Pulling out of my sale

ndi149

So unfortunately I've just split up with my boyfriend. The sale of my flat was to give us the freedom to move in together and be on a even keel in another flat, rather than him feeling like a lodger in my flat.


I was initially looking to exchange and complete next month just before Easter, but what with the split, this has put things up in the air.


My first thought was I'll carry on with the sale, but approach the buyers to shift the dates to maybe late May, so that would give me more time to find a one bedroom flat to rent.


Having seen a number of properties, it's made me realise what a good thing I've got with my flat. My flat is a very large one bed with a mortgage of £725 a month. All the places I've seen are about 75% of the size and certainly nothing to write home about with rental costs starting at £850.


I know it's an awful thing to do but I thing whilst I'm emotional after the split and struggling to find anything I'd feel comfortable to call home I think the best thing to do would be to pull out of the sale.


I know my buyer will be out of pocket, for survey's and searches and I'm wondering if there's any obligation to offer them something towards their loses? I would be willing to contribute towards it, but would stop short of paying for the loses in full.

da_rule

As long as you haven't exchanged you can pull out, as you say it's not nice, but it happens.

You are under no obligation to offer them anything legally, morally that's up to you.

cattie

You've made the right decision. I was in a similar position some years ago. I felt dreadful regarding the vendors & sent them some flowers & an I'm sorry card by way of an apology.

Like you, I'd thought of offering something towards their costs, but as it was a property being sold by the inheriting daughter of a deceased parent, the ea felt that it wouldn't be as hard for them financially as somebody selling their actual home. Also, I did have to bear the brunt of my own legal costs + survey etc & wasn't that flush with money at that time, especially as ex had gone off owing me money. (

I did end up buying a property on my own some months later, but never regretted not continuing buying the house my ex & I had been buying. It was in an area that he preferred rather than me & would have meant me commuting to work, something I'd never had to do before, plus I'd never have felt it was really my house, it not being my choice alone.

Halle71

I think you've answered your own question - you will get less for more money but you are not doing it to be greedy but because of a huge change in your personal situation. So morally it is different than gazumping even though the end result is the same for your buyer. I would feel terrible for them but your priority is your well being.

In addition, if you are in an area where prices are increasing quickly, you will find that in real terms your money will be worth less when you are ready to buy something else after renting.

Metranil_Vavin

I think you have a genuine reason for wanting to pull out, it's not as if you are being greedy and looking for an increased price.

I have to say in your position I would probably pull out of the sale too. A relationship break up is hard enough as it is without worrying about where you are going to live/increased financial outgoings.

Good luck.

pinkteapot

I agree with the others - I think you're making exactly the right decision under the circumstances. It doesn't make sense to have less at a much higher cost just to avoid upsetting someone.

They will be upset, but they'll find something else. If you do decide you want to contribute to their costs, decide the figure for yourself and say to the EA "I'm pulling out and I feel really bad so I'm giving them £x as a help towards the costs they'll have incurred".

Fix the amount yourself. Don't say you'll pay costs and ask them what they were. If the buyers are a bit unscrupulous they'll try and sting you. You don't want to get into a discussion over the amount.

I'm sorry for the rubbish time you're going through.

Road_Hog

Morally, if you want to sleep well at night, you should at least cover half their costs, as a good will gesture.


Call me old fashioned, but I think it is the right thing to do.

maninthestreet

Don't move house if you don't have to - it's a very stressful experience (up there with losing a close relative).

N1AK

ndi149 wrote: »

So unfortunately I've just split up with my boyfriend. The sale of my flat was to give us the freedom to move in together and be on a even keel in another flat, rather than him feeling like a lodger in my flat.


I was initially looking to exchange and complete next month just before Easter, but what with the split, this has put things up in the air.


My first thought was I'll carry on with the sale, but approach the buyers to shift the dates to maybe late May, so that would give me more time to find a one bedroom flat to rent.


Having seen a number of properties, it's made me realise what a good thing I've got with my flat. My flat is a very large one bed with a mortgage of £725 a month. All the places I've seen are about 75% of the size and certainly nothing to write home about with rental costs starting at £850.


I know it's an awful thing to do but I thing whilst I'm emotional after the split and struggling to find anything I'd feel comfortable to call home I think the best thing to do would be to pull out of the sale.


I know my buyer will be out of pocket, for survey's and searches and I'm wondering if there's any obligation to offer them something towards their loses? I would be willing to contribute towards it, but would stop short of paying for the loses in full.

You can back out and prior to exchange you have no legal obligation regarding the buyers costs.

Your circumstances have changed considerably and unexpectedly so I don't think it's immoral to stop the sale. I would however feel obligated to offer to cover some of the costs they'd incurred in that situation.

DRP

Presumably you will also have your own costs to deal with?

I think in the situation you find yourself, I wouldn't feel obligated to offer any cash - but it would be a nice thing to do, so if losing several hundred quid would have no impact on your finances, go ahead.

Jason74

You've made the right decision for you, and ultimately that has to be your first concern. As you say, moving home in the context of the other stresses that you've just had is probably a bad move right now, and you need to look after yourself.

In terms of where that leaves your buyer, I would argue that you are morally under an obligation to make sure that they are not a penny out of pocket due to circumstances that you are in control of (especially as with a 1 bed flat it is likely to be a first time buyer for whom losing those costs may be a big blow). However, legally, you are quite at liberty to walk away and not offer them anything at all.