Please help, shall I pull out of this purchase?

Majienco

Hi I would really appreciate some help.

We had our offer accepted in October on a (we were told) chain free property.

In January we were ready to move, and were told that the vendor had decided to buy a property that fell through. We asked for a date that we could move in by.

No dates. And, we waited on good faith (yes in hindsight we should have pulled out).

In April we were told that we are in a 4 person chain and are waiting to complete by end of April.

May, my mortgage expired and I extended again, told that we were close to completing.

Yesterday. My mortgage expires next week and I can't renew or extend. So, we're waiting to hear from vendor's solicitor with regards to the documents - then I can transfer funds for exchange, sign docs. We need these docs within a day to make my mortgage offer expiry date.

Today. More delay, no docs from vendor. I spoke to the vendors agent, and they said they are only willing to break chain once they know a date to move into next property (oh yes, they were always in a chain - and it was okay for me to wait without a date, but not them - understand this was my choice for not pulling out).

My Question.

I know my mortgage runs out next week, and the vendors are telling me they can't move without a date. But I have waited since October, and in January I too, was waiting without a date to move into the property I wanted to purchase.

I'm a first time buyer, am I just spending way too much energy on this already? Shall I just pull out? I just can't take any more delays, and this time - I am tempted to just pull out to liberate myself from this whole situation and 6 month never ending emotional turmoil.

What would you recommend that I wait a little while longer, or just pull out?

Browntoa

tell them you are pulling out as your mortgage offers expired

DRP

presumably you've been keeping an eye on the market? Anything out there you fancy?

I would be looking for a new option, even to the point of making offers. If things start looking concrete for a different property, then you can pull out of the current one.

Majienco

Yes, I have seen a few other properties, and it's been so long I've now fallen out 'of love' with this property I'm about to purchase. I guess it makes sense for me to pull out, as this whole situation has really worn me and my family down.

AnotherJoe

Why help them by giving certainty by pulling out ?

Just look elsewhere. If you dont find anything better, you can resurrect the mortgage offer for this one (despite your comments I presume you still like the house, just not the vendor), since you'll need to get a new mortgage anyway, and maybe you'll find a new place which you prefer, in which case you can then pull out.

If you dont like the house, I'd still be tempted not to tell them until much later, but then again that does affect people further up the chain so that's your call.

Majienco

I was thinking this too, AnotherJoe. But the vendor is close to exchange with their forward purchase, so essentially, they would just have needed to break chain by two weeks (find rented). So despite the way they have treated me, I would rather they have notice for the sakes of chain 3 & 4 - as it wasn't their fault. :-(

frugalsmurf

We've just had to pull out of a sale for other reasons. It's exhausting and expensive, but I'm glad we did.
Look elsewhere. Are you able to stay where you are? Are you in rented?
I'd tale the above advice and make it clear your mortgage offer is running out.(can you extend it or is it the full process again?)

But in the meanwhile I'd look around and try find something else.

Majienco

It's the full process again, frugal, and I have told them last month of my offer expiry.

They are making me feel / or trying to make me feel guilty that the seller is having to rent property. But this is the predicament we were in January - where close to exchange, we had to extend our tenancy.

Speaking about our tenancy, they are the best agents. They allowed us to extend our agreement on a monthly basis, and completely understood (and have since asked if we'd like to purchase it!).

But my heart was set on this property, but I have to put my wellbeing first now. No more emotional rollercoasters I guess. Thanks for your advice!

hazyjo

If you pull out, the whole chain collapses unless they start again and find another buyer.


If you want the house, get your solicitor to tell theirs that if you don't complete (not exchange) by X date (they'll advise), then you have no choice but to pull out.


Of course, they may be in a position to pay for your new mortgage fix costs. You'll only have to pay for it all again yourself with another property, so worth trying to get them to pay. I wouldn't be doing any deals for that to be paid on completion either, they literally foot the bill there and then.


You hold the cards. Don't forget that. Should have been firmer months ago.


You can feel you're going off a property when it takes so long, but try to remember what you liked about it. Maybe even arrange another viewing to get a gut feel again. Obviously nothing else has come on the market or you'd have walked away (presuming you've still had an eye on RM!).


Don't cut your nose off to spite your face, but remember - you have limited choices. It's a case of them or you paying for another mortgage, or they complete next week, or you pull out. Your call.


They could always rent or stay in short term accommodation if they don't want to lose what they're buying.


Jx

marksoton

What a bunch of clueless barstewards.

What i'd do would really depend on the costs i'd incurred to date.

Mobeer

It really depends upon how much you really want this particular house.
If it's one of many you would consider, then look elsewhere.
If its the house of your dreams, stop complaining and accept whatever the seller wants.

If you're somewhere in the middle, then consider:
- telling them a final deadline for exchange?
- looking around elsewhere, perhaps with the same EA so word gets around that you are considering alternatives
- if applying for another mortgage is going to cost you, then should you be offering less to cover your costs?
- what about the cost you have incurred in continuing to rent; would another potential buyer have put up with these delays and costs?


Your plan of action depends upon how much you really want this sale to succeed.