Buying House Seller Has Pulled Out

richardw06

Hi, and thanks in advance for any help or advice!

My Wife and I are going through the process of selling our house, and buying a new property, and were due to exchange contracts next week. However, the seller of the property we were buying has decided that he no longer wants to sell the property. He has told the agent he has received a better offer, however, I know the people in the house next door, and he has told them he just doesn't want to sell anymore.

We now face the prospect of losing out on the £1000 we've already spent on searches and surverys (plus any legal costs), but we are also looking at the prospect of being homeless, as we don't want to pull the same stunt on our buyers.

Is anyone out there aware of anything we can do, in terms of forcing the sale through, or at the least claiming back the money we stand to lose? This has only happened at 4:55pm today (Friday), so I havent had a chance to speak to our legal advisors.

Thanks again,

Richard.

Gorgeous_George

Sadly, your situation is all too common and I fear that unless you can persuade the seller to go through with the sale (perhaps at a higher cost) then there is not a lot you can do - legally.

I would want to sue him/her for my losses but there is no contract and I don't think I would win in court.

The only course of action left is to reluctantly accept the loss. There is a risk that continuing with your sale could leave you unable to afford a house in the future (if house prices rise). Conversely, there is an opportunity to be quids in if prices fall/crash.

How long is the chain? Your buyers may be able to wait while you find another house.

In your position, I would not sell unless I had a house to move into.

I'd also be thinking how I could pay back these very nice people who have wasted your time and cost you money.

Best wishes

GG

pawpurrs

So sorry to hear your news, its what we all dread. I am worrying about the same issues. Unfotunately it is all too common and its what is wrong with the system in the UK. No there is nothing you can do.
Its up to you to make up your mind what to do, re moving in to rented or not. But honesty is the best policy, talk to your buyers and tell them how sorry you are, they may be prepared to hang on for you.
Call all the agents explaining whats happened and hope to find something chain free that you can get a quick sale and tie in.
Best wishes
PPx

lilyann1

I sympathise too.We have been in this situation since March.I must have been on the phone every day either to vendors or buyers or sols or EA's trying to keep everything together.Our buyers buyer pulled out the day before exchange and then our vendor pulled out fo his property back in July after 5 months then pulled out again of another one.
Since our sols have done everything up to exchange we stand to lose over £2k in fees if everyone p[ulls out,so we are trying to keep it together.We have seen another property but have to pay costs on that if we go ahead instead of waiting or our vendors,such as new valuation,new sols fees and searches.
It is a horrid situation to be in but try speaking to your buyers to see if they will wait for you.
Look around for other houses or perhaps move into rented until you find somewhere you like???
It is a difficult decision.Good luck.

richardw06

Thanks everyone for the advice. Our buyers are keen to move, so if we can't convince the seller to continue with the sale, then we'll have to look at moving in with family, or going into privately rented accom.

Thanks again.

crossleydd42

If you do sell, at least you will be more atractive to a future potential vendor, with no chain for them to worry about.

Doozergirl

And if you rent, you'll be chain free at the bottom end at least. Being stuck in the middle of a chain is the worst. I'm renting because I just couldn't stand it anymore when we were on the brink of a third collapse of chain after 7 months.

It's a really lovely house too and cheaper each month than if I'd bought it

Mrs_Optimist

Also on the plus side, if you sell yours and rent property prtices may WELL DROP A LITTLE SO YOU MAY BE ABLE TO BUY MORE FOR YOUR MONEY.

mystic_trev

I'm afraid this happens too often. People get cold feet and decide they don't want to move. Unfortuately they have scant regard for anyone else in the chain - people who you would think of having "high moral values" throw 'em out of the window when it comes to buying and selling their homes!!!!!

[Deleted User]

I have wondered about this. No one simply spends lots of money on searches and surveys etc... without the purpose being to buy a property which is for sale and for which the seller has agreed an initial price with the buyer.

Therefore - as a verbal agreement in other matters is already recognised in english law by the courts, has anyone ever tried a test case through the courts to recoup their losses?

It must be worth a go - especially if you have one of those legal insurance policies tacked onto your house insurance.

I know this sounds simplistic - but there surely must be a legal way of protecting the amount you are usually forced (as it is not usually optional) to spend out before you exchange contracts.

Dan29

richardw06 wrote:

Is anyone out there aware of anything we can do, in terms of forcing the sale through, or at the least claiming back the money we stand to lose?

Not legally, but you could try to get the ex-vendor to reimburse all or some of your expenses as this is entirely their issue and not due to anything you've done wrong. It's up to them though.

With your sale, I would base the decision on how quickly your house sold to your current purchasers. Based on that, if you think you can find new buyers quickly, you may be better off staying put rather than renting or moving in with family, as there are disadvantages to both options (e.g. minimum term of tenancy agreement with rented accommodation). However if you think you might struggle to sell your house to new buyers, it might be worth taking the money and putting it safely in the bank.

Good luck