Absolutely gutted!

stator

If their agents lied to you start complaining against them. You might get a good will payment in order not to take the complaint further

cloo

Sadly this is not uncommon. In England anyone can pull out of sale or purchase at any time for any reason before contractys are exchanged.

kingstreet

No offence intended to the OP here as I know nothing of them, but in general people put far too much emotion into buying property.

They get wound up with viewings, then making an offer and when it's accepted they go off like a cork out of a bottle running off down the high street applying for a mortgage, paying fees and setting themselves up for potentially wasted expense.

Any buyer should be ensuring the chain is fully formed before they do anything, other than appoint a solicitor and ask them to open a file and do nothing else.

Then, they should wait until everyone is moving forward at the same pace so the discussion about completion dates and the ability to exchange contracts is around the same time for all the parties.

You'll have to forgive the trumpet blowing, but again this is one of the little jobs brokers deal with in the early stages to prevent wasted expenditure.

It's a marathon. You don't win it by running a sub 10 second 100 metres when the rest of the runners are still in the changing rooms.

wiogs

nubbins wrote: »

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.

There is not a UK wide system.

rosie383

Unfortunately most FTB just do not realise what is involved and do exactly what the EA tells them to do, so are financially committed much earlier than they really ought to be.
But if no one tells them, how are they to know?

DRP

connors07 wrote: »

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 morale / lesson of this story is never wait patiently and never assume anything regarding either the 'professionals' that you are paying or the other party you are dealing with...

You should be on the phone several times a week and be double and triple checking everything you are told (and not told).

I have never found a house move particularyl stressful, but they are certainly hard work!

nubbins

rosie383 wrote: »

Unfortunately most FTB just do not realise what is involved and do exactly what the EA tells them to do, so are financially committed much earlier than they really ought to be.
But if no one tells them, how are they to know?

I agree, its usually the EA's ringing them up 15 times a day asking when they are going to use their "recommended" surveyor. I suppose its down to FTB's doing a bit of research on forums like this first.

[Deleted User]

rosie383 wrote: »

Unfortunately most FTB just do not realise what is involved and do exactly what the EA tells them to do, so are financially committed much earlier than they really ought to be.
But if no one tells them, how are they to know?

The dice seem loaded against the buyer unfortunately. In order to get the EA to stop showing to other buyers, they have spend money to prove commitment e.g. book the mortgage valuation, instruct solicitor.

It's all very well advising people not to spend until the chain is sorted out, but not very realistic IMO.

nubbins

Cherry_Gale wrote: »

The dice seem loaded against the buyer unfortunately. In order to get the EA to stop showing to other buyers, they have spend money to prove commitment e.g. book the mortgage valuation, instruct solicitor.

It's all very well advising people not to spend until the chain is sorted out, but not very realistic IMO.

Not at all, the last few houses I have bought the EA has taken it off the market once I have shown an AIP or a filtered statement showing a deposit. One was a bit reluctant and said their policy was to keep marketing the property but once I said I would withdraw my offer they took it off. As a buyer you should not bow down to what an EA says but obviously at some point you are going to have to shell out and that point I believe (most of the time) is when the seller has found somewhere to go. You can also instruct a no completion no fee solicitor for either a small fee or nothing to show commitment.

AMILLIONDOLLARS

OK, it's back to the drawing board and everyone is talking about a slow down in the Market. Could be that you may come out on top on this one, by being able to pick something up at a reduced cost. Good luck! you have now learnt a valuable lesson from this experience, that will enable to proceed more carefully with the next property.

AMD