House sale could fall through at any time.

jabe22

Debt_Free_Chick wrote:

But where will they go?

Think about it .. .they'll have to go back to square one and go through the whole process again with another property. And they'll still have to pay all the fees to abandon this purchase.

It will be months before they're in another property - and I'd use that as my negotiation tool.

"We're really sorry that you're in this position, but we're not deliberately holding things up. We're having to go through all the normal hoops in order to complete on our new house purchase.

I can understand you want to pull out and of course we can't stop you doing that, especially as we haven't even exchanged contracts yet. I suppose you know this, but you'll still have to pay your solicitor for all the work they've done including all the searches. And it will take as long again before you can move into another property.

It seems a shame to waste the money you've already spent and then have to wait months to complete on another purchase. Would you reconsider and just let us complete on our purchase? As soon as we can move out, you can move in and it shouldn't take too much longer"

Or something like that. It's difficult to rehearse a discussion with them as we don't know how they'll respond.

Worth a try though. You might also want to let your EA know, in case you have to remarket again quickly. In fact, let your EA know anyway - he/she might speak to the buyers and talk them round, perhaps even pointing out their mistake.

Good luck - let us know how you get on.

Thank you, i really appreciate your help :T

bunking_off

How long has the process been going on?

By the sounds of things, the outstanding issues are with your upward chain rather than the link down to the FTBs. Two scenarios as far as I can see - if the conveyancing has been going on for a normal timespan, then someone (estate agents) needs to explain to them how long these things take. If, however, the conveyancing has been protacted, they could be getting the feeling that they're getting the run around - they've done everything asked of them, and how do they know for sure that the ink's nearly dry on the upward chain as they're being led to believe? Some re-assurances needed IMHO, and this type of thing is what you pay your solicitor/estate agent (especially the latter) for.

To those who count on the FTBs not pulling out because they've waited this long, I'm sorry, but I wouldn't be so sure. Different perhaps, but I was in the situation where I was purchasing from a divorcing couple and the conveyancing went on and on with no sign of light at the end of the tunnel (wrangles around signing the documentation). I'd moved out of my previous house into rented accommodation, so was defacto a FTB. In the end, I lost patience, walked away/took the hit on the wasted fees and bought a new build.

itsakidsworld

All the posts on here make correct reading and in your favour, but it does not stop the worry you must be having.

Its not easy for a FTB as they do not understand the system, however, it is the duty of their solicitor to inform them of the correct procedure.

Maybe you can instruct your solicitor to write to their solicitor explaining what has happened and that it would be hoped their solicitor can clarify the situation. This way, a professional, calming influence can be worth its weight in gold.

Whatever happens, let fate play its hand for you. You may think strange advice but its true.

jabe22

NervousYetFeisty wrote:

Another idea - If they do pull out, the whole chain will collapse. Could the rest of the chain contribute something towards their B&B costs to stop this happening?

Thank you for this idea - I never even thought about involving the rest of the chain.:beer:

miaxmia

I think this shows how "stressful" moving is. I've been here (a long time ago) myself. Unfortunately, I think it probably is just a "threat", but who really knows. The FTBs obviously don't realise what is involved and their Solicitor should have advised them that you are not yet in a position to exchange. It is obvious to me that your Solicitor cannot give a planned moving date until all the paperwork is to hand and you say that you are still awaiting a search. They would be silly to pull out, as threatened, because that will delay their moving into their first home (and will cost them for new searches, mortgage surveys etc. on another house), as well as incurring extra Solicitors fees.

Good luck - I hope all goes well - I really don't think you needed to give away your "white goods" to keep them sweet, but I know how anxious a time it is to keep the chain intact.

jabe22

miaxmia wrote:

Good luck - I hope all goes well - I really don't think you needed to give away your "white goods" to keep them sweet, but I know how anxious a time it is to keep the chain intact.

We had to offer something, the estate agent phoned me and asked if we would be prepaired to pay for their B&B charges, but unfortuately monies are now getting a little tight.

silvercar

I guess the real danger is that they take a 6 month rent on another property.

We lost a buyer because we wouldn't exchange on our sale without exchanging on our purchase. They did just that because they were too scared of losing their buyer. In annoyance that we wouldn't do the same, they pulled out moved into rented.

We had to start all over again.