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Paying for searches for the new house but my buyer pulled out

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  • dinerodinero
    dinerodinero Posts: 47 Forumite
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    Thank you all for your feedback.

    Next buyer will have to pay first before we start looking for a property for ourselves, we have learnt after giving away some ££££
  • dinerodinero
    dinerodinero Posts: 47 Forumite
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    eddddy wrote: »
    Again, a 'traditional' agent would have qualified the buyer (i.e. asked to see mortgage offers and bank statements), and 'progressed' the buyer.

    i.e. Phoned them for updates, find out if there were any problems, make sure they were doing everything they needed to do, etc

    So you might have found out about the problems much quicker, and lost less time.

    I'm not sure that PB do this kind of stuff.

    Thank you, yes that is what we needed to do but we thought that everything was done by PB. Hey we learnt!!!
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    dinerodinero wrote: »
    Next buyer will have to pay first before we start looking for a property for ourselves, we have learnt after giving away some ££££
    You mean you're going to break the chain by moving into a rental property on completion?

    You'll still have upfront costs on the rental - so I guess it's actually a hotel you'll be moving to.

    Oh, and you'll still need to pay your EA and solicitor for the work they do on the sale.
  • dinerodinero
    dinerodinero Posts: 47 Forumite
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    AdrianC wrote: »
    You mean you're going to break the chain by moving into a rental property on completion?

    You'll still have upfront costs on the rental - so I guess it's actually a hotel you'll be moving to.

    Oh, and you'll still need to pay your EA and solicitor for the work they do on the sale.

    No, I meant until the buyer for our house do not pay for it( instead of saying that their mortgage is on place and that they are buying the property ) we will not buying a new property so I will do as well as they have done and they will have to wait for us to find the right property for us but on the meantime I will be saying that everything is in place as they have done, so we do not loose out again. I know it is not very moral but it is legal!!!
  • Davesnave
    Davesnave Posts: 34,741 Forumite
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    Where are you going to live when the next buyer has 'paid for' your house?
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    dinerodinero wrote: »
    No, I meant until the buyer for our house do not pay for it( instead of saying that their mortgage is on place and that they are buying the property ) we will not buying a new property so I will do as well as they have done and they will have to wait for us to find the right property for us but on the meantime I will be saying that everything is in place as they have done, so we do not loose out again. I know it is not very moral but it is legal!!!
    You're going to have to explain that to me a bit more slowly...


    Let's look at the timeline of a sale:

    1. The buyer makes an offer, the seller accepts it.
    2. The buyer does all the legal work to make sure they're buying what they think they're buying. This takes months. Either can pull out at any stage for any reason.
    3. On exchange date, the buyer and seller exchange contracts, and both are legally bound to the deal. The date for completion is set, probably no more than a fortnight ahead. Neither can pull out without incurring substantial costs.
    4. On completion day, the buyer pays, and the seller gives them the keys to the now-empty house. The house is sold.

    So at what point in that are you planning to stop lying to your solicitor and estate agent, and start looking for somewhere to sleep on the night of completion day?
  • dinerodinero
    dinerodinero Posts: 47 Forumite
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    Davesnave wrote: »
    Where are you going to live when the next buyer has 'paid for' your house?

    When the money has been deposit for the property is when I will start looking for a property to buy, so the buyers of my property will have to wait until we buy. We will carry on living on the property that they have bought.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    dinerodinero wrote: »
    When the money has been deposit for the property is when I will start looking for a property to buy, so the buyers of my property will have to wait until we buy. We will carry on living on the property that they have bought.
    The deposit gets handed over on exchange. The completion date is set at the same time. Are you planning on giving them a completion date of several months in the future...? Or are you planning on simply ignoring the date that you agree to?

    One of those will result in the contracts not being exchanged.
    The other will result in you wishing it hadn't.
  • comeandgo
    comeandgo Posts: 5,744 Forumite
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    dinerodinero wrote: »
    When the money has been deposit for the property is when I will start looking for a property to buy, so the buyers of my property will have to wait until we buy. We will carry on living on the property that they have bought.

    Oh dear, you have no idea. My only advise is never ever use purple bricks.
  • dinerodinero
    dinerodinero Posts: 47 Forumite
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    AdrianC wrote: »
    You're going to have to explain that to me a bit more slowly...


    Let's look at the timeline of a sale:

    1. The buyer makes an offer, the seller accepts it.
    2. The buyer does all the legal work to make sure they're buying what they think they're buying. This takes months. Either can pull out at any stage for any reason.
    3. On exchange date, the buyer and seller exchange contracts, and both are legally bound to the deal. The date for completion is set, probably no more than a fortnight ahead. Neither can pull out without incurring substantial costs.
    4. On completion day, the buyer pays, and the seller gives them the keys to the now-empty house. The house is sold.

    So at what point in that are you planning to stop lying to your solicitor and estate agent, and start looking for somewhere to sleep on the night of completion day?

    Right, so we have been twice on your step 3, but our buyers have been on your step 2, without our knowledge, which know we know that it is legal and a normal practice.
    What we will do is for our buyer to be on your step 3 and then as we have got a mortgage in place already we will make sure that we buy a property.
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