Buyer Fails to Complete Purchase of BTL

[greeneman]

I am trying to sell a BTL in UK. I am resident in Ireland.
After 6 months of providing information and generally conceding on everything, we have reached exchange of contract stage, and, lo and behold, the buyer has now informed us he cannot get a mortgage.
He wanted vacant possession from 1st Jan 2018 so he could arrange his own tenant.
And apparently I do not have a deposit. I have incurred about £1,000 in costs and lost 2 months rent.
My estate agent says he was helping the buyer with his mortgage application, which makes me suspicious.

I feel I am getting ripped off. Is it my own fault?

I find this forum excellent, and I would appreciate some honest observations.

 

[Palerider]

Perhaps too trusting of the agent and the buyer, I have found you have to manage people that you are paying to do a job for you and that these people often wear a suit, look and sound professional, an estate agent in this case.

 

[noproblem]

I smell a rat as well, maybe more than one. If you can at all, i'd advise you to take a week off and get over there if you think it's worth it.

 

[dub_nerd]

I feel I am getting ripped off. Is it my own fault?

Yes, unfortunately. You gave up your tenant with no contract in place. Don't do things that cost you money when there is no legal commitment on the other side. (Sorry for your trouble of course, hindsight is a great thing).