30 min before exchange the buyers solicitors decides she wants another report doing!!

kt78_2

I am extremely stressed and could really do with some advice. We have a cash buyer on our property and were due to exchange on Friday but around 30 min before exchange the buyers solicitor decided she wants a report doing on the roof.
We are pushed to our limits with this sale and now the week before christmas (with 2 children too) we are surrounded by boxes with almost all our posessions packed up ready to move into our new house. I am now ill from the stress of this too.

To backtrack a little, this is our 3rd house sale we have had nothing but problems with 'timewaster first time buyers'. Our house has sold for £180k which is £10k under the valuation on it but we sold it at this price to the current buyer because we had paid a lot of money into our new house which we bought (I feel sorry for the family of the house we're buying too as we have now bought it from him 3 times!!! and now this).
As it is a cash buyer they have had a full survey done. It showed up problems with structure of roof (we have had several builders out to quote on this and they wouldn't quote as it is structually sound but the solicitor won't accept this). So now we are having to pay £600 out of our own pockets for a building surveyor to come tomorrow morning to do a report on it.

The survey also showed up some problems with electrics and a possible crack in the asbestos downfall pipe. We now have to pay £2200 for the cost of repairs for those 2 jobs too which they pressured on us Friday. Their solicitor said that 'if we pay the £2200 for repair work to be carried out on the electrics and downfall pipe we will exchange today (Friday)' - at 4:30pm Friday she suddenly came at us with 'we can't exchange until a report is done on the roof'.

The buyers solicitor is useless and has been delayed throughout the whole process and 'lost' documents many many times over the weeks that our solicitor has had to email again and again. Our solicitors are now fed up of them too.

This is literally breaking our family, we have no christmas decs up, we're surrounded by boxes, we're sleeping on mattresses! We're ready to move tomorrow - our removal company can only do tomorrow. I've had to spend the whole weekend cancelling deliveries that we had planned for this week such as broadband, oven etc etc.

It's easy for people (which many of our friends have said) to tell the buyer where to go but when you have invested so much money into the new property which we will probably lose if we pull out now, its the week before christmas, gone through 3 house sales and 30 viewings to get this far, you'd know why we can't just give in now. My children have been in tears as we all really thought it was happening and had to plan for it.

Regarding the work that needs doing - on paper it sounds terrible but the fact is we bought the house like this, it is a beautiful house and we have never encountered any problems with anything such as electrics, roof structure etc. We have really looked after the house well in 4 years, service the boiler every year and keep everything nice. We seem to have fallen under the trap of since moving here 4 years ago legislations have changed on electrics and roof structures etc so even though we bought the house like this we're now having to pay for it.

Help??!! I can't bare to have to go through all the viewings again, all the time waster viewings, all the hassle. Every room is now literally filled with boxes and just mattesses on floors in bedrooms. I fear this is going to be a terrible christmas if we can't get this sorted in time.

bobbymotors

you've already said the answer. Just refuse, call their bluff. There is no other way.

alchemist.1

You mean the buyer wants a report done on the roof. The decision isn't the solicitors to make, especially if its a cash purchase.

pinkshoes

Some of this sounds odd...

Why have you been paying money on a new house that you have not exchanged/completed on yet?

I think you are being taken by a mug by your buyer. You spend £2200 because they promised to exchange in friday, but then come friday they asked for another £600 to be spent??

Did you get anything in writing that once this work was done, should they fail to exchange there will be penalties to pay??

Not wanting to stress you further, they sould like the type of buyer that will now only agree to exchange if you drop the price further.

You might need to be prepared to call their bluff...

slowpoke_rodriguez

bobbymotors wrote: »

you've already said the answer. Just refuse, call their bluff. There is no other way.

Agreed. Either the buyer wants the house or they don't.

Don't let them push you around. Stand Firm!

w00519772

I believe this is relevant here: http://www.theguardian.com/money/2008/apr/12/property.houseprices3

The buyer sounds like a Gazunderer. I am no expert though.

alchemist.1

w00519772 wrote: »

I believe this is relevant here: http://www.theguardian.com/money/2008/apr/12/property.houseprices3

The buyer sounds like a Gazunderer. I am no expert though.

The seller seems to be in a position to be gazundered too. More or less a perfect candidate.

squinz

I've just read that article. I really feel for you. I find this infuriating.

They are counting on your desperation to complete the sale.

I would call their bluff. I realise you have so much invested but they are also so far down the line, they may be just trying it on. I would also say they don't deserve the sale. so if they do pull out, although it's a major inconvenience for the chain and may break it, you have done the right thing morally.

You have three choices:
1) continue to pay out for who knows how many more last minute requests
2) refuse and hope they continue anyway
3) refuse- they pull out - and you re-market.

Ms_Sophia

in what situation is your buyer? is she buying to live in, or as a landlord? how much 'invested' into your property is she? if she is buying as a landlord, then she could be trying to reduce the price as mush as possible, as it's an investment for her and she wouldn't be emotionally attached to your house.
It's important to understand her position to then decide if she's bluffing or indeed if she's determined to reduce the price at the 11th hour.

kt78_2

Hi in answer to your questions:

Buyer is living in this country but husband in another country, she is buying it to rent but then will apparently live in it every few years when she is between both countries.

My estate agent are taking over the letting of this property for her.

From what I have been told she is 'vunerable' and have never bought a property in this country before so is relying heavily upon everything she is advised.

It is the buyers solicitors that is calling all the shots, she is the one that said if we pay £2200 (which will come out as an allowance on completion) on Friday then we will exchange same day and it was her that decided at the last minute the same day she wanted a report doing on the roof.

kt78_2

Also just to answer more questions:
We have invested search fees, and other moving costs into the new property such as furniture needed, broadband, redirection etc etc.
Also I am self employed and my shop is shut as my office is packed up ready to go so I am currently losing money by the day.

So far from my understanding the buyer has paid £600 for survey, £300 for electrics check plus search fees.