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Vendors pull out AFTER exchange of contract
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Yes I could complete (am down sizing) and if the worst came the worst suppose I would, but I don´t want to loose 20K0
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Waste of effort IMO. It is the funds you want, not the proof. If he does manage to prove it, he still might not manage to complete, because he might not have them on the day. And if he fails to prove it he could still manage to produce the money after all. In other words, the only real proof is whether he does complete. And chasing his tail for proof is not going to improve the chances of the deal going through - it is just going to give him more opportunity to attempt to wear you down.Should I do any further to safe guard a smooth completion day? e.g ask my solicitor to inform his and get proof of funds??
Just make sure that the solicitor has hold of his deposit ... If he fails to complete, that will represent a reduction in the price you can afford to accept.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Yes I could complete (am down sizing) and if the worst came the worst suppose I would, but I don´t want to loose 20K
You need to do some sums. If you are down-sizing drastically, you might be better off pocketing the buyer's deposit and remarketing your house. You'd then need to raise funds rapidly so that you can complete on your own purchase, but you'd have £100k to help you with that. Care to say how much you are buying for, to see whether that's feasible? Could you raise the balance of your purchase cost at a pinch? You'd only have two weeks to do that.
If that's too scary, you can just complete and leave the £20k outstanding as a loan. You don't have to write it off completely.No reliance should be placed on the above! Absolutely none, do you hear?0 -
I´m buying for 700k, and probably could raise the funds, but at great hassle and ´burden´which is exactly what I was trying to leave behind! Also buying an appartment from the proceeds and due to exchange next week.0
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I have just joined MSE and I’m adding this post because I’m worried that this thread may not provide the right information for someone who goes through the same experience as Welshwoofs. In short specific performance can be much easier than it appears from this thread.
The same thing happened to us last month – because of their own financing problems for their onward purchase our vendors had simply decided they weren’t going to sell. It completely knocked us for six as we were in Brazil on holiday at the time (we were completing whilst we were away and the plan was to come back to our new house already cleaned and with our things in), we have a 2.5 year old and my wife is nearly 5 months pregnant. All is all it was a nightmare situation and very worrying.
Shortly after I googled and this thread came up as #1. So, I went through all the pages and took notes. I was left with a clear impression that pushing for specific performance would be very time consuming and expensive and that damages was the only way out. This was also what the vendors were telling us. It had never happened to our conveyancing solicitor before and she seemed to be saying that damages was the normal way out too. In the circumstances we were considering this, however, realistically that would have been a huge and stressful headache for us – finding a new house in a rising London market, losing mortgage, next baby on the way, etc. Thankfully we had good solicitors who had a litigation department as well as providing conveyancing. Everything changed when, given our circumstances, we made it clear that we wanted the house. The solicitor suggesting getting a barrister’s opinion – this was the best £1000 I have ever paid for!
The barrister laid out the options, and made it clear that you can apply for specific performance to the high court as soon as the other side has refused to complete (although we gave them a chance to complete before doing this). And, there is an accelerated process for doing this through the high court called a summary judgement. We were meant to complete on 25 March and managed to get all the papers to court by 29 March. You have to give at least 4 working days to the other side so we set the court date for 8 April. By 7 April the other side had accepted that they had no case and agreed to a consent order paying all our legal costs, the contractual compensation and to vacate the property by 15 April. This was simply put before the judge on 8 April and he agreed (the other side didn’t turn up). So within 2 weeks of the completion date we managed to get certainty about our situation and we took ownership of the property within 3 weeks!
Clearly there is a whole story to this, but I don’t want to highjack this post with our story. I will start another thread to provide further details if that is helpful/interesting for others.
I am going through this myself at the moment and am quite anxious about all this - We exchanged and completion is meant to be this friday.
The vendor has confirmed that they do not intend to complete and I worry that I will incur costs which he simply wont be able to pay.
Can you indicate what the costs for summary performance judgement would have been and if you have details of a good property litigation company please feel free to PM me
I am sad when I should be over the moon and looking forward to moving in to a new flat !0 -
Sorry to hear that Joey.No reliance should be placed on the above! Absolutely none, do you hear?0
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I am going through this myself at the moment and am quite anxious about all this - We exchanged and completion is meant to be this friday.
The vendor has confirmed that they do not intend to complete and I worry that I will incur costs which he simply wont be able to pay.
Can you indicate what the costs for summary performance judgement would have been and if you have details of a good property litigation company please feel free to PM me
I am sad when I should be over the moon and looking forward to moving in to a new flat !
Your solicitor should be able to help you out!
You should get them to contact the vendors and tell them that you will be seeking compensation and costs for the aborted sale.
The agent will also be sueing them as their fees become payable on exchange.Estate Agent, Web Designer & All Round Geek!0 -
None of that helps if the vendor is skint.No reliance should be placed on the above! Absolutely none, do you hear?0
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However if you go to court the judge can order specific performance in that the vendor has too sell at the price agreed.
Just depends how much you want the house.0 -
However if you go to court the judge can order specific performance in that the vendor has too sell at the price agreed.
Just depends how much you want the house.
Just wondering whether the vendor can claim that he did not authorize the exchange and that the solicitor acted without authority
Is that possible?0
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