Just Depressed

[staylong]

Over the last few months we have been planning to move into our new home. With the help and guidance of the good people on this forum I have been able to plan well ahead for all the projects I knew I would have to undertake from decorating to replacing ceilings. Three trips to meet with the owners and measure up for the work that needed doing.

Whilst we knew we had a lot on we felt excited at the prospect of finally getting into our new home. The three months it had taken to finally get to this day and the years of saving would finally pay off.

Yesterday we went to exchange contracts, my wife got herself all dolled up. After one hours wait we recieved word that the people we were buying from had pulled the plug and taken the property off the market.
No reason no apology.

I am sat here stunned, the wife in tears. Our flat all boxed up and ready to go and my fathers house full of new furniture and materials.

The solicitor is preparing our bill and the survey receipt lies crumpled, our bank account depleted. The price of property has risen by up to 15k in the three months we have waited and we now have to start all over again.

Sick is not the word.

 

[breezer]

 

[masona]

Very sorry to hear this, I just wish this stupid government do something about it.

Surely it can't be difficult to make it law for two people to sign a legal documents at the beginning to stop anyone to pulled the property off the market during the contract period ? and I feel they should pay all costs and compensation for time wasting.

 

[salem2000]

I can understand what you both are going through, and agree with masona.

Once your offer has been accepted and the process started, then if one party pulls out of the chain, they should be liable for all costs incurred by their actions. This should be LAW.

The law books say that a contract does not have to be in writing to be legal, but in practice it contradicts itself. People pay good money for Surveys, Solicitors and the like and when it falls through they have no come back.

It should be law that when a vendor accepts an offer, they are committed to the sale or forfit the costs of the other parties. These people really p**s me off and they should be stopped.

 

[TheLeester]

What a choker ! A similar thing happened to me a few years back but I wasnt in such an advance stage of preparation so I can only begin to imagine how retched you must feel and bitterness/anger at the vendor.

Couldnt agree more with sentiments posted already. However please keep things in perspective. I believe in the addage of every cloud has a silver lining. We went onto find our ideal home after being strung along and dropped because the market had moved on. Looking back I am glad it happened as our new home (despite all the work needed) will meet our future needs much better than the other one. Admittedly I still feel annoyed that some people have no regard for the anguish they cause others.

You will get something else (probably better too) and this bad experience will pass into time.

 

[Studders]

You will get something else (probably better too) and this bad experience will pass into time.

Quite true as the same happened to me. Seller b*gg*r*d about adding silly clauses, lawyers argued about silly clauses, six weeks in the seller then went and sold to someone else despite having accepted my offer. I'm really glad now as the place I eventually got was bigger, much nicer and had a garden and garage, (the other had neither). So chin up you and the missus, you'll get the right place in the end.

 

[pipme]

Ditto.

But on the other side of the coin ... in our case a terminal illness was diagnosed within the sellers family ... So deal was off, understandably.
Also, chains break down, leaving many people out of luck and pocket, Sometimes there is no communication due to embarrassment etc.

If it is / was gazumping then poor show.

As related elsewhere, silver lining around the corner !! We, later, found a better place in a nicer area ... and has remained ok for 10 yrs now.

Just console yourselves .. it was not meant to be ... remember the bits you did not like about it.
B----er it ! Get that card out, count your blessings, get out there and celebrate..... houses come and go ... Yours is out there somewhere, waiting for you ... Get to it !!

Good luck.

P

 

[AdamW]

It is a bad thing that people can do that. I was worried about it when I bought my place: as soon as my offer was accepted property prices started to skyrocket and there was a real concern they might want to remarket it at a higher price. The "value" of the flat increased by about 6 times my monthly salary in the month it took to exchange (first time buyer, vacant property, things move quick!)

Perhaps we should have it so people are responsible for the cost if they pull the plug, but then you could cover that with insurance. Yet another few hundred quid on each property purchase, but at least you wouldn't end up losing all your money if it falls through. People would think twice about marketing and making offers then, less of this "testing the market" and making offers willy nilly. I am sure estate agents would go for it too, they only make money on sales, not "almost" sales.

You know where the house is, perhaps you should go and "devalue" it by about £15K and put a new offer in!

N.B. The author does not condone the use of vandalism to reduce property prices and/or seek vengeance. Anyone who goes and puts a brick through the window of a house so they can claim it is a bad area and knock the price down does so by their own will

 

[masona]

But on the other side of the coin ... in our case a terminal illness was diagnosed within the sellers family ... So deal was off, understandably.

Fair enough and maybe an illness or redundancy should be the only get out clause in the agreement.I understand it is law in Scotland.

 

[pipme]

Hi,

When buying current house, we were informed of the 'chain' situation.

The buyer of our old house was not selling his then current abode, the owner of our current house was moving to a brand new place.
Very luckily there was no chain involved.

How could the average guy in the street be held to a deal if his own sale has fallen through due to 'chain' breakdown ?

Perhaps, something close to an answer is to make the seller responsible for providing valid up to date Survey, Inspection data etc. I think there are moves afoot in this area. this was mentioned elsewhere on this site. A useful addition would be full declaration on 'Chain' situation, the fly in the ointment.

This would remove some cost burden from prospective buyers.
Guess there is no perfect answer.

P

 

[Antwerpman]

Having bought and sold in the UK and then here in Belgium, I cant understand why the system in good old Blighty is not changed. It is one of the few things that I have found that virtually everyone agrees should be changed.

Here you sign a contract binding you in to the purchase once an offer has been agreed, and if either party withdraw they are liable to a 10% forfiet this can be set at any level you want but this is 'standard'). Of course there are get out clauses such as subject to mortgage approval, the vendor being entitled to make the sale, etc (again you can add anything you both mutually agree)

It completely takes the strain out of the situation as once you have agreed, you know the house is yours and you can start making your plans

 

[Scoby_Beasley]

If I remember correctly, while working North of the Border, If you put an offer in and the seller accepted, within 2 / 3 weeks you were in. If you couldn't make it, God help you, and vice versa on the vendor. So why we have to put up with this crappy system ??? (Hang on, just remembered, everyones pension apart from government employees have been sold down the river so you need to stick your savings somewhere, personally, I'd say not in this country. (Rant over )).

 

[masona]

personally, I'd say not in this country.

Got yah ! You're still in the UK then

 

[staylong]

Just a quick update.

After the initial upset and depresion it was back out to the streets. We remarketed our flat and accepted an offer in keeping with the increased market rate from our original purchaser who has already done survey and searches. We then had an offer accepted on a house not disimilar to the one we lost but with a bigger garden and no where near the amount of work needed. They can move on completion and not in a chain.

OK its going to be a nervous month or so and I am definately not buying or planning any project for this house until the keys are in my hands.

As is often the case (I am told) things seemed to have worked out, just a question of Phsyscocybernetics.

Still think the system sucks though.

Thanks for all the comments.

 

[pipme]

TOLD YOU SO !!!

Just keep on, keeping on !!

Nils desparundum carborundum, loose spelling, even worse language, very loose interpretation :- "Don't let the bar-stewards grind you down"

Good Luck

P.