The system has to change!

virgo149

Having just returned from a lovely early skiing holiday yesterday, we open a letter from our solicitor informing us that our buyers have pulled out of their purchase 2 days before exchange. You can imagine how we are feeling at the moment.

We have invested our time in selling, our time in buying and a considerable amount of money in a survey, building society fees, all searches and associated legal costs - guessing around £2K at the moment.

And these people, can just walk away without giving us a reason. They have been verbally abusive to our agents and won't even tell their own solicitors why they have pulled out. It also appears that this is the second time in succession they have pulled out on a purchase.

Our sellers have already gone ahead and completed on a new build and moved in last Monday, having a bridging loan to cover a few weeks until we moved in (their problem I know but I still feel very responsible). I made the call to their agents this morning and I could have cried.

Yesterday I was feeling very upset, today I am angry. I'd better go and amend my signature now.

Happy christmas everyone!:mad:

lynzpower

oh sugar this is terrible

I suggest you https://www.faxyourmp.com NOW while you are feeling bloody angry.

I agree the system simply has to change. Im dreading the same thing happening to us

Robert_Sterling

..... perhaps you should not have been away on holiday at a crucial time prior to exchange of contracts.

rjm2k1

Your venders took a big risk completing before you had even exchanged!

Personally, I don't think there is a way the system can be changed, at the end of the day, you are buying/selling something, you can change your mind, remember that one day the shoe may be on the other foot. Sadly, whenever this government tries to improve things, no matter how well intentioned, it seems to backfire and make the situation worse!

Ems*Honie

What difference does them being away make? Moving is stressfull enough without cancelling life completely!! The buyers haven't said any reason for them pulling out, so I'm a little condfused at how its the OP's fault for going ski'ing?

Really sorry at your bad news OP, I hope you get another buyer nice and quick,

lynzpower

Robert_Sterling wrote:

..... perhaps you should not have been away on holiday at a crucial time prior to exchange of contracts.

what difference would this have made do you think?

Robert_Sterling

Maybe be none. Maybe a lot. Various negotiations can, and often do, take place in the days leading up to an exchange of contracts as I know only too well.

virgo149

#3 Thanks for the helpful and constructive comment! What else can I do prior to exchange - camp outside our buyers home to stop them getting twitchy. I am a great believer in dotting I's and crossing T's but short of doing the solicitors jobs for them, it was out of my hands. Me being in or out of the country was neither here nor there. In fact I was on the phone to the agents 2 days before they pulled out agreeing a completion date with our buyers - the world is a very small place these days!

I will stop there, as I don't want to cause any offence to someone who is obviously far more experienced in these matters than humble me.

lewolf

Sorry to hear this. It happened to us once too. We need to find away of making the sales and purchases leagally binding like it is in other countries. I hope the sellers pack will do this.

BobProperty

lewolf wrote:

......We need to find away of making the sales and purchases leagally binding like it is in other countries.

We call it exchange of contracts.

lewolf wrote:

I hope the sellers pack will do this.

It won't. End-of.

Alan_M_2

It is a nonsence system at the moment, maybe they could move to make offers legally binging subject to acceptable survey, then any withdrawal would be penalised at the cost of your vendors costs to date.

Just bouncing ideas around......