Aborting a house sale - likely costs.

[mx stu]

More of a theoretical question really at this stage.

We put our house on the market, it sold fairly quickly to a cash buyer who wants to be in at the end of January. We are unable to find somewhere to buy and even the rental market is pretty non existing round our way. Add in to that some unforeseen bad news on the workfront which may adversely affect next years earnings has got me wondering if it was neccsary to abort a sale of a house would would the vendor be on the hook for? Buyers legals, survey cost, estate agents fees?

Anyone got any views/ real life experience?

[N Dentressangle]

Unless you've actually exchanged contracts I don't think you're liable for anything apart from your own fees - solicitor, whatever you've agreed with the estate agents etc.

Someone did what you're proposing to me about 15 years ago. There was nothing I could do about it and it cost me a fair chunk of money.

[completetangent]

In England and Wales? Costs = £zero (as long as you haven't exchanged contracts yet).

In Scotland? The weird offer/contract/etc system means I haven't got a clue, but it could be tricky.

[mx stu]

Cheers both.

ND - That's the problem, I fully subscribe to the mantra treat others how you'd like to be treated and would be majorly pee'd off if someone did that to me. Not bothered about the agents losing out but feel for the buyer.

[N Dentressangle]

mx stu said:

Cheers both.

ND - That's the problem, I fully subscribe to the mantra treat others how you'd like to be treated and would be majorly pee'd off if someone did that to me. Not bothered about the agents losing out but feel for the buyer.

Find out how far they are down the road - they may not have committed much money yet anyway.

Most of my losses came from the galloping house market in 1997. By the time the vendor had faffed around and eventually changed her mind, and I'd found something else I liked / could afford, the market had moved 9 months onwards and 10-20% upwards.

[fido]

mx stu said:

I fully subscribe to the mantra treat others how you'd like to be treated and would be majorly pee'd off if someone did that to me. Not bothered about the agents losing out but feel for the buyer.

Legally, you owe them nothing .. but if you felt that bad you could offer to pay their survey fess in exchange for a copy of them!
I'd do that, or just nothing - send a cowardly pulling-out e-mail to estate agents - heck that's why they are there!
Renting is a pain, but if work picks up next year - you might be better off without a chain? Just do what's good for you.

Edited by fido on Monday 26th November 13:14

[mx stu]

fido said:

Legally, you owe them nothing .. but if you felt that bad you could offer to pay their survey fess in exchange for a copy of them!
I'd do that, or just nothing - send a cowardly pulling-out e-mail to estate agents - heck that's why they are there!
Renting is a pain, but if work picks up next year - you might be better off without a chain? Just do what's good for you.

Edited by fido on Monday 26th November 13:14

We do have a stop gap as the In Laws have offered to put us up, however I don't like imposing on people and haven't lived in someone else's house since I was 18 and went away to uni! My wife thinks its fine as they live close-ish to us now and she's there most days anyway. I had always viewed it as a very short-term stop gap i.e. having something else sorted and just waiting for it to all click into place.

I think I just need to get over my reluctance and go through with the sale of the house. I'm sure something will come on the market in the new year and as long as you've got enough money to pay the bills and put food on the table it's OK. We've just been spoilt over the last couple of years but upon reflection have wasted far too much money.

[Davel]

I think that you have to decide what's best for you.

Cash buyers aren't that common these days so, depending on how good the price agreed is, you may choose to sell and share/ rent till the future is clearer, or you pull out and stay put.

Only you know what's best.

As for the potential buyers who you may now cease to progress with, what costs will they have so far and do you feel inclined to make a goodwill gesture to their costs?

[N Dentressangle]

A proceedable cash buyer is a good thing to have, and you'll be in a much stronger position as a buyer yourself if you've either sold or have nothing to sell.

[mx stu]

The offer we accepted on our place was only 2% less than asking price and above what I thought we'd sell the house for when we first put in on the market. In my mind the point really is therefore would we be this lucky again if we aborted but then were in the position to move again next year? The answer is I doubt it.

Being in the position in the spring with cash in the bank and a mortgage agreed makes me think we should be in a very strong position and hopefully get a bargain.

The other thing I have in my brain is that we'd save a small fortune living with the in laws for a few months which will help to build up a rainy day fund (away from actual savings which I view as 3 months mortgage payments rather then actually spendable) to ease us through the rest of the year.

[rogerthefish]

Sound like your undecided what you want to do, put it on hold for 12 months,man up and tell the other side..there's nothing worse than the leave it too the last minute merchants.