House sale fallen though, gutted and totally fed up.

curtis122

First time selling it was the perfect situation, just us and the buyers in the chain. over 3 months went by they pull out as they now cannot get the funding. 

I just feel numb, its back on the market and we are being told by the EA the market has changed, basically saying we will struggle to get what we sold it for. Just the thought of starting again and having to have people turning up looking round again, the ridiculous feedback, the getting your hopes up only to then nothing happening and the weeks ticking by. I was fed up a few weeks in the first time!

And the real kicker, we have just had the bill from our solicitor for over a £1000. They pull out we get financially penalised. Worried now its going to happen again and it will cost us even more to still be sat here not moved out.

I've come across sellers insurance you can take out, I'm annoyed i never saw it before. I'm assuming its ok to take that out when we get another offer and its not a case of you can't if you've already had an offer and its fallen through?

Sorry just wanted a rant, it just seems so unfair. We are lucky we are paying part cash for our next home so can pay the solicitors bill but its still money taken from that total.

How can some people afford to pay solicitors especially as I've read some people have had people pull out many times! Your EA fees are covered by your house sale but have someone pull out you then a have a bill to pay now, how many people have a grand just sat around and even more if it happens again, one person said they had it happen 5 times in the same sale! 

grumpy_codger

Well, I had exactly the same experience, but as a buyer. The seller pulled out after few months without any explanation, the solisitor sent about £1K bill to pay.
The system in England is broken. This happens far too often, so don't expect the insurance to be cheap.
'No sale no fee' EAs are more expensive for the same reason. Their price includes their own insurance. Some charge smaller fixed fee regardless of the outcome.

m0bov

Your solicitor might be able to reuse the docs and work you funded. No reason you shouldn't be able to sell for same price or more. What was the reason? Suggest you try another agent, why did they allow a sale on a non proceedable buyer? I'd be questioning the agent.

Emmia

m0bov said:

Your solicitor might be able to reuse the docs and work you funded. No reason you shouldn't be able to sell for same price or more. What was the reason? Suggest you try another agent, why did they allow a sale on a non proceedable buyer? I'd be questioning the agent.

The buyer might have been 100% proceedable at one point, but maybe the bank valuation didn't work in terms of their deposit, or their circumstances changed.

They might also have told you a fib, because they saw something better, cheaper etc.

poseidon1

grumpy_codger said:

Well, I had exactly the same experience, but as a buyer. The seller pulled out after few months without any explanation, the solisitor sent about £1K bill to pay.
The system in England is broken. This happens far too often, so don't expect the insurance to be cheap.
'No sale no fee' EAs are more expensive for the same reason. Their price includes their own insurance. Some charge smaller fixed fee regardless of the outcome.

Not sure what you consider cheap.

I last paid £45 in November 2020 for cover on a purchase where seller pulled out 1 day before exchange. £675 in legal fees and disbursements were recovered.

I believe equivalent cost would be £65 now ( amount paid by a FTB I advised last year), so hardly breaking the bank.

I encourage FTBs to take out cover, since they can ill afford the financial fallout from an aborted purchase.

Not clear to me why this cover is not widely known. It first came to my attention in 2004 when  acquired prior to a flat purchase.

Given England's decidedly dodgy conveyancing system and practices  (at least compared to Scotland) I would not dream of embarking on a sale or purchase without cover.

user1977

poseidon1 said:

grumpy_codger said:

Well, I had exactly the same experience, but as a buyer. The seller pulled out after few months without any explanation, the solisitor sent about £1K bill to pay.
The system in England is broken. This happens far too often, so don't expect the insurance to be cheap.
'No sale no fee' EAs are more expensive for the same reason. Their price includes their own insurance. Some charge smaller fixed fee regardless of the outcome.

Not sure what you consider cheap.

I last paid £45 in November 2020 for cover on a purchase where seller pulled out 1 day before exchange. £675 in legal fees and disbursements were recovered.

I believe equivalent cost would be £65 now ( amount paid by a FTB I advised last year), so hardly breaking the bank.

I encourage FTBs to take out cover, since they can ill afford the financial fallout from an aborted purchase.

Not clear to me why this cover is not widely known. 

It's cheap because the circumstances such policies cover are quite limited, and wouldn't be of any help in many of the cases posted about here.

curtis122

At a quick glance there did seem to be 'certain' situations they would only pay out for but I still think its worth it for £65 and will definitely be taking it out for buying.

We will probably never know the true reason our buyer pulled out, they checked out ok for the EA but then we got the dreaded call stating it was a funding issue, sorry.

Once we have sold and bought our new house, I am never moving again unless I have no choice!

Albermarle

user1977 said:

poseidon1 said:

grumpy_codger said:

Well, I had exactly the same experience, but as a buyer. The seller pulled out after few months without any explanation, the solisitor sent about £1K bill to pay.
The system in England is broken. This happens far too often, so don't expect the insurance to be cheap.
'No sale no fee' EAs are more expensive for the same reason. Their price includes their own insurance. Some charge smaller fixed fee regardless of the outcome.

Not sure what you consider cheap.

I last paid £45 in November 2020 for cover on a purchase where seller pulled out 1 day before exchange. £675 in legal fees and disbursements were recovered.

I believe equivalent cost would be £65 now ( amount paid by a FTB I advised last year), so hardly breaking the bank.

I encourage FTBs to take out cover, since they can ill afford the financial fallout from an aborted purchase.

Not clear to me why this cover is not widely known. 

It's cheap because the circumstances such policies cover are quite limited, and wouldn't be of any help in many of the cases posted about here.

I though that had to be the case, as it is often said a third of all transactions fall through, so £65 to insure against losses of around £1000, would not seem on the surface a very good business for the insurer. 

ReadySteadyPop

curtis122 said:

First time selling it was the perfect situation, just us and the buyers in the chain. over 3 months went by they pull out as they now cannot get the funding. 

I just feel numb, its back on the market and we are being told by the EA the market has changed, basically saying we will struggle to get what we sold it for. Just the thought of starting again and having to have people turning up looking round again, the ridiculous feedback, the getting your hopes up only to then nothing happening and the weeks ticking by. I was fed up a few weeks in the first time!

And the real kicker, we have just had the bill from our solicitor for over a £1000. They pull out we get financially penalised. Worried now its going to happen again and it will cost us even more to still be sat here not moved out.

I've come across sellers insurance you can take out, I'm annoyed i never saw it before. I'm assuming its ok to take that out when we get another offer and its not a case of you can't if you've already had an offer and its fallen through?

Sorry just wanted a rant, it just seems so unfair. We are lucky we are paying part cash for our next home so can pay the solicitors bill but its still money taken from that total.

How can some people afford to pay solicitors especially as I've read some people have had people pull out many times! Your EA fees are covered by your house sale but have someone pull out you then a have a bill to pay now, how many people have a grand just sat around and even more if it happens again, one person said they had it happen 5 times in the same sale! 

You can`t really blame people for pulling out if they can`t get the funding? As the EA said, the market has changed, what they mean is that borrowing/debt maintenance costs have changed (risen) so that affects the whole market.

housebuyer143

My house fell through twice and it took the third buyer to complete and 10 months in total. It totally sucks but all you can do is pick yourself up and start again.
I was with a no completion no fee solicitor, so luckily it didn't cost us much - although she literally did 3 full sales on it over the 10 month span for about £600!! 

ReadySteadyPop

Emmia said:

m0bov said:

Your solicitor might be able to reuse the docs and work you funded. No reason you shouldn't be able to sell for same price or more. What was the reason? Suggest you try another agent, why did they allow a sale on a non proceedable buyer? I'd be questioning the agent.

The buyer might have been 100% proceedable at one point, but maybe the bank valuation didn't work in terms of their deposit, or their circumstances changed.

They might also have told you a fib, because they saw something better, cheaper etc.

Always possible, not very nice but possible.