Seller pulled out

deejaybee

Had offer accepted on a flat about month ago.

Not long paid for searches ( £250 ) and EA informed me that seller withdrawing due to "personal family reasons "

EA cant even charge seller anything as apparently it hadn't gone far enough down the line to enable that.

Only crumb of comfort is that solicitor said she had only done minimal work so far apart from searches...

B******S

easilydistracted

We were nearly at exchange and our stupid vendors have pulled out. Nearly all the solicitors work done, agent spent loads of time on the deal, whole range of surveys. Separating couple have changed their mind, one now buying the other out. So it could be worse! Luckily we have a very nice no completion no fee solicitor who has confirmed we won't be charged and actually the work was escalating survey by survey. But the English system is certainly very frustrating. They ended the deal by email and would not even take calls from estate agent in the end. There is no way of getting any money back unless you've exchanged. House hounting is very stressful!

spacey2012

this is why when you have sold a few homes you learn that trust is worth nothing.
the property stays on the market until the deposit has cleared.
Those that this offends, let them mess someone else around

witchy1066

spacey2012 wrote: »

this is why when you have sold a few homes you learn that trust is worth nothing.
the property stays on the market until the deposit has cleared.
Those that this offends, let them mess someone else around

read the post , in both cases it was the buyer being messed about not the seller

if you have sold a few homes you will also be aware that in most cases it usually the buyer who is most out of pocket , as a buyer I would not be paying 100's of pounds on a survey for a property if I didn't want to buy, but sometimes life happens , its a 2 way street

crompea

I've heard there is some sort of 'buyer's insurance' that protects the buyer against these losses if the seller pulls out. My solicitor (who is a family member so i trust them) quoted me £1500 for the insurance though, which is too expensive. Anyone know where to buy this buyer's insurance (might help you next time deejaybee...)?

Dan-Dan

crompea wrote: »

I've heard there is some sort of 'buyer's insurance' that protects the buyer against these losses if the seller pulls out. My solicitor (who is a family member so i trust them) quoted me £1500 for the insurance though, which is too expensive. Anyone know where to buy this buyer's insurance (might help you next time deejaybee...)?

£1500 ?

More or less the amount spent by a buyer up front on your bog standard 3 bed then?

False economy ?

JPB123

crompea wrote: »

I've heard there is some sort of 'buyer's insurance' that protects the buyer against these losses if the seller pulls out. My solicitor (who is a family member so i trust them) quoted me £1500 for the insurance though, which is too expensive. Anyone know where to buy this buyer's insurance (might help you next time deejaybee...)?

You can get this for approx. £100-150 depending on where you get it from.

I am an Independent Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice

Davesnave

Parents, pedagogues, politicians and philanthropists spend much time trying to convince us that we should be equal and that life can be fair.

Unfortunately, we aren't equal, and life is far from fair, but that won't stop the odd rant on here. Well, why not? It's a good place to rant, and it's free.

So, you've had your rant. Now put it behind you and move on. It's only money.

"Personal family reasons" could easily read "got news of terminal illness," or similar.

eddddy

crompea wrote: »

I've heard there is some sort of 'buyer's insurance' that protects the buyer against these losses if the seller pulls out. My solicitor (who is a family member so i trust them) quoted me £1500 for the insurance though, which is too expensive. Anyone know where to buy this buyer's insurance (might help you next time deejaybee...)?

Hi crompea

I think you may have misunderstood. Legal and General seem to offer 'Home Buyers' Protection' insurance which provides up to £1500 cover. It seems they don't sell it direct - only through mortgage advisers etc.

http://newproductsportal.co.uk/homebuyersprotection/getting-on-board.htm

L&G suggest that advisers should sell it for around £95 - but perhaps some are selling it for more:

JPB123 wrote: »

You can get this for approx. £100-150 depending on where you get it from.

I am an Independent Mortgage Adviser

It seems that there is a similar product that you can buy direct for £79.50:

http://www.imdne.co.uk/home-buyers-protection-insurance/

But personally, I find this site a little misleading. They offer £1500 cover for £80, and they suggest that 1 in 3 house sales fall through. But they would be making a thumping great loss if they were actually paying out on 1 in 3 policies!

Perhaps it's down to the policy exclusions. E.g.

- The valuation has to be less than 90% of the offer price for the insurance to kick in. So if you offer £200k, the valuation must be less than £180k. But I think many buyers would want to walk away if the valuation was as low as say £190k.

- You have to be gazumped by more than £1000. I suspect that a lot of gazumping is by exactly £1000.

But it seems to offer cover against sellers who simply change their minds - which is good.

(By the way - I have no connection with these insurers and I've never used these products.)

crompea

Dan-Dan - I know, false economy, which is why I'm hoping to find a cheaper policy...

JPB123 - do you know where I or my mortgage broker/solicitor could buy this??

Eddddy - thank you, i've had a look at the L&G policy and will ask my solicitor if he can buy this for us (or woudl it be the mortgage broker??). I had googled and found the imdne policy, but was wary about it as I hadn't heard of them and noone else seems to provide this to the buyer themselves.

I will continue searching...

deejaybee

Davesnave wrote: »

Parents, pedagogues, politicians and philanthropists spend much time trying to convince us that we should be equal and that life can be fair.

Unfortunately, we aren't equal, and life is far from fair, but that won't stop the odd rant on here. Well, why not? It's a good place to rant, and it's free.

So, you've had your rant. Now put it behind you and move on. It's only money.

"Personal family reasons" could easily read "got news of terminal illness," or similar.

I quite agree, and if it was that sort of devastating news, they would have my full sympathies and I would swallow my loss and carry on.

They could have provided the details to EA, who obviously wouldn't have to tell me anything, just confirm it was a genuine reason.

The place had been on sale for around 12 months so they have had plenty of time to decide what they are doing.... obviously if it was something unexpected, fair enough, it happens.