Offer accepted and survey done but vendor decided to put house back on market

GCV

Good afternoon,

Please bare with me as I am trying to explain the situation while I am P***ed off about this.

House just down the street from where we live has come up on the market in November 2018. In mid January we had viewed the house and got our offer accepted on the property, our mortgage application went on, we had done the survey and signed a load of papers, all we are missing is my partner to finish her transfer of equity papers. Partner received her ID1 and TR1 papers (and all the rest) and we have our solicitor booked in for Monday to fill them up and send back. Not sure how long that will take until we receive the moneys as we need it for the deposit of the house that we are purchasing.

Now, the vendor decided to put the house back on the market this Tuesday. At that time my partners transfer of equity papers hadn't arrived yet but I knew they were sent and should of arrived anytime. Wednesday our papers arrived and I phoned the estate agent straight away informing them that we received the paperwork and it just need to be filled and sent back so we can get our deposit. However the house is still up for sale on zoopla and rightmove the EA said we shouldn't worry about it but today as I came home from work I saw someone viewing the house...

Once we sort out the transfer of equity and receive our money we were ready for the exchange of contracts :mad:

I am absolutely annoyed st the fact that they've put the house back up on the market (not showing as STC) while we could of pretty much finished this deal by the end of this month.

I know that there is a slight delay from our side but we literally started the whole process in mid January surely that is not so long!
At the moment I do not k ow what to do. I am thinking to phone the EA and tell them if they do not take the house off the market then I will just pull out as i am currently at risk of being gazumped.

Where do I stand on this? What should I do about it?

Do apologise for the rushed post. I will edit and update it later on.

Thank you.

hazyjo

Can't decide for you I'm afraid.

Basically they can do what they like. They obviously thought you were dragging your heels (which you weren't, although circumstances were slowing the process) and decided to remarket.

As you have said, you have two choices:

Pull out, or wait and hope nobody else gets an offer accepted. Either way, you'll lose all you've paid so, despite being someone who cuts their nose off to spite their face, I would grit my teeth and try to carry on.

You're right, it's not been long. Did they say they wanted a quick sale? Have you been keeping the EA up to date throughout the process, or waiting until they contact you? (Most do the latter, but I always email daily/weekly/whatever when there's even the slightest bit of news to tell them.)

anselld

The best and only way to prevent being gazumped is to exchange contracts. If you are nearly ready and you still want the property then press on with it asap.

GCV

I have been updating the EA everytime there was an update however once my solicitor and the vendor solicitor started getting the paperwork rolling I have not really kept the EA updated as I thought it was not necessary since our solicitors were in contact.

But since I found out this week that the property has been put up for sale again i have been phoning the EA daily letting them know what is happening.

Actually just 5 minutes ago I spoke with the EA asking them what is going on as I've seen someone viewing the property.

The EA did try to reassure me that the vendors best option is to go ahead with me because we are days ahead from completion even if they get another offer but as of now I do not trust them at all!

I find it absurd after being so close to completion to put the house back up for sale.

You are right, guess I will keep ahold of my frustration and not pull out as I'd be throwing my moneys out the window :mad: :mad: :mad:

babyblade41

Its the buying and selling of property I'm afraid.. you have to put the biggest financial transaction and emotional deal you will ever make and treat it as a business transaction.. easy? god no but that's how it is

I'm a great believer in fate and what will happen will and if it doesn't then there's a reason and something better will be along very soon

Davesnave

The EA will be on your side. They want their money sooner than later and a slightly higher offer wouldn't make much difference to their fee.


You can't always like the people you buy from, or rationalise what they do. Just focus on getting your ducks in a row and stay as calm and polite as you can.

Slithery

GCV wrote: »

Good afternoon,

Please bare with me as I am trying to explain the situation while I am P***ed off about this.

House just down the street from where we live has come up on the market in November 2018. In mid January we had viewed the house and got our offer accepted on the property, our mortgage application went on, we had done the survey and signed a load of papers, all we are missing is my partner to finish her transfer of equity papers. Partner received her ID1 and TR1 papers (and all the rest) and we have our solicitor booked in for Monday to fill them up and send back. Not sure how long that will take until we receive the moneys as we need it for the deposit of the house that we are purchasing.

Now, the vendor decided to put the house back on the market this Tuesday. At that time my partners transfer of equity papers hadn't arrived yet but I knew they were sent and should of arrived anytime. Wednesday our papers arrived and I phoned the estate agent straight away informing them that we received the paperwork and it just need to be filled and sent back so we can get our deposit. However the house is still up for sale on zoopla and rightmove the EA said we shouldn't worry about it but today as I came home from work I saw someone viewing the house...

Once we sort out the transfer of equity and receive our money we were ready for the exchange of contracts :mad:

I am absolutely annoyed st the fact that they've put the house back up on the market (not showing as STC) while we could of pretty much finished this deal by the end of this month.

I know that there is a slight delay from our side but we literally started the whole process in mid January surely that is not so long!

Unfortunately, all of that is completely irrelevant.

At the moment I do not k ow what to do. I am thinking to phone the EA and tell them if they do not take the house off the market then I will just pull out as i am currently at risk of being gazumped.

Even if the EA does take the house off the market you can still be gazumped.

Where do I stand on this? What should I do about it?

The only thing that you can do about it is to exchange before anyone else, just like 99.99% of other property purchases in this country.

Have either of you bought property before?

Cakeguts

The vendor is being irrational. Is the price of the house still the same on the new marketing details?



I have no idea why anyone would do this starting from offer accepted in January this sale has taken no time at all and if they got another buyer who was in a chain it could take a lot longer. The whole thing makes no sense.



Has the estate agent given you any details about what the vendors said when they asked to have the house put back on the market?

kerri_gt

We viewed a property when looking that we knew was SSTC, the buyers weren't able to secure the finances they thought they needed and in the interim the vendors allowed a viewing in case things fell apart with their existing buyer. It happens (in that instance everything got sorted with the original party). It was just the vendor planning for 'worst case' scenario.

Are you sure this was a house viewing and not some kind of other visitor or appt?

You're not committed legally to the purchase yet so it's really up to you if you want to continue to proceed. Nothing is legally binding with either party until exchange (assuming you're in England / Wales)

phillw

GCV wrote: »

I know that there is a slight delay from our side but we literally started the whole process in mid January surely that is not so long!

Standard offer to completion is 6-8 weeks, you're at 8.5 weeks now so it may have hit their limit. The seller doesn't know that you aren't going to keep them hanging on forever, my friend sold their flat after three goes. The buyers were just awful, the eventual buyer took four weeks to instruct.

You can look at other houses in the mean time in case this one falls through.

GCV

First of all thank you all for the replies.

Slightly puts my mind to ease knowing that there might be different scenarios. Me and my partner are both first time buyers so obviously for us it's like walking in a dark room. We didn't really know all the flaws, stress, time and and headaches this can get you into.

I was absolutely fuming today when I saw that the house was viewed and could not think straight anymore. To our fault we got quite attached to the property as we've been eyeing it up for ages and because we live in a small village we knew there were possibilities of the property being put up for sale (due to the couple divorcing apparently).
We had looked at other properties before but they didn't go through (due to properties needing quite a lot of renovation and couldn't get to a price decision). This is where as someone else said on this thread, fate had something to do with it (my Mrs is a big fate believer aswell) and we got our hearts stuck on this property.
Now weekend is here EA is closed and so is solicitor. Monday I will be meeting our solicitor to fill in the transfer of equity paperwork and we will go from there. I am hoping I was just overthinking it but obviously I know theres still chances to loose this property but I've come this far and as you some of you said, it is pointless for me to retire from the sale just because I've gotten annoyed at the situation.

I informed the EA earlier today after I found out that someone viewed the property and said she will speak with the vendor. I am hoping they are doing this just to be on the safe side incase our transaction doesnt go through. I did ask the EA if people that are viewing the house are allowed to place offers and said that they can put offers down.

Does someone here know how long does it take to receive our money from the transfer of equity once we fill in the ID1 TR1 CS and other forms that came with it to the solicitor( I would just need a rough idea)? Is it just a matter of filling in the forms with our solicitor send them over and as soon as the other party receives them the transfer is done or is there any other paperwork that need to be sent back and forth?

Thank you very much again for all your replies :A