Oh no - I'm about to crash a chain :(

mrs_deadline

I would just tell everyone your purchase has fallen through and see if they're prepared to wait for you to find another. With a bit of luck you'll see the right place before too long and they won't lose out at all.

WTF?_2

ixwood wrote: »

Sharpness. If the person you were (supposed to be) selling to came on here and posted, everyone would be sayimg you're a clueless muppet.

I think selling anyway is a good idea. Gets you off the hook and outs you in a much better position to get a good deal on your next place,

plus, In a potentially falling market, could work very well in your favour.

Yes - but it is a gamble.

IMO A single person is well placed to take this risk right now. At virtually no other time can a regular Joe Soap expect to make many tens of thousands of pounds of profit tax-free. In some cases where the market has seen spectacular rises in the property bubble, selling up could yield enough cash to pay for renting a nice flat off of the interest alone.

However for a family, gambling with the home isn't really a good idea (though I realise that many have done that by MEWing and using it to secure mortgages on BTLs :eek:).

ixwood

Well, yeah, but they're moving anyway, not STRing, so not extra fees/taxes. And lets face it, if prices don't go down, they're certainly not going up in a hurry.

So even if proces don't come down, they sell up, rent for 6 months and being cash buyers in a buyers market get a very good deal on a house they've had time to research and select.

nobblyned

Don't forget to check your contract with the housebuilder (I'm guessing you already have!) that you aren't liable for anything more than the initial deposit.

BrandNewDay

It is true that if the people you disappoint came on here, we'd be talking trash about you!

However, the silly thing you did was already done: you got caught up in the idea of buying a house. To go through with the sale would be about as good an idea as going through with a wedding just because the flowers had already been ordered and the guests had bought gifts.

I think a card expressing an apology and refunding the costs of the survey would be a very nice thing to do. They may still be cross with you, but that can't be helped. To voluntarily pay this expense would show a lot of class.

guppy

ant2006 wrote: »

Anyways, we got carried away with how nice the new builds were a mile up the road from us and were really excited to see how great the show home was and the range of extras we could order for a house.

90% of new builds are crap. This one doesn't sound like its in the 10%. Don't do it again.

kunekune

The idea of renting might not be such a great one, really. They will either have to sign up to a 6 month or 12 month AST. No flexibility built in. Could end up in a much worse position than if they stayed put for the meantime (well, unless you think prices aren't just going to crash, they are going to CRASHHHHHHHHHHHH. In which case, sell asap.)

Gorgeous_George

If I was affected by your dithering I would be extremely angry. Angry enough that you would know how angry I was.

Two familes will lose about £1000 each because you have changed your mind like some bloody politician.

I believe in treating people how I would wish to be treated. After accepting an offer, in my book, the deal is done. It is no longer your house. Of course, the legal argument is different to mine but that doesn't make me wrong.

GG

Nenen

mooncat wrote: »

its purely a buisness deal. you dont owe anything to anyone.

yes youve made a mistake by the sounds of it but you certainly dont owe anyone any money.Be fair and upstraight with them and explain why youve changed your mind.youll find people will understand as long as you tell them why i.m.o

Legally you don't owe anyone any money of course but, in my book anyway, morally you do. I'm with GG on this one... if you agreed a sale and gave your word then you should stick with it. In the days leading up to our last completion I got such cold feet i started to investigate the possibility of withdrawing from the sale even though we had already exchanged contracts and it would have cost us 10s of thousands! :eek: However, I just couldn't break my word to the young couple who were buying our house so, while crying solidly for four days when packing, I gritted my teeth and moved. Whilst I still don't know if it was the right decision financially (we are renting at the moment as couldn't find anything we liked/could afford in the area) I can sleep at night knowing I kept my word.

I agree with PP you should preferably sell anyway and then rent or if you really can't face that with a baby on the way then at least refund their costs to date (and the costs of their buyers too of course). It will be an expensive lesson for you but might help you to think things through more carefully next time.

trepxe

you may not owe anyone anything, but do you realise what you are doing to these poor people. If you think of moving again do your homework first & don't be so stupid as to cost people all this money. We had this done to us nearly 10 years ago & at the time the money we had to pay out for having not moved nearly prevented us from being able to go for another property. I really don't have time for people like you who should think things through before making bi decisions & ruining other peoples dreams