Seller pulled out leaving us with costs - not once but TWICE now.

GenD

Thanks everybody, it's nice to feel morally supported

I think the reason we in England put up with this horrible system is simply that we have no choice until somebody in power changes the law. I don't really understand how we ended up with a system like this though, when other countries seem to be able to organise it much more fairly.

After the first sale fell through, I was stressed and anxious but reasonably philosophical - I knew the fees paid in advance were non-refundable, but you don't have any choice but to take the risk, and I thought I've been lucky in all my previous house moves, so one fall-through isn't so bad, but I couldn't believe it when the same thing happened again. Now I'm just so depressed and dispirited about the whole thing - and I feel so worried and unprotected in the process! - I don't feel like buying anywhere, but we have to get our own place soon, as we're currently living in a friend's furnished house with all our things still in storage. I think we will end up renting an unfurnished house for 6 months while we keep looking, but I hate renting as it's dead money, and the longer we take to buy somewhere the longer it takes to pay it off. I'm in my 40s and had the mortgage set to be paid off when I'm 60, and I don't want to extend that term so the later we move the higher the payments will be. Plus I'm worried that house prices and mortgage rates will keep going up.... Grrrr. sorry, just stressing myself out thinking about it!

For me the worst part is losing that brilliant mortgage rate, as I've had it for 9 years and I highly doubt any banks are going to offer that kind of rate again.

For the record, our solicitor has been brilliant - for the second no-sale she hasn't charged me anything at all, as I had already paid the search fees upfront, and she said apart from ordering the searches she 'hasn't really done any work', even though I know she's made quite a few phone calls to the agents and solicitors, as well as calls and emails to me. For the first one, because we were so close to exchange she did charge for various contract work she'd done, but not the full fees it would have been if we'd completed. I use that firm because they were so great on my first move, years ago - the process dragged out over 5 months as I was buying a leasehold flat and they needed a Deed of Variation for the lease as it was unacceptable, and she didn't charge me a penny over their original quoted price for conveyancing! I'm not sure I'm allowed to mention their name on here, but they are REALLY good, and seem nice, genuine people who actually care about their clients.

Thanks again everyone - I've always believed that everything happens for a reason, so I try and keep positive, but sometimes it gets hard to see the good side.

lessonlearned

GenD wrote: »

Thanks again everyone - I've always believed that everything happens for a reason, so I try and keep positive, but sometimes it gets hard to see the good side.

After years selling houses I have learned that houses either have your name on them or they don't.

I've had people in my office sobbing their hearts out.

I know it sounds daft but I agree things do seem to happen for a reason - even if we cannot always see it at the time. I'm sure you will do better next time.

Try to remain philosophical and upbeat.

Hopefully you will get a good deal on your next purchase which might mitigate some of your financial losses.

The big downside for you is the loss of that fabulous mortgage deal you had. What a pity you can't hang on to that.......

Chin up - it will all turn out right in the end.

ILW

Nothing to stop a "pre exchange" contract being drawn up if both parties agree.

lessonlearned

Ivana_Tinkle wrote: »

I never cease to be amazed at quite how selfish some people are, and how much they're prepared to mess up other people's lives. We really need to change our system. Why should you have to waste hundreds of pounds because people can't get it together to act like grown-ups?

I am afraid this is one of the reasons why I'm not prepared to go back into an EA's office.

Frankly I got sick of the way people sometimes behave when it comes to house buying and selling.

I first started selling houses in the early 1970's. Buyers and sellers alike were far more considerate back then. A gentleman's handshake was often good enough. People kept their word.

Fast forward to the mid 90's and I began to notice a very different set of values and some very bad behaviour.

Gazumping, gazundering, people being messed around, vendors lying, purchaser's lying, agreements being broken, chains collapsing because people broke their promises.

I'm afraid to say it but it all seemed to boil down to one thing - Greed.

What these greedy selfish, self centred people seem to forget is it isn't just about the money - they are playing with people's lives.

Now I that I am about to relaunch my own property business again I will make sure that I am in a position to call the shots, just as I did when I went freelance.

I will not lower myself to do business with people who are dishonest and unethical. I only work with people I trust and respect.

I really would like to see the system overhauled. Whilst I think it is unsustainable in its current format I'm afraid I'm not about to hold my breath.....

Ivana_Tinkle

It's partly to do with rising prices, isn't it? Vendors who would never dream of gazumping their buyer for a couple of hundred quid tend to feel a bit differently when there's thousands involved. And when buyers can see that you're selling your house for tens of thousands more than you bought it for, they tend to have fewer qualms about gazundering.

It's led to an "all's fair in love and war" approach to the whole thing, where it's OK to put your house on the market when you're not even sure you want to move, and, if you're in a hurry, it's fine to hassle and threaten the rest of your chain in a way that would be harrassment in any other context.

moneyistooshorttomention

...and just what do you do about buyers who will insist on offering a lot less than the asking price EVEN WHEN that house is quite provably priced fairly in the first place? People really DO need to reserve some of the "condemnation" for house price thieves (as I call those who offer less than something that really really IS a fair price for a house and then try and find excuses as to why that's alright Jack)

....and yes...I have checked out selling prices for my own personal area and proved conclusively that a noticeably lower price offer on my own property means I'm up against a "house price thief" (ie someone who is trying to steal some of my equity). So - what do you do about people like that?

tizerbelle

moneyistooshorttomention wrote: »

I'm up against a "house price thief" (ie someone who is trying to steal some of my equity). So - what do you do about people like that?

Pretty simple really - don't accept their offer if its not the figure you want.

shortchanged_2

tizerbelle wrote: »

Pretty simple really - don't accept their offer if its not the figure you want.

Exactly this.

princesstippytoes

moneyistooshorttomention wrote: »

...and just what do you do about buyers who will insist on offering a lot less than the asking price EVEN WHEN that house is quite provably priced fairly in the first place? People really DO need to reserve some of the "condemnation" for house price thieves (as I call those who offer less than something that really really IS a fair price for a house and then try and find excuses as to why that's alright Jack)

....and yes...I have checked out selling prices for my own personal area and proved conclusively that a noticeably lower price offer on my own property means I'm up against a "house price thief" (ie someone who is trying to steal some of my equity). So - what do you do about people like that?

How can they be a thief? If you don't like the offer just say no. It's how house selling works. :rotfl:

moneyistooshorttomention

You know you're getting older - and Society's "moral compass" has shifted when immoral behaviour is treated with a "just reject it then and you won't get stung by it" reply:rotfl:

Shades of Margaret Thatcher and her "There is no such thing as society" reverberating through my head.....that woman has a lot to answer for...