Buyers pulled out

Paragon79

Hi, after some advice.

We sold our house back in March and subsequently had an offer accepted on another property a week later.

Things were going swimmingly, but then our buyers pulled out about a month ago citing that things were moving too slowly.

Our estate agent advised us not to inform either our solicitors or our buyers for fear of losing the sale and assured us we'd find another buyer and wouldn't lose out on the property we were buying.

We're still on the market no closer to finding another buyer and our solicitors are chasing us to sign the contract which has been drawn up.

Really unsure what to do as feel we're duping people but we've gone with the estate agent advice, but I'm concerned that we'll be liable for fines or charges.

If someone can advise please. We've not signed or returned the contract so by not keeping people in the loop are we liable for any penalties?

Many thanks
Ian

walwyn1978

Financial penalties = no.
Risk of losing the house you want to buy = entirely possible.

But you won't get a 'fine' or be liable for fees if your purchase collapses, just whatever you may have already spent on surveys etc.

anselld

walwyn1978 wrote: »

But you won't get a 'fine' or be liable for fees if your purchase collapses, just whatever you may have already spent on surveys etc.

... but since solicitors have not been informed their costs/fees have continued to accumulate. Surely any rational person would inform their solicitor and put work on hold rather than taking the advice of an Estate Agent.

ellie27

You are paying your solicitor to keep you right, those are the ones you should be speaking/listening to......not the estate agents! I am gobsmacked that you are saying your sale fell through a month ago and your solicitor doesnt know....... I am sure that if your sale fell through your solicitor would have been the first to know!

Your solicitors are chasing you to sign contracts for what - selling or buying?

This sounds like a shambles!

phill99

Some people really shouldn't be allowed to buy houses.

[Deleted User]

You will have to

1) Let your solicitor know what has happened so you don't have escalating costs that don't need to be made right now.
2) Consider if you are better off moving into a rental for 6 months.., or not.
3) LET YOUR BUYER KNOW so they can make decisions

fed_up_and_stressed

deannatrois wrote: »

You will have to

1) Let your solicitor know what has happened so you don't have escalating costs that don't need to be made right now.
2) Consider if you are better off moving into a rental for 6 months.., or not.
3) LET YOUR BUYER KNOW so they can make decisions

From the 1st post it's the buyers who haved pulled out.

Davesnave

fed_up_and_stressed wrote: »

From the 1st post it's the buyers who haved pulled out.

But the first post isn't clear as the word vendors/sellers is missing and 'buyers' is inappropriately substituted.

On the other hand, why not? The OP seems to consider their agent's and solicitor's roles to be interchangeable.

csgohan4

Looks like OP is going to lose the house they wanted. If they were honest from the beginning they might have bought some time.


Maybe you should have lowered the price to get a quick sale within that 1 month period of procrastinating.

TBagpuss

You need to tell your solicitor. Now.

You can't exchange contracts to buy the new house, as you won't have the money to pay the deposit or purchase price, unless and until you sell your house. (and if you exchange and can't complete, you have massive problems)

Right no, the worst case scenario is that your sellers put their house back on the market and find a new buyer, and you are out of pocket in relation to your legal fees and expenses so far.

Best case scenario is that your sellers are willing to wait, or if they put their house back on the market they don't get another offer before you do and you are able to reconstruct the chain once you have a new buyer for your house.

Your agent's advice was very bad. I'm also surprised that your solicitor doesn't know - normally if a buyer pulls out their solicitor or conveyancer would write to your solicitor to return the contract papers and tell them the sale had fallen through.

Clutterfree

You need to inform your solicitor NOW!
Your poor vendor has no idea that the chain is broken yet you've known for a month!
If I was the vendor I'd be furious.
They *may* have waited for you to find another buyer but if they find out you've known for so long then they will most likely lose all trust in you and put their home back on the market.

You say you feel like you are duping people, that is because you are! You are duping your vendor and anyone else further along in the chain.
How would you feel if this was done to you?