Ricci's Special Kebabs
Striker
House prices are going mental in my area, going well over asking because of the stamp duty holiday.
House Sale Completion Time....
- Thread starter GordonMuchallNo1Fan
- Start date
- Status
monkeytassle
Striker
We started the process in Feb ish and completed on Aug 7th. Got to the night before exchange and the buyer said he was off unless we dropped the price by 10k due to something his solicitor failed to do. Giwvn we were so far down the road I agreed 5k as I'd booked movers, paid for two sets of solicitor fees etc. I know conveyancing throws up all manner of issues but my time line was a joke.
Whole process is a f***ing shambles.
Buyers know they have you by the danglies.
My sale/purchase was chain free both sides too. My solicitor was also dog shit tbf.
GordonMuchallNo1Fan
Striker
We haven't got anywhere lined up yet so would be moving in with parents on whatever side as we have missed out on 2 purchases because of this fuck on. At the earliest for us it will be the new year now before we get into our own place if we go ahead of this and to be honest we are at the stage now where we simply can't be arsed with it. Going to be at least another 4-6 weeks before this is completed if the buyer gets his finger out.
Pulling the plug is tempting.
CatRyan
Striker
When we sold the family home the buyers tried all this nonsense. We had been very clear when we accepted the offer that we would not be dropping the price and explained theirs was not the only offer on the table and our acceptance of it was contingent on them paying that.
They started their stupidness and my brother reminded them of our position. Eventually after getting no joy from my brother the estate agent called me expecting a more "reasonable" response. I told them I would start raising sale price as they were reneging and wasting time. The estate agent was genuinely bewildered saying that this was just what was always done.
I explained that we had made our position very clear from the get, that the price would only go up and that the sale would be blocked if anymore time was wasted.
They started their stupidness and my brother reminded them of our position. Eventually after getting no joy from my brother the estate agent called me expecting a more "reasonable" response. I told them I would start raising sale price as they were reneging and wasting time. The estate agent was genuinely bewildered saying that this was just what was always done.
I explained that we had made our position very clear from the get, that the price would only go up and that the sale would be blocked if anymore time was wasted.
monkeytassle
Striker
Don't do it out of spite. It's a stressful scenario and it could happen again with the next buyer. Head v heart important here. I'd calmly explain an expected time line and say there is no reason of change in price. If its that sum then they'll likely pay up or you meet in middle. If you change prices though the lender will likely need to reissue an offer. It's a piss take either way but approach it calmly. Ask what tineline and day the process has started already. If you put it back on they might walk away and you're back to scratch.
CatRyan
Striker
You have to weigh it up. We did not need to sell so did not have to back down like you did. We weighed up our positions on it and would have been totally happy to stop the sale so could restate our position and hold firm. The buyer towed line and it went through.
You're right though in that the risks are usually far greater and another buyer would try the same shit.
GordonMuchallNo1Fan
Striker
The way the wife is talking she just wants to pull the plug and take it off the market. Think we'll sleep on it for a day or two.
I personally think they're playing games and have been looking around elsewhere whilst delaying with this one
monkeytassle
Striker
We were too far down the line and tbf I probably would have given him ten grand to get it over the line. We'd committed to schools and nurseries etc so a failed sale would have been a catastrophe. And the house we were buying was something we'd looked for for 3y or so.
Yeah take a step back and have a think. If you want rod then it might still be best option but that's the nuclear one. First of all try to establish tineline and agreeable terms.
GordonMuchallNo1Fan
Striker
so on friday we told the estate agent we wish to pull the sale as basically we felt the buyer was taking the piss. so the estate agent went ahead with our wishes etc and solicitors closed files. estate agent attempted mediation as the buyer was disappointed even though as of 10 weeks into the sale agreed (it's now 11 and a half weeks), they hadn't started searches, wanted £4000 knocked off (which they acknowledged over the weekend was a bad move) and didnt have mortgage offer through. anyway spoke to estate agent yesterday and said we would sleep on it and speak about whether we still wanted to proceed. anyway estate agent phoned today and said the buyer no longer wishes to proceed.
so basically 11 and a half weeks wasted. fortunately we owe nothing to the solicitor or estate agent but we rushed through some electric work and EPC so it's cost us £260 in total but at least it's stuff that isn't wasted in terms of dead money wasted.
incredibly frustrating process but clearly the buyer just didn't want the property.
such a waste of time
so basically 11 and a half weeks wasted. fortunately we owe nothing to the solicitor or estate agent but we rushed through some electric work and EPC so it's cost us £260 in total but at least it's stuff that isn't wasted in terms of dead money wasted.
incredibly frustrating process but clearly the buyer just didn't want the property.
such a waste of time
Chugger
Midfield
I do actually believe this. I am currently moving house- you can get an agreement in principle in a matter of minutes online. I then wanted to progress the application- the earliest appointment with an advisor with HSBC was 5 weeks (they have all been reallocated to dealing with peoples mortgage holidays/ furlough issues) I decided to proceed with my application online without advice and got the full agreement in a matter of days
monkeytassle
Striker
That's really shit but on the plus side you didn't get far enough down the road where it cost material money. Epc and electrics done.
Chugger
Midfield
Just read this one- yes, they are taking the piss
timharding
Midfield
This all day long....
GordonMuchallNo1Fan
Striker
Yeah we hadn't found anywhere we fancied hence were planning to move in with either set of parents until we did, so fortunately we aren't out of pocket in terms of solicitor fees on a house purchase and we haven't had to pull out and piss people off.
whether we put the house back on the market remains to be seen.
Aye but we are talking 10 weeks and they hadn't had it through, so it's clear they are just taking the piss. My brother works for Barclays doing the mortgages and he said 5-6 weeks. Searches in County Durham are taking 6 weeks as well at the moment and they hadn't even started them after 10 weeks.
They asked for £4000 off after 8 weeks, so it's clear basically for 8 weeks they had done absolutely nothing. The ironic thing is the mother of the buyer was the mortgage broker as well.
Last edited:
GordonMuchallNo1Fan
Striker
yeah when offer was accepted they said mortgage was all in place, ready to go etc as the Mam who the mortgage broker........... 10 weeks into the sale our estate agent gave us an update saying they hadn't had mortgage offer through, this about 10 days on from them wanting £4000 off the sale price. Estate agent even indicated the buyer (the son) has been badly advised (i guess the estate agent will have been keen to get the sale through for their own cut but he was bang on about the buyers).
Just a very unpleasant tedious experience. Just so glad we haven't been in a sale process ourselves meaning we haven't let anyone down and lost solicitor fee ££
HABA87
Striker
Good luck getting sorted. Ours ran from September to March IIRC. September to December for the time waster then mid January to March for the eventual buyer.
The estate agent couldn't wait to put the sold sign up first time round.
One of the things that bugs me is some potential buyers might see a sale falling through as there being a fault with the house or the area. Similar could also mean missing out on a potential buyer first time round by unbeknowingly accepting a time waster offer. What a carry on.
When we bought ours the vendor gave us 10 days or something to get a mortgage agreement in principle over to show willing.
That might be the way to go next time.
That might be the way to go next time.
We put the offer in on June 12th.
We completed on September 18th.
See my thread on conveyancing for related whinging.
- Status
