Vendors pull out AFTER exchange of contract

go_cat

To me in a small development of 4 houses I would want them sold. At whatever price if necessary just to stop squatters or them being sold off to social housing

tommie1shunt

You might want to try and take any emotion out of this. (Hard I know)
Try and sort your own position out first and start looking for another house, especially if you need to move. Think the buzz phrase is "move on"
Come back to this later, you take this battle on now it might end up consuming your life.
Good luck.

sunshinetours

If you have proof that the salesman has materially misled you and the sale is not what you thought you were buying and your solicitor agrees with you then you may have a case. Without even knowing the facts I would be surprised if this was in fact the case.

One very slick salesman who has seen you have fallen for the property and has given you a token discount and said whatever he needs to (not in writing I bet) to make sure that sale goes ahead.

Try and move on - pulling out would be a silly financial move. In the grand scheme of things the amounts as a proportion of the house value are pretty small and will be pretty irrelevant after 20 years of mortgage for instance.

Good advice above, this is a business transaction and nothing personal so don't take it as such. The salesman clearly ahs had training to sell, you have not had training to negotiate buying I would guess

ruggedtoast

The perils of buying a million pound house eh...

RabbitMad

there is another option - let the developer that as soon as you complete you will dump 2 old sofas and a washing machine on the front lawn! - £30K discount to you or a better house or you'll make it difficult to sell the remaining 3!

chris_m

RabbitMad wrote: »

there is another option - let the developer that as soon as you complete you will dump 2 old sofas and a washing machine on the front lawn!

They've probably included a covenant to prevent that

franklee

YMoney, I'd suggest the first thing to do is chat about this with your solicitor. It's unlikely there is much you can do about the price but it's worth asking someone who has seen the contract you exchanged.

One question I have is how far along is the build? Is the house nearly ready with completion soon or have you purchased off plan? Only if it's a long time till the finish is due you may want to check the long stop date on your contract to see how likely it is to be met.

Also did you choose your own solicitor or were you pushed into using one recommended by the builder? That may give an angle follow up on for complaint as you really need your own. (If you don't have your own independent one then I'd get one and check to see if the contract is fair).

Also when finished but before completion make sure you do a good job of snagging and get on their case for every defect, putting them in writing as well.

GDB2222

Forget it! The OP was given some advice which involved doing something, rather than just moaning, and she has not been heard of since.

Svenena

YMoney wrote: »

We are just working class and working our way up... we are not rich!

This is off-topic, but I'm staggered that someone who has (estimated) equity of over £400k and based on mortgage-multiples around 100k income, and is buying a house for not much less than a million pounds, could consider themselves not rich. I know it's all relative, but I hadn't realised the extent to which this applies!

ALIBOBSY

Svenena wrote: »

This is off-topic, but I'm staggered that someone who has (estimated) equity of over £400k and based on mortgage-multiples around 100k income, and is buying a house for not much less than a million pounds, could consider themselves not rich. I know it's all relative, but I hadn't realised the extent to which this applies!

Thats exactly what I was thinking. If I had 400k to spend I could buy our dream house-big double fronted victorian property in 2 acres of land with everything we every wanted-for sale just up the lane. We wouldn't need a mortgage at all lol.

Mind you I live in the north, but even so would never even aspire to be buying a million pound house. I guess those who live in london and the home counties really don't live in the same world as the rest of us. No wonder the MP's are out of touch lol.

Ali x