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Pulling out of purchase questions.
Options
Comments
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babyblade41 said:Can you say what problems have come to light, it maybe not as bad as you think .Can't see what it could be so far into the process as surveys had been done & pondered over.
I think it's something to do with a rent charge that the OP finds unacceptable, I think he/she had a thread on that elsewhere.
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jimbog said:Are you able to tell us what problems you've encountered? Folks on here may be able to help
Its related to an estate rent charge, a common problem now on new housing estates I've learnt. I did make a couple of posts about it over the last couple of weeks and I think I've got as much advice as I can.
Long story short I won't be comfortable purchasing without a deed of variation. The estate owner would need to agree to this and so far they have proven to be virtually impossible to contact and totally incompetent. There are other reasons also. Unfortunately all related to the estate, road/sewer adoption etc.. the house itself is perfect, which is a shame.1 -
simon_or said:Troy_af said:TBG01 said:What did your retainer, terms of business or whatever they call it say regarding abortive fees?
I'll have to have another read over the contract because it was so long ago, but I do remember it saying no sale no legal fee. However on the cost estimate invoice the "legal fee" is for around £600.. I take it this is probably the only amount I won't have to pay and I'll have to pay all other costs.
Aren't all conveyancers no sale no fee? That's always been the case with the ones I've engaged in the past. Given that more than a third of purchases in England fall through, it makes sense.No, it's not standard policy though some conveyancers offer this.It might make sense for a client (assuming it's not more expesive) but not for the conveyancer since, as you say, 1/3 of all their work would go unpaid...!
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eddddy said:Troy_af said:
Is this usually what ends up happening in this situation, ie, the entire chain falls through? Or is it more likely that they would usually hold on considering they will be in the same situation having time and solicitor fees invested already?
I'm sure your buyers will review their different options.
I guess they might decide that if they 'dump' you and find another property, they might not complete the purchase any quicker - because a chain would need to form above that property. (Unless they decide to only look at 'chain-free' properties.)
But sometimes buyers walk-away because...- They lose trust in the seller - they're not convinced that their seller is serious about finding a new place
- They're angry with the seller about the delay - so they walk-away to 'punish' the seller
So it's worth trying to maintain a good relationship with your buyer. It might help reduce the risk of them walking away.
Hopefully they will understand the reasons. I would even consider lowering the price slightly to keep them interested.0 -
Troy_af said:eddddy said:Troy_af said:
Is this usually what ends up happening in this situation, ie, the entire chain falls through? Or is it more likely that they would usually hold on considering they will be in the same situation having time and solicitor fees invested already?
I'm sure your buyers will review their different options.
I guess they might decide that if they 'dump' you and find another property, they might not complete the purchase any quicker - because a chain would need to form above that property. (Unless they decide to only look at 'chain-free' properties.)
But sometimes buyers walk-away because...- They lose trust in the seller - they're not convinced that their seller is serious about finding a new place
- They're angry with the seller about the delay - so they walk-away to 'punish' the seller
So it's worth trying to maintain a good relationship with your buyer. It might help reduce the risk of them walking away.
Hopefully they will understand the reasons. I would even consider lowering the price slightly to keep them interested.
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canaldumidi said:simon_or said:Troy_af said:TBG01 said:What did your retainer, terms of business or whatever they call it say regarding abortive fees?
I'll have to have another read over the contract because it was so long ago, but I do remember it saying no sale no legal fee. However on the cost estimate invoice the "legal fee" is for around £600.. I take it this is probably the only amount I won't have to pay and I'll have to pay all other costs.
Aren't all conveyancers no sale no fee? That's always been the case with the ones I've engaged in the past. Given that more than a third of purchases in England fall through, it makes sense.No, it's not standard policy though some conveyancers offer this.It might make sense for a client (assuming it's not more expesive) but not for the conveyancer since, as you say, 1/3 of all their work would go unpaid...!Thanks, that's good to know. Must watch out to make sure that I only use the no completion no fee ones.As for the sunk effort, that's just par for the course for the industry they're in, just like all the unpaid work done by the estate agent, mortgage broker, bank, etc when a transaction falls through before completion.1 -
lookstraightahead said:Troy_af said:eddddy said:Troy_af said:
Is this usually what ends up happening in this situation, ie, the entire chain falls through? Or is it more likely that they would usually hold on considering they will be in the same situation having time and solicitor fees invested already?
I'm sure your buyers will review their different options.
I guess they might decide that if they 'dump' you and find another property, they might not complete the purchase any quicker - because a chain would need to form above that property. (Unless they decide to only look at 'chain-free' properties.)
But sometimes buyers walk-away because...- They lose trust in the seller - they're not convinced that their seller is serious about finding a new place
- They're angry with the seller about the delay - so they walk-away to 'punish' the seller
So it's worth trying to maintain a good relationship with your buyer. It might help reduce the risk of them walking away.
Hopefully they will understand the reasons. I would even consider lowering the price slightly to keep them interested.
No reason why I can't rent.. I am just considering all options right now. I could either pay rent for a few months or give some money back to the buyer and save on renting, so financially I don't think it would make much difference to me. I have never rented before so I'm not sure what the situation is on short term (below 6 months) renting?
Buyer is currently renting I believe. I do believe they will probably hold on due the fact already mentioned in a previous post - that they are probably going to be waiting just as long to find somewhere else unfortunately. Not to mention house prices possibly still rising and mortgage interest rates etc. I have already seen other properties which suit me which I could afford even at the full asking price so hopefully it would not be long for me to find somewhere else.
I do not want to mess the buyer around believe me I have been in their situation myself. Another quick question how long has it took recently for people to complete without any complications? Because my solicitor is saying 4 month minimum, if that seems on the longer side then I may also consider changing solicitors.
Thank you everyone for the advice.
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simon_or said:canaldumidi said:simon_or said:Troy_af said:TBG01 said:What did your retainer, terms of business or whatever they call it say regarding abortive fees?
I'll have to have another read over the contract because it was so long ago, but I do remember it saying no sale no legal fee. However on the cost estimate invoice the "legal fee" is for around £600.. I take it this is probably the only amount I won't have to pay and I'll have to pay all other costs.
Aren't all conveyancers no sale no fee? That's always been the case with the ones I've engaged in the past. Given that more than a third of purchases in England fall through, it makes sense.No, it's not standard policy though some conveyancers offer this.It might make sense for a client (assuming it's not more expesive) but not for the conveyancer since, as you say, 1/3 of all their work would go unpaid...!As for the sunk effort, that's just par for the course for the industry they're in, just like all the unpaid work done by the estate agent, mortgage broker, bank, etc when a transaction falls through before completion.2 -
user1977 said:simon_or said:canaldumidi said:simon_or said:Troy_af said:TBG01 said:What did your retainer, terms of business or whatever they call it say regarding abortive fees?
I'll have to have another read over the contract because it was so long ago, but I do remember it saying no sale no legal fee. However on the cost estimate invoice the "legal fee" is for around £600.. I take it this is probably the only amount I won't have to pay and I'll have to pay all other costs.
Aren't all conveyancers no sale no fee? That's always been the case with the ones I've engaged in the past. Given that more than a third of purchases in England fall through, it makes sense.No, it's not standard policy though some conveyancers offer this.It might make sense for a client (assuming it's not more expesive) but not for the conveyancer since, as you say, 1/3 of all their work would go unpaid...!As for the sunk effort, that's just par for the course for the industry they're in, just like all the unpaid work done by the estate agent, mortgage broker, bank, etc when a transaction falls through before completion.Never really looked at it that way but I definitely agree. Whilst my solicitor hasn't specifically advised me not to go ahead, they have gave me may warnings and made me aware of all the risks involved. Its almost as if they have been hinting at me to walk away, without actually telling me to walk away, if you know what I mean.0 -
Troy_af said:lookstraightahead said:Troy_af said:eddddy said:Troy_af said:
Is this usually what ends up happening in this situation, ie, the entire chain falls through? Or is it more likely that they would usually hold on considering they will be in the same situation having time and solicitor fees invested already?
I'm sure your buyers will review their different options.
I guess they might decide that if they 'dump' you and find another property, they might not complete the purchase any quicker - because a chain would need to form above that property. (Unless they decide to only look at 'chain-free' properties.)
But sometimes buyers walk-away because...- They lose trust in the seller - they're not convinced that their seller is serious about finding a new place
- They're angry with the seller about the delay - so they walk-away to 'punish' the seller
So it's worth trying to maintain a good relationship with your buyer. It might help reduce the risk of them walking away.
Hopefully they will understand the reasons. I would even consider lowering the price slightly to keep them interested.
No reason why I can't rent.. I am just considering all options right now. I could either pay rent for a few months or give some money back to the buyer and save on renting, so financially I don't think it would make much difference to me. I have never rented before so I'm not sure what the situation is on short term (below 6 months) renting?
Buyer is currently renting I believe. I do believe they will probably hold on due the fact already mentioned in a previous post - that they are probably going to be waiting just as long to find somewhere else unfortunately. Not to mention house prices possibly still rising and mortgage interest rates etc. I have already seen other properties which suit me which I could afford even at the full asking price so hopefully it would not be long for me to find somewhere else.
I do not want to mess the buyer around believe me I have been in their situation myself. Another quick question how long has it took recently for people to complete without any complications? Because my solicitor is saying 4 month minimum, if that seems on the longer side then I may also consider changing solicitors.
Thank you everyone for the advice.
I don't think 4 months is unreasonable but usually it's not the conveyancers - the longer the chain the more people are involved.
Usually 12 months for rental but it means you can take your time and not rush into buying something you don't want.
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