Page 2 | Buyer has cold feet

tara66 · 19/09/2025 23:42

FettleOfKish · 19/09/2025 20:05

No no no, some years have nothing slated at all, but some have big jobs (the lift will need replacing at some point for example). It’s a surveyors ‘ideal world, money no object’ suggestion. In the real world though it’s all to be moved around based on money and priority or scrapped if it’s not essential work (An estimated £120k for exterior decoration including scaffolding has already had a firm no from the owners, at least until everything essential is done first).

Re Lift - we had an old lift refurbished not replaced this year - for 4 floors only - it cost was about £100.000 and was out of service for about 4 months!!

tara66 · 19/09/2025 23:48

Just to add - we do have large Reserve Fund (which takes large % of Service Charges) and it was used to pay for lifts ( 4 in all so £400,000) as our Service Charge did not increase from last year. Do you have a good Reserve Fund for your building you can tell buyer about?

Ohmygodthepain · 19/09/2025 23:52

Have you exchanged?

LT1982 · 20/09/2025 00:43

FettleOfKish · 19/09/2025 20:09

I have had an idea that is a complete wildcard, but if it does fall through we’ll ask the owners of the place we’re buying if we can rent it from them until we find another buyer. It already was rented, they’re moving out this weekend. It would absolutely cripple us paying both rent and our existing mortgage but if they went for it and they’re fair with rent we could just about scrape it. It would at least mean they don’t have to re-list it or risk it being sat empty. Hopefully once we could get our managing agency to get their shit together (and we’d re-list ours with them to sharpen their minds, they’re also an estate agency) and it’s vacant possession we’d find another buyer.

Ex conveyancer here. Not a total wildcard suggestion but their conveyancer will probably advise against it of contracts are not exchanged as it opens up the sellers to risk of you essentially squatting. Also if they have a mortgage a short term occupation may not be allowed by their lender

Original poster

FettleOfKish · 20/09/2025 06:23

@LT1982 We’re not in the UK so the system is a bit different here. Completion & exchange happen on the same day. AFAIK though squatting isn’t a thing with the complex laws as per the UK, the police would just come and forcibly remove you here. The vendors don’t have a mortgage.

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latenightscrolling · 20/09/2025 07:44

I’m an estate agent. Is your agent able to talk to the one who you’re buying through and suggest they keep it off the market for perhaps somewhere in the region of 2-4 weeks? To give you a chance to re-sell. If your agent has exhausted every option with the buyers and it’s still a no go, you’d be better to reduce the price by at least £5k (you were planning to give that away anyway) or even more if you can, just to try and get it sold again quickly?

Papricat · 20/09/2025 07:59

Sell at auction.

Foundationns · 20/09/2025 10:30

Awful for you OP, I’m so sorry.

Cantfindafreeusername · 20/09/2025 10:35

I’m sorry but as a buyer I would have tapped out too. You say that they won’t charge that but they could if they wanted to and you’ll be long gone and buyer stuck with just your word. Sorry hun but looks like you’re there for the long haul.

Pherian · 20/09/2025 10:55

FettleOfKish · 19/09/2025 16:03

Handhold please, because I can’t talk about it in real life without crying. We’re due to move next Friday from the tiny one bedroom 3rd floor flat we’re currently in with our toddler to a two bedroom garden apartment and I had a call from the EA earlier to tell us our buyer has cold feet because our building has a 20 year maintenance plan in place.

I knew deep down that it wouldn’t all go smoothly but I’ve let myself get excited the last week or so when it’s been so close and I’m just absolutely heartbroken

Have you considered selling it to one of those companies that buys properties. They. Will offer you below market value but if you’re already offering a 5k knock off the price, then it can’t hurt to check. They tend to close within days as well.

Original poster

FettleOfKish · 20/09/2025 11:00

@PherianI don’t think they exist where we live (outside of the UK) otherwise I’d snap their hands off.

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Original poster

FettleOfKish · 20/09/2025 11:08

@Cantfindafreeusername I get it. Hopefully come Monday he’ll also have written confirmation from the managing agent that the 20 year guideline is not an actual plan, and importantly that they will manage the works according to what the residents can afford (nobody else in the building has got multiple 000s a year to hand over either!). Whether that reassures him I won’t know until then, but it can’t harm.

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MMCQ · 20/09/2025 12:58

This is very stressful but all selling and buying is.
I think your buyers are being very bad. They are just squeezing money out of you. Hold your nerve.
if you have exchanged then you have the right to force completion through.
if exchange hasn’t happened I would suggest you send them a clear message that your buyers don’t have the courage to buy your place so unless they exchange by Friday you will re-list it. And then follow through. Your EA works for you. Make them earn their money and DO NOT let this impact you. Have a strong word with the EA. And if they do not do as you ask, change your EA on Monday.

LT1982 · 20/09/2025 13:46

FettleOfKish · 20/09/2025 06:23

@LT1982 We’re not in the UK so the system is a bit different here. Completion & exchange happen on the same day. AFAIK though squatting isn’t a thing with the complex laws as per the UK, the police would just come and forcibly remove you here. The vendors don’t have a mortgage.

Ah I see. Nothing to lose by asking if you can rent from your vendor then. Are mortgage holidays a thing where you are to avoud paying rent and mortgage?

LT1982 · 20/09/2025 13:47

MMCQ · 20/09/2025 12:58

This is very stressful but all selling and buying is.
I think your buyers are being very bad. They are just squeezing money out of you. Hold your nerve.
if you have exchanged then you have the right to force completion through.
if exchange hasn’t happened I would suggest you send them a clear message that your buyers don’t have the courage to buy your place so unless they exchange by Friday you will re-list it. And then follow through. Your EA works for you. Make them earn their money and DO NOT let this impact you. Have a strong word with the EA. And if they do not do as you ask, change your EA on Monday.

Edited

Even if contracts are exchanged you can't force a purchase to complete- a buyer can walk away and forfeit their deposit and additional notice fees/interest

Rayqueen · 20/09/2025 13:55

Have to say as a buyer if I found out the 20year plan I wouldn't have even looked at the flat

Original poster

FettleOfKish · 20/09/2025 14:15

Rayqueen · 20/09/2025 13:55

Have to say as a buyer if I found out the 20year plan I wouldn't have even looked at the flat

And that would be understandable, but it doesn’t make the situation any brighter for us as the sellers. Neither party is at fault in this but for us it feels desperate potentially being stuck here indefinitely.

It’s genuinely passed through my mind to put it on the market for the amount we need to pay this mortgage off (about 100k under its value) write it off as a loss and get off the ladder completely.

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Original poster

FettleOfKish · 22/09/2025 19:23

Still here and still no firm answer, although our buyer has had some questions answered by our management agency today. He’s going to speak to his lawyers and broker again and have an answer for us by Wednesday. I haven’t slept since Friday despite consuming more than my body weight in wine, but what’s another two nights?

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