Sale agreed (for the third time) but vendor won't budge

marcofoo

I had an offer accepted on a property in January and everything appeared to be ticking along nicely. Surveys were carried out and mortgages are in place. Over the past month I have grown increasingly impatient with the vendor as they insist that they will not move until they find a property that meets their exact criteria. The trouble is, I am told by the estate agent, that they do not have the budget for their criteria and are as much as £100k/30% off the mark (including fees). They refuse to move into rented accommodation also.

I have done some digging and spoken to previous estate agents who tried to sell the property for the vendor back in 2012 and 2011. They have disclosed everything to me and explained that the situation I'm in is a recurring one:

1. Sale agreed within weeks of going on the market
2. Vendor needs to find a property
3. Vendor cannot find a property that matches required criteria
4. Purchaser loses patience
5. Sale cancelled

I am at stage 4.

One of the estate agents was particularly upset at the way in which the vendor continues to waste everybody's time and money, as am I. He perhaps told me more than he should have.

The vendor will only receive £X from the sale as it was left to them in a family members will some years ago. Every sale agreed has exceeded the £X due and therefore they will never receive more money. Each year that passes puts them further from being able to buy in the area of their criteria. Their desired area is booming, believe me!

What is so frustrating is the fact that the vendor is well aware that their property will sell however they do not see the sense in finding a new home before putting theirs on the market.

The property ticks all my boxes and I have been looking forward to moving in ever since January. I have been actively searching for alternatives on a daily basis since the offer was accepted just in case something like this should happen. Unfortunately I've found nothing that I consider to be a suitable alternative and there are slim pickings in the areas that I am looking at.

My priority is to complete the deal however it's out of my hands. I can either wait forever (it seems) or find an alternative, neither of which I am happy to do.

If this deal falls through I feel that the vendor should be punished for the way in which they have treated me and the previous purchasers, at least with a reimbursement of mortgage and valuation fees on my property and theirs (I am due to let my existing property out once I move). If my deal falls through this will hopefully deter them from repeating the situation.

No paperwork has been exchanged as their solicitor refuses to provide any documentation until they have found a property. Do I have evidence enough to take legal action?

Thanks in advance for any assistance.

[Deleted User]

I know nothing about the legal situation, but I was almost in a similar situation recently. The vendor had done this to a previous buyer. I had an offer accepted but was then gazumped. The property has now gone back on the market, so I suspect they've done the same thing to this buyer. The agent asked if I wanted to put in an offer but I won't. As much as I like the property, I don't trust the vendor as far as I can throw her.

It sounds like your EA needs to sit down with the vendor and set things out for them very clearly: that they need to stop doing this and wasting everyone's time and money.

Yorkie1

Either side can pull out at any time until contracts are exchanged (assuming England / Wales), and so unfortunately for you there's no chance of recouping any of your expenditure or of forcing the seller to proceed with the sale.

As two other buyers have withdrawn previously, I doubt a third one threatening to withdraw will have much of an effect.

You simply need to decide whether to hang on in there ad infinitum (bearing in mind that your mortgage offer will expire and, I think, your searches will eventually expire too), or to actively withdraw your interest and draw a line.

Kayalana99

I think you should hold on but also keep looking for alternative properties....nothing you can do to force it through but why back out if thiers the slim chance she may find a place...and at least you can keep looking.

Sorry for the postion your in x

mrginge

Unfortunately you can't sue someone for being a !!!!!!.

I would do secret pull out. By that i mean stop all work from your side, start looking for other places, but every week keep chasing these ar*eholes so they still think the deal's on.

robatwork

Why not give them a deadline and stick to it?
Your offer is only valid if you exchange by June 1st or whatever, at which time you pull out (and keep looking in the meantime)

k0sh

I would go for mrginge's advice.

harrup

marcofoo wrote: »

Over the past month I have grown increasingly impatient with the vendor as they insist that they will not move until they find a property that meets their exact criteria. .........They refuse to move into rented accommodation also.


What is so frustrating is the fact that the vendor is well aware that their property will sell however they do not see the sense in finding a new home before putting theirs on the market.


No paperwork has been exchanged as their solicitor refuses to provide any documentation until they have found a property. Do I have evidence enough to take legal action?

Thanks in advance for any assistance.[/

Quick question: did you KNOW the vendors position - i.e their unwillingness to go into rented until they found a desirable property - from the outset?

If the answer is "yes"....well, it doesn't make your situation any more palatable or less frustrating...but you DID know what could await you.


I guess they figure if you are not prepared to wait around they won't have a problem to find another buyer in due course.

Only you know whether this property is actually worth the wait. However long this wait may be ( NB I am talking 6 months or so, not 6 years !) Some properties are.....just be absolutely sure that this one is. AND critically assess the likelyhood whether that perfect criteria property the vendors are seeking is EVER going to materialise given their budget restraints.

As to not seeing the sense in finding another property before putting theirs on the market - intensely frustrating but not illegal or unheard of. And as long as you were aware of it from the start, not really immoral either. They simply know they have got the upper hand with their property.

Not sure what to recommend other than to practice Zen thinking and to hang on in there...or to walk away.

Oh, only other option: offer them more money. If this really, really is the "forever" house you want and you can afford it - why not?

kingstreet

Why have you paid out for mortgage and purchase fees when your vendor had not yet found a property?

You should have waited for the chain to form up before you started spending money.

paddedjohn

If the person living in the property is only getting a percentage of the proceeds then that hints that there may be more than one beneficiary to the property, if you can find out who the other/s are then maybe they can put pressure on the people living there to move.(The above may be completely wide of the mark but it may help)

propertyman

I'd agree as above, start looking for alternatives.

They will find out and will be aggrieved and you can say quite politely that

" well you haven't found the place you want in over 2 years-if you do you know we are ready to exchange-whats the problem?"