plus, potentially, a new valuation fee if he changes lender.

It stressful all round.

All enquiries are resolved, I've let some go just to speed it up. The seller is very attached to the property, I can't work out if she doesn't want to sell and that's the delay but then why move your kids to a new city because she's moved and why get another house in another city or she just expects everyone to work around her. I still don't understand why she's working up until the day of completion. She works in healthcare, my mum also works in healthcare and said even with a transfer if she works for the NHS which I don't think she does I think she works for a private care company she would have to have a window between transferring. I really don't think she's given notice at work.

Either way I'm tired nothing decent close to tube is on the market in London for less than £300k

I expect there are quite a few FTB and others in this sort of situation with lower rates on hold but a deadline looming and assuming they will complete prior to the SDLT deadline. It sounds likely that your son will manage it @Feelingstrange2 but much less likely that @MotherOfRatios will, unfortunately. When the SDLT lower rate expires, I think lots of chains will fall through unless the sellers in the chain reduce the price. It will simply be unaffordable for many FTB otherwise.
@MotherOfRatios I think you have been unlucky and are in a rubbish situation. All you can do is what has been suggested and then continue to look for a rental otherwise at the same time as keeping an eye on Rightmove for new properties. I think a lot more will come on during Spring and Summer as they usually do.

OK, I think in house-buying/selling it can get so super stressful that it's really easy to lose the ability to make rational decisions. There's so much at stake and you have so little control over what's happening, it's very tempting to make massive moves purely because it puts you back in control. I think you really need to get a bit of paper and as impassively as possible write down what will be the outcome of each scenario in terms of the impact on you. Maybe try and think about what the result of each scenario might be in 6 months time, 1 year's time.

I don't know you obviously, but my gut feeling is that pulling out now is going to give you a short term joy/relief of being back in control of your own destiny, but it will put you right back at the beginning of this process and you'll just have to go through it all again right from the start if you want to buy a different place and in the longer term the strain could be be much worse.

As far as I can see from what's been said, any outcome other than completion this week and you are going to lose your mortgage rate. Of course, if that genuinely makes the property unaffordable then you have no choice. I know this is going to sound a really annoying thing to say, but your mental health may be better served by trying to come to terms with the fact that it's inevitable and trying to make the best of the situation you are in, than going for the nuclear option.

Rental isn't an option so it will be commuting until I find something although from dang this for 3 years in my bracket the biggest volume of properties is January-April and nothing much yet, not sure if people in the £300-310k bracket will reduce after April.

The hold up is my seller, I have even offered to pay her moving cost and storage cost and hotel cost just to get her out of the property yesterday. As apparently she's financially struggling.

If th mortgage offer expires we will be forced to do the whole application again. The property could be down valued which will cause more Issues and add on say 1-3 months, I also don't think the property that my seller is buying will wait that long.

it's the first morning I've woken up and really come to terms with the fact that the property might fall through. I think the other reason why I haven't withdrawn is because there's just nothing in London on the market within my budget, stuff at this price comes on really slowly

You say you can't rent. Do you live on your own? Could you do a Monday to Friday house share closer to work? Even a small room would be OK to save the long daily commute.

I do agree though listing all.the pros and cons will ensure you don't make a dramatic move that means you are worse off. Any new purchase will be at the new mortgage rates anyway.

I dont wish to house share again and I can't share further details as my last experience in house sharing is now a criminal matter due to experiences I've had, I'm pretty traumatised and it's changed me for life.

I think I would take time before finding a new purchase and save up for a 10% deposit before even looking which would take me to may/june time, hopefully rates would have come down by then.

Unfortunately OP if the seller isn’t communicating on dates or generally, and is stonewalling you and refusing a second viewing, I would be pulling out. She sounds a pain in the arse.

I got a second viewing via FaceTime her solicitor said she hasn't responded Thursday or Friday to the 31st, the EA said she was fine with the 31st but it was an inconvenience to her, I said so that means it won't happen and the EA said yes I don't think you'll be completing on the 31st and we'd like you to look at getting a new mortgage offer

Op why would it be via FaceTime and not in person? Ideally you would want to have a proper viewing in person to check it’s all ok

'I think I would take time before finding a new purchase and save up for a 10% deposit before even looking which would take me to may/june time, hopefully rates would have come down by then.'

This might be the option you have to accept. It's by no means certain that rates will have come down by May/June, although there is a chance they will, especially in the second part of the year imo.

Give them your ultimatum. If no exchange this week, move to option B.

I couldn't get down to London at the times the seller was available and I had important meetings I couldn't take leave for

Totally accept rates might not have come down but the £100/200 difference would be offset by the increase in deposit

I would pull out for this reason alone.

I think it's a case of the seller been taken under the wing of several bad parties as I wouldn't put up with any buyer being treated like this, it sucks but it's the decision she's made.

My advice would be to contact the seller directly and tell them what's been going on. They might be being told an entirely different tale by their agent, and think it is you who's holding things up. Solicitors do go on holiday/get sick, but they shouldn't be the only available solicitor in the practice, and someone else should be able to take over.

By the way, I'm guessing that the seller's estate agent has decided that if this sale falls through, they will easily find another buyer at a higher price so that's why they are stalling, in the hope that you do drop out. If they can sell at a higher price, they earn more commission. I also think the 'older seller who struggles with tech' is bullshit.

I've written a letter which I'm sending tracked 24 hours tomorrow unsure if to lay everything out or a polite message with my number for her to call me.

The property had viewings and people didn't want to pay for the location or because it doesn't have a window in the bathroom it had no offers on it until I offered, it isn't an easy sell and flats are becoming harder to sell.

Although I've just gone through the TA6 form and spotted she's ticked no for living there and listed her 3 children over the age of 17 as living there unsure if this is a mistake