Part Exchange, home buyers survey AFTER exchange

Miles2018

Hello,

I have recently agreed to part exchange with Bloor, the property I am buying from them won't be ready until the end of the year but they wanted to exchange within 8 weeks which we have now done.

Since exchanging they have now found a buyer for my property, this buyer has ordered a home buyers report (Bloor did not have any surveys done on my current property as it is only 5 years old), I am wondering what happens if this report does throw up any issues that I wasn't aware of, can Bloor back out now that we have exchanged?

The only concern I have is the garden wall had a crack in it but the original builders have re-pointed this, it has cracked again slightly since and I am worried this will be reported on and cause problems. I have confirmation from the original developer that they will take full responsibility and will carry out further repairs or if necessary rebuilding of the wall within the next few months. They have said it is structurally sound and is just settlement.

Am I worrying over nothing?

mrschaucer

But it's not a home buyer's survey AFTER exchange. The purchasers are buying from Bloor, not you, and are having a survey before THEY exchange with Bloor. These are two completely separate house sales.

Miles2018

So I have nothing to worry about Bloor pulling out of my part exchange IF the survey finds any issues?

mrschaucer

Well, we can't read your contract with Bloor! Normally the "contract" used is the Standard Conditions of Sale (5), but they could possibly have added special clauses to it ... Do you have a copy of what you signed? Normally once exchanged, parties do not pull out of the sale as there are financial penalties. I would suggest you check your contract with Bloor for any "extra" clauses to allow them to renegotiate after exchange. I would doubt if this would be possible.

AnotherJoe

Miles2018 wrote: »

So I have nothing to worry about Bloor pulling out of my part exchange IF the survey finds any issues?

They can't pull out, they've exchanged with you !!!


And yes, you are worrying over nothing.

davidmcn

Miles2018 wrote: »

So I have nothing to worry about Bloor pulling out of my part exchange IF the survey finds any issues?

Didn't your solicitor explain the contract to you before you exchanged?

Miles2018

Yeah but I'm quite the worrier! This is all very new to me, I've bought a house before (my current one) but never sold a house before. My solicitor has been very poor, hardly any contact and never answering or returning calls, all contracts signed and exchanged by post and although I read them word for word I wasn't sure if there were any other ways they could back out that is not mentioned in contracts. I know my current house is absolutely fine and will have no issues with the survey unless there are things I am not aware of, the only concern is the crack in the garden wall, it was never mentioned to Bloor or my solicitor as I didn't think anything of it but now when I've read a sample home buyers report it says they look at things like that and it just made me worry a bit!

mrschaucer

If you've read everything, and your solicitor hasn't flagged up anything odd or unusual in your sale to Bloor, then you have nothing to worry about. They won't be pulling out.

Miles2018

Thank you all for the replies, I feel much better now!

ThePants999

I hate to throw a spanner in the works after you feel much better, but signing and returning the contract to your solicitor isn't "exchange". Are you sure you have exchanged contracts? (Your solicitor would have explicitly told you.)

Miles2018

Yeah, they phoned to confirm contracts had been exchanged and also sent me a letter a few days later to confirm it in writing :-)