Buyers pulled out today

[Thefaceofboe]

Our buyers have pulled out today, the day we were due to exchange. My house is in boxes ready to relocate across the country. My child is due to start school in September and we both have jobs lined up. We have spent so much money (more than we have) on this. I’m in total disbelief. Not sure what I want from this thread really

No compensation due unless they pull out after exchange - which they haven’t.

It’s a horrible system and you have my sympathies. Two years ago this happened to us and it’s devastating. We took the house of the market to do some work on it and put it back on. It’s now sold again and I’m tense to say the least. I don’t have any advice I’m afraid but I’m really sorry.

Well, it's not like they did it on a whim. If it's the truth, the bloke has just turned the wife's life upside down, but he's done it before they moved into a new house, so that's better for her at least.

@Thefaceofboe a (((hug))) ??

I am so so very sorry this has happened. Hopefully the EA can find another buyer very soon! It will all work out! You'll sort it. You're strong, resourceful & capable!! YOU WILL GET THROUGH THIS!!

be thankful you're not the wife xx

It's hard!!

take a few deep breaths though.

have you heard back from your vendors? How long can they give you?

How far away is the new location?

Agh op what a mess - but might be temporary - deep breathes and try and find a new buyer

I’m not sure this is the system to blame. More a man who for cold feet.

does insurance help for things like this? Never bought it before

I feel for you. Similar happened to us a few years ago - what I thought was the phone call to say we had exchanged was a phone call to say the woman buying it had pulled out. The next fucking day, the estate agent called to say the buyer regretted everything and still wanted to buy it and we exchanged 2 days later - after putting the property back on the market etc. Hope you get a resolution soon - so bloody stressful.

@CJ168 @Thefaceofboe

Sadly - assuming you are in England and Wales - the deposit is not paid until exchange and it is only then that a contract exists

Can you talk to your mortgage broker about turning your current home into a BTL and maintaining a mortgage for your onward purchase? Or a bridging loan?(risky option)

So our vendors are in the process of buying a new build bungalow, due to complete on the 15th of August, so I’m unsure where this leaves them. I’m not sure whether they will wait for them? I’ve been waiting to hear an update from our vendors solicitor all day and I didn’t. I presume they will have to put their house back on the market, and if we get a buyer then we can continue…

As for renting, I don’t think it’s something we can do but I can look into it. I’m looking into a bridging loan now (I’d never heard of it!)

I would do everything in my power to facilitate the move, if you've already sorted jobs and school. Renting or a bridging loan if necessary.

We haven’t heard a thing yet! It’s 300 miles we are moving so a big move

This happened to us (buyer pulled out near exchange) and we got agreement for a “let to buy” mortgage, where you rent your residential home out to facilitate another purchase. Not many mortgage companies do it but if you go through a broker they should be able to advise and access the market. We got our let to buy offer via Birmingham Midshires. We didn’t end up using it but it was a potential backup.

It would have impacted our normal residential mortgage offer though - they’d have had to re-look at risk etc.

Is it worth asking the builder who the sellers are buying from to see if they’ll buy yours? I’ve heard of it happening and they don’t have to pay stamp duty if it’s a ‘chain saving’ purchase

It always used to be 6 weeks between exchange and completion, so you were packing up knowing that it was more or less going to happen as they’d paid a deposit.

Current system is totally nuts. I tried so hard to put my foot down about this moving recently but only managed to exchange the day before completion, but at least that is better than your tough situation, OP.
everyone needs to start refusing to do exchange and completion on same day, who does it suit? Solicitors? Estate agents?

Why don’t you consider a bridging loan? Continue with the purchase & the move and leave your current property on the market. It’s not cheap, but so much of your life is hanging on this. These can be arranged very quickly. Use a broker for the best deal.
You’d have to weigh up the cost of the finance with the cost of losing your new home / job / school etc.

Can you do the role remotely? Put in a flexible working request for a temporary period?

The system needs to change so people who pull out bear the cost.

When you get a new buyer ask if they can buy the surveys from the previous solicitor

they pull out of what they were buying

They just did, they were buying the OPs house

Unfortunately I can’t

I am absolutely considering it, I just didn’t know it was a thing until someone mentioned it above. It seems like our only hope right now

Ah I’m not sure it’s going to work as I’m technically unemployed since my maternity leave ended

I’ve sent you a PM.

You have my sympathy - had the same issue this week - top of chain pulled out due to slow progress - 5 months in and not far off exchange. My family think she is completely mad as it will be months before she will now complete. So got to get the house back to a state for viewings. Boxes everywhere at the moment and tbh not much on in my target market for sale. Makes me want to scream!

I don’t get why people do this?! It’s sooo frustrating when it’s going slow, but it’s still got to be faster than starting again. I’m sorry that happened to you