Paying for searches for the new house but my buyer pulled out

Davesnave

3card wrote: »

Let me get this clear in my head

Is the OP expecting a buyer of their house to pay for the house without any date in the future that they can move into it??

Am i missing something?

No, but the OP is missing a few hundred quid and some time, so they decided to invent a way around that happening. Like most things born out of anger, it wasn't a great plan.

Ironically, it's the time rather than the fees they've focused on which may be the more costly in the end, bearing in mind the way GB Plc is going just now. I say this as someone who lost their first buyer to the Northern Rock debacle, then lost two more in what followed!

£300? Pft!

diggingdude

In other news all national debt wiped out.

OP I hope it's annoyance of a failed sale which is stopping you thinking rationally right now. No one will agree to the plan you have. I just handed over a few quid for searches. Nothing to stop seller backing out once money is spent and nothing I can do (other than out poo through the letter box )

Sibz

Sounds like your first let down was either buyer changed mind or had issues getting funds from the bank. The second was refused the funds required from the bank. Both stated finances ready - that would most likely have been an offer in principle subject to valuation by the lender. At least 1 lenders valuation has come up short on the agreed sale price. Neither of these are PB's fault.

Perhaps your best course of action here is to go to PB (not with a complaint) and nicely ask for their assistance given the circumstances - perhaps they can put off the due date for what you owe?

If I were you I'd try to establish who valued the property for that lender and why the valued it as they did to try and prevent the same situation arising again

Crashy_Time

dinerodinero wrote: »

When the money has been deposit for the property is when I will start looking for a property to buy, so the buyers of my property will have to wait until we buy. We will carry on living on the property that they have bought.

Doubt you will find many buyers doing that, thought you had already bought the other house though?

dawyldthing

Not all buyers will be the same. Some may try it on (both of these might have been chancers), but the only way you’ll get out of it is by selling, going into rental, then looking for a property to buy as then if they do pull out you won’t have searches paid for on the property you are wanting to buy

martin1959

middleclassbutpoor wrote: »

You are mad if you think you can get your sale to a point where they can't pull out before you start looking because no solicitor will allow you do exchange if you cannot confirm you will be providing vacant possession on completion date and no buyer or their solicitor will allow their client to allow completion and exchange to be 2-3-4 months in the waiting.

Not true, our last sale was agreed with 10 weeks between exchange and completion. FTB were fine as it gave them longer to save without paying mortgage, and people buying ours new everything was agreed and confirmed, so did not mind waiting. We were happy as house we were moving to (we already owned) was having works done and it was taking longer than expected, but exchange gave us the confidence we would have the funds when expected.

dinerodinero

HampshireH wrote: »

OP you have said a few times this is your 1st time buying. Do you mean selling?

Selling and buying

phill99

Some people are just not cut out for home ownership.

Carrot007

It is obvious here that your house is overpriced.


People offer because they want the house enough to not care about the price. However most people need a mortgage so need the bank to agree. They appear to have not. So they cannot continue unless you accecpt less. Did this occur and you refused?


You are limiting yourselves to buyers with substantial more than just the required deposit and the will to continue once the house was known to be overpriced. Maybe you should say cahs only in future to make sure. Even someone with a small mortgage requrement might be put off by the bank telling them it is not worth it.


I know this. I was that buyer who wanted the house and price was not important other than the bank letting me buy it. Here are the stages. Offers over 180k. Offer 180K rejected. Ask what they want. Offer 183.5K accepcted. I knew this to be well overpriced given next door with an extension sold for 180K 6 months earlier and prices were stagnating. Still it was the ideal house. It had been on the market before so it was obvious they were overpricing (and maybe becuase they had little wiggle room, but still voerpriced is overpriced). Bank and my report come though. 170K. Doubt since the current market plan has been on for long they will face reality. So look at finances and offer 175K. Accepted and goes though. Yes I overpaid. They then tried it on with do you want the carpets and blinds for £££. I said no. They were left. Still 3 years on I could not care less. Changed the bathroom they thought was great (bodge job) and the kitchen they also thought added value (It had never been cleaned like much of the house). Probably should have been 160K given the issues. But meh. I am in a place I want to be. I am happy with the house now. The yalso thought the boiler did not wortk as it was off and drianed for the surveys. Little bit of ptfe and a couple of 1/8 turns and it works fine. Some people are idiots. Some people also over value their houses and do not tell people up front they will not get a mortgage for that (-10%). If you want to sell the house price reasonably. Not everyone ios accomodating as me and I'm sure the sellers hated me for having there imaginary 8.5 removed (should have been 13.5K but I know deluded when I see it).

Davesnave

martin1959 wrote: »

Not true, our last sale was agreed with 10 weeks between exchange and completion. FTB were fine as it gave them longer to save without paying mortgage, and people buying ours new everything was agreed and confirmed, so did not mind waiting. We were happy as house we were moving to (we already owned) was having works done and it was taking longer than expected, but exchange gave us the confidence we would have the funds when expected.

There are exceptions to just about every rule, but as carrot points out, if marketing limits the sale to a particular type of buyer, it will usually take much longer till a sale goes through.