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Unable to Complete - now being sued!!
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pmurray
Posts: 39 Forumite
Hi wonder if anyone has any suggestions. I was unable to complete on a flat purchase (new build) as I could not get the mortgage as I was unable to raise the BTL Deposit. I have received a bill from the builder for £10630.00 giving me 7 days to pay or they will commence court action! I do not have this money infact I would struggle with the £630 at the moment. This is made up of 10K which relates to the amount thet they have had to discount the flat to sell on. The rest is interest, I did pay a £750 deposit which obviously I loose as I deserve to do I have also lost my Legal Fees which I obviously had to pay. Anybody got any ideas or experience of a similar situation.
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Has the BTL deposit requirement increased since you signed the deal?Not Again0
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Hi, thanks for your response. Yes my financial situation changed dramatically, I lost my income and have been unable to sell another property even after reducing it by 20K.0
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Did you exchange contracts on it? if not then they are just trying it on.
If you did then you will have a case againt your solicitor
please let us have a bit more info0 -
Hi, no missives were exchanged as is the norm, I understand with new builds at that time though I had no reason to think that I would not be able to sell my property and thus raise the BTL Deposit. The other property has now been on the market for 8 months, sold last month then sale fell through last week.....0
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In that case, tell him where to go.
Read very carefully through the original paperwork...the one where you paid the £750 deposit...if there is a clause in there that says if you fail to exchange within xyz time or withdraw etc then that is deemed an unfair contract and would be thrown out, I would also have expected your solicitor to have pointed this out right at the start if there was such a clause in it.
The is no binding contract in England until you exchange contracts up till then either of you can withdraw.
You will have to pay your legal costs and yes you wont get back the £750.
I would expect your solicitor to inform his solicitor of the law in reply to his demand that you pay him over £10k!
Speak to your solicitor tomorrow and keep us posted0 -
if he's dealing in missives, then he's in Scotland and technically it would be bindingIt's not easy having a good time. Even smiling makes my face ache.0
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shouldn't make any difference as there was a property yet to be sold:
http://www.lawscot.org.uk/Members_Information/rules_and_guidance/guides/Rules/Missives/avoiddelaymiss.aspx0 -
shouldn't make any difference as there was a property yet to be sold:
http://www.lawscot.org.uk/Members_Information/rules_and_guidance/guides/Rules/Missives/avoiddelaymiss.aspx
Check again Annie.If the Missives were concluded both parties are bound, as Wickedkitten has said. There are also specifics on new builds north of the border.
The link that you have provided is talking about a situation where a purchaser asks his/her solicitor to delay the conclusion of the missives because of a specific reason, and the fact that the purchaser's solicitor should disclose this to the other party & their solicitor.Hi, no missives were exchanged as is the norm, I understand with new builds at that time though I had no reason to think that I would not be able to sell my property and thus raise the BTL Deposit. The other property has now been on the market for 8 months, sold last month then sale fell through last week.....
OP - you need a good solicitor.If another buyer (??) can be found you *may* be able to negotiate.0 -
If you aint got nowt, they can't get nowt, simple as ;-)0
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shouldn't make any difference as there was a property yet to be sold:
http://www.lawscot.org.uk/Members_Information/rules_and_guidance/guides/Rules/Missives/avoiddelaymiss.aspx
WRONG! once a 'qualified acceptance' is agreed and signed, your doomed in Scotland, unless as hearts stated you've no assets.0
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