Help! Buyer throwing threats to pull out....

TOOTHACHE

Morning People
I urgently need some advice please.
Back in February we accepted an offer on our shared ownership apartment, first viewing, first offer - he offered what we wanted.
The guy in question had split from his wife (although still living with her and not divorced, seemed amicable).
Anyway, being S/O there was a lot of paperwork for him to fill out - applications etc (he was buying 50%, we were selling 50%).
He wasn't in a massive hurry and made this clear from day one.
It took him 6 WEEKS to fill out a basic application form, which we and our agents had to chase time and time again.
By the time end of May came around we were verging on exchange, finally. We were looking at rentals as the property we wanted to buy had a bit of a dodgy survey.
Then, I got a call from my agent saying that our buyer had 'come into some more money and had switched his mortgage deal'... he hadn't told anyone, solicitor included (and it has to be approved by the housing assc too - you can't be too rich to live here!). So, early June, another day off work for me whilst his mortgage surveyor came over again. Of course : another delay.
By this time our survey issues at the potential purchase had been rectified and we gave the go ahead to proceed.
Our buyer agreed to exchange first week of July (4th) for completion 5th August. His ex wife (divorced by now) was happy to put up with him as long as exchange was done.
Yesterday : email from my agent, he wants to COMPLETE next week (remember - we haven't exchanged yet!!!) otherwise he will pull out.
The reason : a clause in the divorce stated he could not reside at the marital home. He was forced with the prospect of living in a B&B and paying storage for his furniture.
Seriously is he having a laugh? Our agent suggested maybe we move into rented (OUR agent......!!! for 4 weeks ? how do you do that?) or risk breaking the chain.
My solicitor is gobsmacked, said our buyer would have known ages ago about the clause so he cannot do this.
Anyone have any advice please? He is being a pillock!

BitterAndTwisted

Do you want to sell this albatross or not? In the present climate (ESPECIALLY with a S/O property) I would bend over backwards to ensure this sale went through even if it meant living in a caravan for a few months.

poppysarah

Sell and stay with friends. Put your stuff in storage.

TOOTHACHE

Thanks, but not really the answers we are looking for!
a) we don't own a caravan
b) our friends are mostly in rented as we live in Surrey and they cannot afford to buy (I am 28yrs old so it isn't that common to own your own home at this age)
c) we have two kids, a 6yr old at school (so we can't move far) and a 5 month old baby.

TOOTHACHE

he is late 40's, drives a posh jag and has no dependants.

poppysarah

TOOTHACHE wrote: »

he is late 40's, drives a posh jag and has no dependants.

And wants to buy your place.


Go and rent somewhere.

DizzyDasher

What a plonker!!

Seems to me there are three options:

1) Tell him to get lost, remarket - if you are going into rented anyway there is no chain to worry about? Are you moving somewhere bigger or smaller? If bigger, then if prices fall hopefully the place you want to move to would fall too and you'd be better off - or is there some reason not to do that (e.g. if you're moving area, or think your purchase area will fall less than where you are selling?)

2) Fold and do as he asks.

3) Point out all the additional costs and let him know that you will do it if he covers those costs. Many removals firms will pick up your stuff and store it securely in the interim (at a cost obviously!) and maybe your rental contract could be brought forward, so you'd be looking at a short term let for a month ... can your agency come up with something if they want the sale to go through? If you don't think covering costs is enough, you could add something for the hassle too. Then the ball's back in his court: if he wants you to complete that quickly, fine, but it's going to cost him.

If it was me, and not knowing much about your circumstances, I'd probably go for (1): given your purchase has fallen through anyway might it not be better to chalk this one up to experience and start again? Or do you think reselling is going to be really hard because of the shared ownership aspect?

I get the feeling you may suspect that he has effectively overpaid and you wouldn't get such a good price again, making option (1) a bit scary, in which case maybe (3) is the best option?

TOOTHACHE

poppysarah wrote: »

And wants to buy your place.


Go and rent somewhere.

We cant rent - minimum rental is 6mths with month and a half deposit, around here there is hardly anything on the rental market (because people cant afford to buy) unless you want a bed sit or a large house costing £1400+ pcm.
We are buying a £300k property that needs extensive renovation, every penny counts - we cant throw money away.
Whats a b&b? £15 a night? He KNEW about the clause, he was happy to wait so why should he, on his own be throwing demands like this around?
He wont find another S/O to buy (believe it or not they are in demand here as prices are still so high), especially like our flat which is stunning and a 1937 ex army officers conversion. Not a nasty new build.
Our mortgage will ONLY be £800 a month so why should we have to pay £1400pcm to rent, pay £250 EACH for a credit check via an agent, lose our deposit and be liable for 6mths rent because we move out in 4 weeks (well, be more like 2 weeks because by the time we get the checks done for a rental etc...).
Thats would be waving good bye to near on £10k for two weeks renting... are you serious!?
Would you kiss good by to £10k? :eek:

ILW

Just bear in mind that he can walk away from the deal and find another property like yours pretty quick if he wants.
Depends whether you want to take the risk.

johnbusby

Sounds to me like you have made up your mind so what is the point of posting the question? Either you roll over and give in or you dig your heels in and risk losing the sale - ultimately the choice (and the consequenses) are yours...

Skint_Catt

TOOTHACHE wrote: »

Whats a b&b? £15 a night?

I'm moving down your way! It was £15 a night about 30 years ago I paid £85 a night weekend before last!