House search a disaster - considering withdrawing

victoriavictorious

Our house search is going badly.
The once-lovely town that we had been meticulously researching /planning/looking forward to relocating to for the past 5 years, has changed beyond all recognition and has become so choked with traffic and such serious (and illegal) parking problems that it's now a hellish trial to even try and navigate the streets, let alone park anywhere.
Prices have shot up so much that anything vaguely decent is but a pipedream - not that there's anything left to buy anyway, except the dregs.
Moving to yet a different place (we have looked but can't afford any of them either!) would just be moving for the sake of it.
Our intention was to buy a house in a nicer area and to release a bit of money for retirement, but it would mean settling for a tiny, dark pokey shoe box in a rundown area on the outskirts; a compromise we are not prepared to make. We had intended to rent first if nothing was immediately available, but now that we realise nothing at all even exists within our budget, renting first has become pointless and out of the question.

Our sale is under way and the buyer has booked a full building survey for next week.
We feel trapped and there now seems no other way for us but to consider withdrawing. Yes I know - we would hate someone to do this to us, but there is no other option open to us that we can see.
The only thing holding us back, is concern for the buyers costs (not to mention their disappointment) which unfortunately we are not in a position to reimburse, or we would.
However, we are not in a position make ourselves homeless to avoid upsetting our buyer.
But is it possible they could get a refund on the survey at least, as it has not taken place yet?
We obviously can't ask them or the surveyor.
We didn't go into this sale lightly and had no way of knowing this would happen but can't see any other solution.

mrginge

Your buyer shouldn!!!8217;t be spending money on surveys until the chain is complete.

pinkshoes

Surely this town hasn't just changed over night??

Just tell your buyers you are struggling to find somewhere to buy then keep looking.

There are plenty of nice places to live. Stop comparing them to a town that doesn't exist.

victoriavictorious

mrginge wrote: »

Your buyer shouldn!!!8217;t be spending money on surveys until the chain is complete.

Buyers knew we were happy to go into rented, but this was before we found out it would be impossible for us to eventually buy.

dunroving

I'd say that until you stop swithering, you need to cancel the surveyor visit. It would be unethical to let the buyer spend money when you "know" (at least at the moment) that you won't be selling.

Then take a step back and take a deep breath and read what will inevitably be good advice from the people on this forum.

victoriavictorious

pinkshoes wrote: »

Surely this town hasn't just changed over night??

Just tell your buyers you are struggling to find somewhere to buy then keep looking.

There are plenty of nice places to live. Stop comparing them to a town that doesn't exist.

We visited last summer and yes it has totally changed since then. We were shocked.
We had already told our buyers we would be going into rented.
And yes there are plenty of nice places to live, but not within our price bracket any more.
It also doesn't help that we are looking several hundred miles away from where we are now and little/nothing even comes up to view.

Smodlet

How about widening your search area as I think pinkshoes said? Just try it: Put in the type of property and your budget value to RM/whatever and see what comes back. You might be pleasantly surprised.

I absolutely agree you should call the EA (or the surveyor if you have his number) and tell them to stop the survey. If it is a few days away your buyers might be able to avoid paying for something that, after all, has not been provided. I can understand the surveyor might be miffed it is booked for this p.m. but this must happen all the time. The perils of being self-employed.

ProDave

If you are downsizing and want to release money for retirement, then move somewhere a LOT cheaper.

It was the ever increasing traffic congestion that made us give up on Oxfordshire 15 years ago and moved to the Highlands. If you are retiring you fo not need to stay close to major employment. There are plenty of cheaper, nice less congested places and you don't have to move as far as the Highlands if you don't want to.

moneyistooshorttomention

Places can change very fast.

I come from a city that was/is changing at pretty breakneck pace and 5 years does make a heck of a difference to some places. Much of the change is coming from lots of extra people moving to it:(:mad::( (yep...I know...I know...and so I moved elsewhere in the country myself basically down to this - but it's to a place where there can be a lot of "talk" about how much building is going on nearby - because about 10 new houses have been built:rotfl:).

I don't think people living in "sleepier" places appreciate that this is happening to some places:(:mad::(

In OP's position - I'd tell the buyer immediately and they should be able to save wasting the cost of a survey. The sooner they know - the sooner they can get on and look for a place they are going to be able to manage to buy.

njhsmee

You have to put yourself first.They will be disappointed and a bit annoyed but this is your house and why should you move out if you are going to be somewhere that makes you miserable.Contact the estate agent and have a good think about what you want to do but don't leave them hanging.
I have been on both ends of the scale.We pulled out of a house just as we were going to have a survey as we realised that we had panicked and grabbed at the first house we saw and it wasn't what we wanted.The buyer was very upset but we would be there for the rest of our lives and it wouldn't be right for us.
We also had an offer accepted on a wonderful house and then was told that they had decided to go with another woman as she had kids and it was a "family house"...I was gutted but nothing I could do....things happen.....do what is right for you!

NeilCr

You've got to be open with your buyer. I am sure they will be p**d off - especially as you'd told them you'd move into rental but, right now, you have to be fair to them and to yourselves.

I must admit I'm a bit gobsmacked that you haven't (apparently) visited the place you intended to move to for eight months or so. Although I knew this area reasonably well, I still spent a weekend (and as someone else said a Monday, too) down here having a good look round when I finally made the decision. Visiting is a whole lot different. I am in a seaside town and depending on the time of year you are here life is very different.

I think you've had good advice. Stop and take stock. There could be somewhere else that might work for you. As you were prepared to move hundreds of miles and, IIRC, you said in an earlier post that there were two areas that you were considering you've likely got a lot of choice.

I understand it's difficult but do actually go to places if you can.

But, take a breath right now