Sellers pulls plug

Rodger_do_good

Hi just had the guy whose house I agreed to buy pull the plug on me.I had agreed to pay full price. 2weeks away from exchange contracts now have to start all over again £1000 spent where do I stand?

bryanb

Unffortunately you stand exactly where you started. You have no claim for anything. Assuming you are in England or Wales.

googler

http://forums.moneysavingexpert.com/showpost.php?p=64886571&postcount=48

You're not actually agreeing anything when you make an offer and have it accepted. The seller isn't agreeing price, entry date, fixtures/fittings, nor, apparently, that they will definitely sell their house to you.

If you want change in the E&W house buying and selling system such that there's earlier commitment from both parties, lobby your MP

http://forums.moneysavingexpert.com/showpost.php?p=64897336&postcount=57

cattie

Sadly, this is one of the pitfalls of the house buying process in England & Wales. There is nothing you can do, but start the whole process again if you still want to buy.

Take heart that the kind of sellers who do this kind of thing are few & far between thankfully.

What have you spent £1k on, did you have a full structural survey or is this just home buyers report & legal fees?

Rodger_do_good

Spent the money on mortgage application and basic survey,also searches Tec with solicitors Tec.

ethank

If you have not exchanged contracts - you've lost the money. it's part of the risk of buying a home

McBozo

you might be able to save some of the mortgage application fees depending on your lender but the valuation and searches are a loss unfortunately.

HAMISH_MCTAVISH

I really have no idea why you people in England put up with such an atrocious way of buying and selling houses.....

googler

HAMISH_MCTAVISH wrote: »

I really have no idea why you people in England put up with such an atrocious way of buying and selling houses.....

Inertia, and a lack of will from the Govt to accept that there's anything wrong. See the linked posts above.

da_rule

Next time you make an offer on a property see if the vendor would be willing to enter into a pre-contract agreement (must be in writing). These agreements are usually used to prevent gazumping/gazundering but can also be used to make the seller liable for your costs should they pull out before exchange (obviously only if they do so without good reason). You would need to have a time frame in mind e.g. that you will be ready to exchange by a certain date, as the agreement cannot last indefinitely. This will cost a bit extra in terms of legal costs, but may protect you in the long run.