Sale falling through- how to accept a new offer honourably?

bylromarha

Got to a stalemate with buyer after 18 weeks of trying to sell to them. Their incompetent solicitor has dragged this out, and we've said we're happy to exchange with them still, but need another option now.

So we've begun to remarket house and had viewings today. But not drawn a line under current buyer as they're still waiting to see if documentation which doesn't exist can be found.

How does it work if you're already going through a sale with one person and then receive an offer from another? Doesn't feel right to accept the offer from a new buyer without telling the other buyer the sale is off.

Both EA and solicitor tell me this is fine - but they would wouldn't they, as EA will get paid either way, and solicitor gets more money for having 2 files open at the same time?

How do people handle this scenario?

anselld

You ask your solicitor to "return papers".

Mojisola

bylromarha wrote: »

But not drawn a line under current buyer as they're still waiting to see if documentation which doesn't exist can be found.

Is the missing paperwork going to cause problems for any new buyer?

bylromarha

Mojisola wrote: »

Is the missing paperwork going to cause problems for any new buyer?

Not for normal people.

Our buyer wants a document from 1916 - house was built in 2005 as part of a new estate - we never had the document, nor did the other 200 people buying on the new estate. Buyer unwilling to accept an indemnity policy for this.

Our buyer is also wanting the building regs on our conservatory. It is built within permitted development rights, so no building regs needed. Links to government websites not enough to satisfy them, so we've asked them to provide evidence that building regs are needed for the conservatory.

anselld

bylromarha wrote: »

Our buyer is also wanting the building regs on our conservatory. It is built within permitted development rights, so no building regs needed. Links to government websites not enough to satisfy them, so we've asked them to provide evidence that building regs are needed for the conservatory.

Permitted development relates to planning, not building regs. You must still comply with building regs even if you build under permitted development.

bylromarha

anselld wrote: »

Permitted development relates to planning, not building regs. You must still comply with building regs even if you build under permitted development.

It does. Building regs not needed on it. FENSA and electrical certificates already been supplied.

But you've given me to find yet another council website page to link to for the buyer to read and digest. Thanks.

da_rule

I would just be blunt with your current buyer. As long as the title is registered then the missing document shouldn't be an issue, and defective title insurance should cover the remote chance of anything being wrong.

Just tell them, either they exchange in a week or you'll accept another offer thats been made on the property.

And just to satisfy Anselld:
However, conservatories are normally exempt from building regulations when:

They are built at ground level and are less than 30 square metres in floor area.
The conservatory is separated from the house by external quality walls, doors or windows.
There should be an independent heating system with separate temperature and on/off controls.
Glazing and any fixed electrical installations comply with the applicable building regulations requirements (see below) [so FENSA etc].

Audrey_Wright

Well, what I'd do is write an official statement to the buyer with explanation why you can't offer him what he wants and then draw the line.
Tell them you have a new offer and unless they proceed to the next step with their purchase until X date or time, you withdraw your selling proposal and move on with your new buyers.
I think it's reasonable enough since they're being picky to rush them. If they won't comply, you can safely move on with your new offer.

bylromarha

da_rule wrote: »

Just tell them, either they exchange in a week or you'll accept another offer thats been made on the property.

So, should we get another offer, go back to original buyer and say exchange by Friday, or that's it - we're going with someone else.

EA and solicitor say I should accept the new offer and tell old buyer I've accepted new offer, so it's a race to exchange.

Which doesn't sit right with me, stringing 2 people along.

da_rule

I maybe wouldn't want to have 2 offers and make it a race, but I don't see any problem with telling the person who makes the new offer the truth, that the property is currently sold stc, but you have given them a deadline of [what ever day].

franklee

bylromarha wrote: »

But not drawn a line under current buyer as they're still waiting to see if documentation which doesn't exist can be found.

Who is looking for the document and who is paying for this work?

I hope it's the buyer as they are the ones wanting the document. Unless it's a document that would prevent you selling to other people in which case you would be needing it anyway. Presumably the buyer has asked the builder etc.

I'd hope you (or your solicitor) have told the buyer clearly that you aren't going to provide or look for the document?

If they still want it there seems little point in dragging things on hoping the buyer will change their mind, especially if it's costing you solicitor fees.

bylromarha wrote: »

EA and solicitor say I should accept the new offer and tell old buyer I've accepted new offer, so it's a race to exchange.

Not a great way to treat the new buyer (unless you are in London where anything goes right now).