Absolutely gutted!

connors07

I am a first time buyer and was running on a tight deadline. I managed to have an offer accepted in October as I hoped to move in around December/January. I did everything that was required of me regarding paperwork and then patiently waited for updates regarding the vendors who apparently was also 'in a rush'. Fast forward to January and I was told, the family selling haven't been looking as they were planning to wait on 'all the new properties being put on the market in January'.

I found this to be a real slap in the face although I appreciate how naive I was to think they would take my situation on board.

I finally got an update a week ago to be told that they were taking the house off the market and staying - they'll continue to look but will look to put the house back on the market in... 18-24 months.

The time and money I have wasted is actually really painful. I assume I don't have a leg to stand on regarding recouping anything? This is my first experience of trying to buy a place and this feels absolutely brutal.

How often do cases like this happen? Doesn't feel right that it can be dragged along this long just to fall flat on it's face in an instant.

Thanks for any advice that can be offered.

nubbins

Sorry to hear of your situation but they say moving house is the second most stressful event behind family bereavement.
This sort of thing happens all the time in the UK and shows what a cr&p system we have. You have no comeback on this but hopefully you have learnt a few lessons. In future use a solicitor who has a no completion no fee option and do not start paying for valuations/surveys until you feel reasonably sure the sellers have found a placeand are good to go. There is nothing you can do to fully protect yourself but you do begin to get an idea as you get more experience. Something will come along but next time be a bit more stand offish and do things on your terms.

ethank

This is unfortunate! Sorry that you have been caused so much grief! Had they paid for a mortgage valuation, any searches or instructed solicitors in October last year?
I would not have allowed the sale to progress until they started sending some money

martin1959

I totally agree the English system is poor.


I will be selling shortly, and I will not take off the market until a survey has been done.


I believe that when an offer is put is, the buyer should lodge a sum of money (say £1000) which is matched by the seller. If either pulls out for reasons other than an unsatisfactory survey, whoever pulls out forfeits their £1000, unless the other party agrees.


I am sure it would never happen, but it would prove that both parties were at least fairly serious.


Years ago, when you put in an offer, you had to put a 'goodwill' deposit down with the EA. Whilst not legally binding, it at least made a buyer let the EA know if they were not proceeding, as they wanted the deposit back.

Guest101

martin1959 wrote: »

I totally agree the English system is poor.


I will be selling shortly, and I will not take off the market until a survey has been done.


I believe that when an offer is put is, the buyer should lodge a sum of money (say £1000) which is matched by the seller. If either pulls out for reasons other than an unsatisfactory survey, whoever pulls out forfeits their £1000, unless the other party agrees.


I am sure it would never happen, but it would prove that both parties were at least fairly serious.


Years ago, when you put in an offer, you had to put a 'goodwill' deposit down with the EA. Whilst not legally binding, it at least made a buyer let the EA know if they were not proceeding, as they wanted the deposit back.

It wouldn't happen because the survey always brings something up, and unsatisfactory is a subjective term.

Alchemilla

Bad luck. X

Pixie5740

What a kick in the balls. You're right, the money is gone and there's no redress from the vendors. I suppose you could TP and egg their home but it's probably best just to chalk this one up to experience. Perhaps house buying karma will mean that the vendors end up getting gazumped or gazundered the next time they come to buy/sell.

rosie383

I am gutted for you. This is why I started a very short-lived thread on advice for FTB as this does happen. Until the chain is in place, don't pay for anything, except perhaps a small fee for a no win no fee solicitor, but there are some out there who charge no up-front fee. I really hope you find something even better very soon.

moneysavingvixen

We had a different recent experience with an adverse survey but due to our conveyancer's built in insurance we got all our expenditure back.

This was with Stephensons. Feel free to PM.

kingstreet

rosie383 wrote: »

I am gutted for you. This is why I started a very short-lived thread on advice for FTB as this does happen. Until the chain is in place, don't pay for anything, except perhaps a small fee for a no win no fee solicitor, but there are some out there who charge no up-front fee. I really hope you find something even better very soon.

Amen to that.

pinkteapot

Thirding that!

I feel for you, but next time you have to keep asking what's happening with the chain. Whether your vendor has found something. Then whether their vendor has found something. Etc until someone at the top is buying something with no onward chain.

Don't spend anything until everyone's lined up - there is absolutely no point as you can't exchange contracts until it's sorted anyway.