Dilemma: stick with buyer after long delay or remarket?

Cubicsrube

Selling parent's flat - it was put on the market last May before my parent died as they had moved into a home. Buyer is an older person who was first one the flat was shown to. They loved it, offered asking and parent accepted, then died suddenly about a month later. I then had a very long probate delay, finally getting the grant in January. The entire time their solicitor was chasing for updates, but towards the end of the probate wait their own sale fell through. It has since fallen through twice more and here we are almost a year since accepting the offer without having exchanged. There is now apparently a 5-person chain which I am at the top of.

Given that over half of this delay was "mine" (waiting for probate), how would everyone be thinking about the buyer's delay, from a moral POV? And from a business POV?

A lot of competing thoughts - the buyer really wants it; they are elderly; we initially made them wait; a bird in the hand, etc. On the other hand, is there something wrong with their property, our EA has really never had to market the flat or show the flat (though the buyer has visited a lot) and seems very reluctant to put it back on the market, maybe they just don't want to have to do much more work for the same commission?

Albermarle

Your buyers sale probably fell through due to them having to wait so long for your probate to come through.

So I do not see any 'moral' issues here. Probably best to just stick with it and cross your fingers.

anselld

Probate delay may explain the first fall through but not the next two. Perhaps just bad luck or perhaps a problem property as you say. I think I would stick with it for now but definitely last chance saloon.

GrubbyGirl_2

Personally I'd stick with it as there is at least a chain! If this one collapses then maybe that's time to remarket it

MEM62

Given that over half of this delay was "mine" (waiting for probate), how would everyone be thinking about the buyer's delay, from a moral POV? And from a business POV?

There is no moral consideration. This is a business transaction and you should make decisions on that basis only.

sheramber

You will be liable for double council tax 6 months after probate was granted.

Cubicsrube

Thanks for your input everyone. You're right we need to be clear headed and kind but business minded. Hard not to think about an elderly person who has their heart set on this flat and waited almost a year…you do think what if this was my Mum.

But I suppose part of me is wondering whether there may be other buyers out there who would be in a better position to move quickly, e.g. not needing a chain. But we have no idea because it was only on the market for a few days and only shown once (it is in a very desirable block, great condition and staged beautifully).

peterhjohnson

Can you find out anything about your buyer's property?

If it seems to a conventional property that should be easy to sell then it may do so now they can exchange with you. (The ideal would be a house on an estate of similar houses and recent history of sales at a similar price)

OTOH, if their property turns out to be a retirement flat or other "difficult to sell" place ….

Cubicsrube

I believe it is a house - it is a downsizing situation. We've had probate since January but our buyer's new buyer (along with 2 other people in the chain) is more recent than that - so we're being told that the delay is further down the chain where they are earlier in the process. Our buyer doesn't require a mortgage, to our belief.

GDB2222

Are prices generally up or down in your area? Around here, prices are definitely down quite a bit, but I don't think that applies across the country.

otb666

The council tax is applicable 6 months after probate and then 12 months after probate it doubles. We got Probate done before marketing and sold subject to contract a few days later but 7 months we are still waiting and are at the top of a chain of 4 with bottom one being a leasehold which is causing delay.

In the meantime we are covering insurance utilities and council tax. The EA originally told us it would be a quick sale as buyer sold their property to a FTB so accepted £10k reduction. Turns out FTB is several runs down the chain.

We have noticed prices reduce in the area sales falling through due to current climate I guess But a similar property sold for 30k less in 2018 so know its priced favorably. At this point we have no choice but to hang on and hope everyone gets their ducks in a row.

I do think the whole process needs a revamp and certainly put me off moving forever.

We would happily pay for indemnity insurance for the flat at the bottom for missing leasehold paperwork or answers to queries as the property is costing us money monthly but as everyone so secretive in the process we do not get to know what exactly the problem is so just have to sit and wait forever it seems.

I guess if It does fall through we will just have to start again