Totally Despondent (and out of pocket!)

LoubyLou_3

I'm not the first and sadly I won't be the last to say the system for buying and selling houses in this country stinks !

In the same week we were due to exchange contracts, the owner of the house we were buying has decided to pull out (having withdrawn from purchasing 2 previous properties). :mad:

It makes me so sad that the only beneficiaries when this happens are the building societies and solicitors. I am now lumbered with a huge conveyancing bill for a very good service provided, but nothing to show for it.

We don't want to lose our buyers so are proceeding with our sale and going to lodge with family for a while.

I heard somewhere that 1 in 4 transactions fails to complete.

Will the new HIP help protect buyers from this kind of scenario in the future?

sm9ai

That sucks.

Not sure whether hips will help or not, but at least you will have the knowledge that its cost the seller some money too.

LoubyLou_3

Thanks for reading my rant, felt a bit better getting it off my chest !

I guess I'l go along with the philosophy that that wasnt "the" house for us and the right one may just be round the corner !

robwend

dont make it any easier though we all feel for you

Doozergirl

I'm really sorry to hear that LoubyLou. Your philosophy is a good one though. There will be something better along for you soon :embarasse

HIPs won't stop vendors or purchasers from simply changing their mind. It might stop people like your vendors from putting the house on the market with no real thought as they will have to pay hundreds of pounds for the pack before they put the house on the market.

Vicky82

Feel for you too - Pretty much the same thing happened to me this morning - though I live in Scotland so slightly different rules blah blah.

Everyone keeps saying to me it wasn't the right flat for me and something better will come a long. I can't help thinking: This one was in a perfect area, for a good price, exactly what I wanted and now I will have to settle for a less than average flat, in an awful area and end up paying way over the value for it.

My solicitor has put in a letter of complaint to the other solicitor about how badly they handled things - not that it will make any difference !!

zappahey

Small consolation perhaps, but you're now a very attractive no-chain buyer. You might recover the financial loss on the buying price of the next place with your advantageous position.

LoubyLou_3

Yep, we're hoping that being chain free will put us in a stronger position. Also by moving in with folks we won't be paying out for a mortgage, so a combination of both will help us mitigate the financial loss.

Thanks to everyone for messages of support - much appreciated !

I'm also a firm believer in "what goes around comes around", we have behaved honourably and whilst our seller's actions were within her legal rights, morally, we have no option but to leave that to her conscience.

Onwards and upwards eh ?! Just have to see how we get along living back with the folks, especially with a toddler in tow !