Totally stuck house sale

mat1964

We have informed the buyers solicitors that we will re-list the property if there is no progress this week.  The buyers have refused to engage/respond for weeks now with the Estate Agent and we don't think they have any intention of buying the house. - although why they have not informed us yet is baffling.  Their solicitor keeps giving excuses - we are not even sure they are in touch with the buyers.   Because of conveyancing complications caused by us living on a private estate, the solicitors fees going to waste are going to be astronomical (on top of the survey etc).  Not great.

GDB2222

mat1964 said:

We have informed the buyers solicitors that we will re-list the property if there is no progress this week.  The buyers have refused to engage/respond for weeks now with the Estate Agent and we don't think they have any intention of buying the house. - although why they have not informed us yet is baffling.  Their solicitor keeps giving excuses - we are not even sure they are in touch with the buyers.   Because of conveyancing complications caused by us living on a private estate, the solicitors fees going to waste are going to be astronomical (on top of the survey etc).  Not great.

I have no idea why you simply don't relist now. If your buyers are genuinely trying to progress things, they'll tell you. And, if not, then the sooner you start the process again, the better. (Unless you're going to take a proper break and start again in the spring.)

mat1964

After talking to the estate agents, we are going to take a break until next year if it falls through.  The agents are going to give it one last go next few days with the buyers solicitors to get a definitive response (the buyers are not responding).

Chief_of_Staffy

mat1964 said:

After talking to the estate agents, we are going to take a break until next year if it falls through.  The agents are going to give it one last go next few days with the buyers solicitors to get a definitive response (the buyers are not responding).

I strongly advise against proceeding with these people. Your buyers not responding now is inconvenient and will mean you're a few hundred quid down. Your buyers not responding on completion day (that is to say unable or unwilling to fulfil their contract, not necessarily unresponsive) would, for someone like yourself mid-chain, be catastrophic.

m0bov

Can lead a horse to water......

GDB2222

Chief_of_Staffy said:

mat1964 said:

After talking to the estate agents, we are going to take a break until next year if it falls through.  The agents are going to give it one last go next few days with the buyers solicitors to get a definitive response (the buyers are not responding).

I strongly advise against proceeding with these people. Your buyers not responding now is inconvenient and will mean you're a few hundred quid down. Your buyers not responding on completion day (that is to say unable or unwilling to fulfil their contract, not necessarily unresponsive) would, for someone like yourself mid-chain, be catastrophic.

If you get a full 10% deposit, they are unlikely to walk away.

Chief_of_Staffy

GDB2222 said:

Chief_of_Staffy said:

mat1964 said:

After talking to the estate agents, we are going to take a break until next year if it falls through.  The agents are going to give it one last go next few days with the buyers solicitors to get a definitive response (the buyers are not responding).

I strongly advise against proceeding with these people. Your buyers not responding now is inconvenient and will mean you're a few hundred quid down. Your buyers not responding on completion day (that is to say unable or unwilling to fulfil their contract, not necessarily unresponsive) would, for someone like yourself mid-chain, be catastrophic.

If you get a full 10% deposit, they are unlikely to walk away.

They're unlikely to walk away, but it's far from unheard of, and if they're acting up at this stage the chances are greatly increased.

And yes, you'd get their deposit. And then you'd forfeit your own to your seller which would, assuming you're buying a more expensive property, be even more. So you'd be the one to lose out.

Note also they don't have to walk away to cause chaos. They'll still have ten days to complete if they don't meet the deadline, leaving you with all the problems of postponing and rescheduling a move at short notice. Which in itself could cause you to breach your contract and be the one paying the full whack.

GDB2222

Chief_of_Staffy said:

GDB2222 said:

Chief_of_Staffy said:

mat1964 said:

After talking to the estate agents, we are going to take a break until next year if it falls through.  The agents are going to give it one last go next few days with the buyers solicitors to get a definitive response (the buyers are not responding).

I strongly advise against proceeding with these people. Your buyers not responding now is inconvenient and will mean you're a few hundred quid down. Your buyers not responding on completion day (that is to say unable or unwilling to fulfil their contract, not necessarily unresponsive) would, for someone like yourself mid-chain, be catastrophic.

If you get a full 10% deposit, they are unlikely to walk away.

They're unlikely to walk away, but it's far from unheard of, and if they're acting up at this stage the chances are greatly increased.

And yes, you'd get their deposit. And then you'd forfeit your own to your seller which would, assuming you're buying a more expensive property, be even more. So you'd be the one to lose out.

Note also they don't have to walk away to cause chaos. They'll still have ten days to complete if they don't meet the deadline, leaving you with all the problems of postponing and rescheduling a move at short notice. Which in itself could cause you to breach your contract and be the one paying the full whack

We sold a property, and the buyer didn’t complete. The agent said it was only the second time in his career that had happened. So, it’s extremely rare. 

The completion statement procedure is set out in the standard conditions and applies equally to all the transactions in the chain, but as you said it gets more expensive as you go up the chain. The OP is entitled to claim all his costs from the errant buyers, and that is not limited to the 10% deposit. 

It sounds like the buyers are having second thoughts or having trouble with finance. Either way, what they are doing is not exchanging contracts, and hopefully they won’t exchange until they are fully prepared to proceed. 

Chief_of_Staffy

GDB2222 said:

Chief_of_Staffy said:

GDB2222 said:

Chief_of_Staffy said:

mat1964 said:

After talking to the estate agents, we are going to take a break until next year if it falls through.  The agents are going to give it one last go next few days with the buyers solicitors to get a definitive response (the buyers are not responding).

I strongly advise against proceeding with these people. Your buyers not responding now is inconvenient and will mean you're a few hundred quid down. Your buyers not responding on completion day (that is to say unable or unwilling to fulfil their contract, not necessarily unresponsive) would, for someone like yourself mid-chain, be catastrophic.

If you get a full 10% deposit, they are unlikely to walk away.

They're unlikely to walk away, but it's far from unheard of, and if they're acting up at this stage the chances are greatly increased.

And yes, you'd get their deposit. And then you'd forfeit your own to your seller which would, assuming you're buying a more expensive property, be even more. So you'd be the one to lose out.

Note also they don't have to walk away to cause chaos. They'll still have ten days to complete if they don't meet the deadline, leaving you with all the problems of postponing and rescheduling a move at short notice. Which in itself could cause you to breach your contract and be the one paying the full whack

We sold a property, and the buyer didn’t complete. The agent said it was only the second time in his career that had happened. So, it’s extremely rare. 

I don't dispute it's very rare, but my point is that if there are strong indications the buyer is flaky, as in this case, then IMO the OP should not proceed. Because the best case scenario of completion not happening is turmoil and some financial loss, and the worst case is that it turns out your lights and you end up bankrupt, due to no fault of your own.

When I move again I will not even consider being part of a chain.

GDB2222 said:

Chief_of_Staffy said:

GDB2222 said:

Chief_of_Staffy said:

mat1964 said:

After talking to the estate agents, we are going to take a break until next year if it falls through.  The agents are going to give it one last go next few days with the buyers solicitors to get a definitive response (the buyers are not responding).

I strongly advise against proceeding with these people. Your buyers not responding now is inconvenient and will mean you're a few hundred quid down. Your buyers not responding on completion day (that is to say unable or unwilling to fulfil their contract, not necessarily unresponsive) would, for someone like yourself mid-chain, be catastrophic.

If you get a full 10% deposit, they are unlikely to walk away.

They're unlikely to walk away, but it's far from unheard of, and if they're acting up at this stage the chances are greatly increased.

And yes, you'd get their deposit. And then you'd forfeit your own to your seller which would, assuming you're buying a more expensive property, be even more. So you'd be the one to lose out.

Note also they don't have to walk away to cause chaos. They'll still have ten days to complete if they don't meet the deadline, leaving you with all the problems of postponing and rescheduling a move at short notice. Which in itself could cause you to breach your contract and be the one paying the full whack

The completion statement procedure is set out in the standard conditions and applies equally to all the transactions in the chain, but as you said it gets more expensive as you go up the chain. The OP is entitled to claim all his costs from the errant buyers, and that is not limited to the 10% deposit. 

. 

That's true, but your seller can also claim costs from you.

mat1964

Chief_of_Staffy said:

I strongly advise against proceeding with these people. Your buyers not responding now is inconvenient and will mean you're a few hundred quid down. Your buyers not responding on completion day (that is to say unable or unwilling to fulfil their contract, not necessarily unresponsive) would, for someone like yourself mid-chain, be catastrophic.

A few hundred?  More like nearly £6k.   If in the unlikely event it exchanges, I am less concerned they would walk away then given they would have paid an £86k deposit.  Latest news is the buyers solicitors have said they will be reporting to the buyers tomorrow (but they have said this before) - and the buyers have refused to communicate at all the last 6 weeks.  We have told them we are calling it off in a weeks time if nothing happens by then.