We want to pull out of our house sale

amandacat

To give our history, we have a shared ownership house and rather than buy it in full, we decided to sell it and buy a non s/o property closer to work. The HA failed nominate a buyer in 28 days so we were allowed to use an EA and it was listed last August.

We quickly had a buyer and found an onward sale. My solicitor raised concerns that he had no response from their solicitor and we had no survey from our buyer. My EA was telling me not to worry and these things take time and to go ahead with their survey. She then phoned me a day after our survey to tell about some issues they had with their mortgage (which she had know about for weeks, but thought it would be ok) meaning everything fell through and we lost money on the survey and solicitor fees.

I gave my EA the benefit of the doubt, house was relisted and a new buyer approved about 8 weeks ago. Same problem again this time-no survey from our buyer although they have instructed a solicitor and done their searches, showing they are committed. But I have to keep chasing my EA for info again and keep getting told 'survey any day now' and 8 weeks on and I am being told the broker still needs evidence from them, which rings alarm bells with me.

We have had enough now after 9 months of stress and seemingly losing more money by the minute. We have discussed that perhaps we should just stay put and buy our house outright as we do love our house and area and could just continue to suffer the longer commute.

The thing is, we know how it felt when we lost money so we will be effectively doing this to our buyer as they have already paid some money to their solicitor (although not the survey yet). We also know our EA will be mad after putting 9 months work in for no payment.

Would this action be totally out of order if we pull out? (Assuming this buyer does get their act together and get their mortgage)

Loopy28

Yes it will be tough to the buyer to lose the money they have paid to their solicitor but in my opinion, if they are 8 weeks down the line and still haven't got their act together with their mortgage and survey, they can't expect anything else.

As for your EA, they sound like they haven't done the best for you and maybe this will be a learning curve for them in the future.

At the end of the day, you have to do what is right for you in this world and doing it now in the early stages is fairest to everyone.

AdrianC

You haven't exchanged contracts yet - so all it takes to pull out is to phone your solicitor and EA, and tell them "sale's off - we've had enough of this". There's no other come-back at all.

pinkshoes

Why is it 9 months of stress? If the buyer has had searches done etc... then just wait and see what happens. If they get to exchange point, then get yourself some rented in your desired area, and buy as a chain free buyer.

cr1mson

What is the wait for surveys in your area?

lonestar1

Check the contract you signed with EA, if you pull out without good reason you may have to pay a penalty

rosie383

It sounds to me that you have been more than patient. Alarm bells would be ringing.

As for staying where you are, that's a decision only you can make. Workplaces are more likely to change more often. You could move closer to work then anything could happen.

I wouldn't worry about the EA putting in the work and not getting paid. It doesn't seem as if they have brought you a proceedable buyer.

giddypenguin

As a last ditch effort is it worth telling your EA to put the house back on market until the survey is done? It might get the buyer to spring into action?

zarf2007

pinkshoes wrote: »

Why is it 9 months of stress? If the buyer has had searches done etc... then just wait and see what happens. If they get to exchange point, then get yourself some rented in your desired area, and buy as a chain free buyer.

Why should the OP go to the time & expense of moving into rented (not to mention the stress of two moves) just to appease some idiots who cannot book a survey?

OP, give them an ultimatum, either they book the survey in the next 7 days or the sale is off. If the EA says anything tell them if they had done their job in the first place you wouldn't be in this mess and remind them there are plenty more to chose from.

ultrafox

IMO you're worrying far too much about what people think.

It might be harsh, but this is a business deal. One in which your EA has lied to you in the past. (Not sure why you went with them again after that!)

Do what is right for you. Not someone else.

Mickygg

Check contract. Unless you are on a no completion no fee, you will more than likely have solicitors fees to pay.

Yes waiting is frustrating but to pull out now does tell us you just don't want to sell. As mentioned there are things you can go to get the buyers to get a move on, such as say house will be relisted if no survey in next week or if you don't exchange within next 6 weeks then you will assume they are not proceed able etc etc.

If you have decided for sure not to sell let all parties involved know straight away.