House sale fallen though, gutted and totally fed up.

p00hsticks

curtis122 said:

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.

Your buyers may well be facing a similar sort of bill (in fact probably more as they will have potentially paid for searches, surveys etc on top of the solicitors) - it's unlikely they'l lhave made the decision to drop out lightly. 

I was in a similar position a few years ago selling my late brother's property - the buyer's conveyancer was completely useless, and stretched things out for so long that eventually the buyer decided it wasn't a financially viable purchase and pulled out. The solicitor is perfectly entitled to charge you for the work they've already done, but in my case as I was happy to continue to use them they simply put the sale file on hold until we'd found another buyer, and then added the additional charge to their final bill which they took from the funds at completion. 

Neil49

We are in the same situation where the buyer pulled out just before exchange of contracts due to a funding issue. Fortunately we always use a local solicitor who operates on a no completion no charge basis. I think there was an upfront cost of about £30 for essential documents but that was it. 

strawb_shortcake

ReadySteadyPop said:

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.

Borrowing costs have likely gone down slightly or stayed the same since the OP put their house on the market not up.

Emmia

ReadySteadyPop said:

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.

Ultimately property purchase is a business transaction,  getting emotional isn't a good idea.

ReadySteadyPop

strawb_shortcake said:

ReadySteadyPop said:

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.

Borrowing costs have likely gone down slightly or stayed the same since the OP put their house on the market not up.

That would make their house sale falling through less likely, not more likely (as is the case)?

strawb_shortcake

ReadySteadyPop said:

strawb_shortcake said:

ReadySteadyPop said:

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.

Borrowing costs have likely gone down slightly or stayed the same since the OP put their house on the market not up.

That would make their house sale falling through less likely, not more likely (as is the case)?

Your focusing on one thing as always, there is a myriad of reasons why the sale fell through, couple separated, lost job, found a better house, a better opportunity presented itself, decided to move to a different area, realised they are actually very happy in the home they are in...

Smalltownhypocrite

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 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.

It was about £80 in 2023 when I was buying. 

We didn't get round to getting it, wished we had for £80 would have saved me hundreds when it turned out the 'seller' didn't own the house and couldn't actually sell it (the elderly owner died and the 'lister' they claimed to the EA they where waiting on probate but didn't actually have a valid claim, bank repossessed the house instead and refused to uphold the sale).

The reason we ummed and ahhed was all the terms which seemed like they covered virtually nothing but in the end would have apparently covered our unique situation. You needed to by the insurance within 14 days of the memorandum though.

ReadySteadyPop

strawb_shortcake said:

ReadySteadyPop said:

strawb_shortcake said:

ReadySteadyPop said:

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.

Borrowing costs have likely gone down slightly or stayed the same since the OP put their house on the market not up.

That would make their house sale falling through less likely, not more likely (as is the case)?

Your focusing on one thing as always, there is a myriad of reasons why the sale fell through, couple separated, lost job, found a better house, a better opportunity presented itself, decided to move to a different area, realised they are actually very happy in the home they are in...

The OP stated the reason in their opening post.

"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."

poseidon1

Smalltownhypocrite 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 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.

It was about £80 in 2023 when I was buying. 

We didn't get round to getting it, wished we had for £80 would have saved me hundreds when it turned out the 'seller' didn't own the house and couldn't actually sell it (the elderly owner died and the 'lister' they claimed to the EA they where waiting on probate but didn't actually have a valid claim, bank repossessed the house instead and refused to uphold the sale).

The reason we ummed and ahhed was all the terms which seemed like they covered virtually nothing but in the end would have apparently covered our unique situation. You needed to by the insurance within 14 days of the memorandum though.

Rhino protect has been my go to insurer in this space per link below -

https://www.rhinohomeprotect.com/quote/

I note however that the premium for basic cover is now at £79 compared to £65 last year, no doubt as a result of more claims. However still worthwhile in my view. 

 If I were selling, sellers cover at £69 for up to £1650 cover seems very reasonable. 

In both cases there is a narrow window to apply so if you are not already aware of these policies, you maybe too late to apply if the buying/selling process has progressed too far.

youth_leader

So sorry.  I had a buyer withdraw and then I sold again very quickly to a 'cash buyer', the EA told me 'it could be weeks so make sure you are ready'.  Sold my beautiful gigantic sofa for peanuts to a couple who sold it on ebay the next day!.  My daughter came with me to look at a fantastic property and I put in an offer ... sadly weeks later my buyer withdrew by email late at night.  Held been ducking and diving for weeks and in the end it turns out he didn't have the cash, his ex wife in Sweden had it.  Luckily my EA worked late and she was kind enough to phone me before she went home. 

Dust  yourself off and look forwards to selling and exchange when it is safe to breathe again, it will happen!