Vendors pull out AFTER exchange of contract

clutton_2

""Cruel it may sound, but it's not the OP's problem if the vendors agreed to sell for less than the value of their mortgage with no plans in place to make up the shortfall - that is their own stupidity! ""

if they dont have the money - then OPs only option is to force the sale rather than sue for compo

bitsandpieces

Welshwoofs wrote: »

Unfortunately if their aim was to pluck at our heart strings they failed on all counts. It's been nearly 3 months since they accepted our offer and 6 weeks since exchange - I find it absolutely impossible to believe that they couldn't sort out a property in that time (whether bought or rented).

It's not fun, but if the worst came to the worst they could move into a hotel/b&b and put their things into storage for a couple of weeks. I presume you'd have be in this situation, if a sale on your place had also been completing last week.

Also there seemed to be contradictions in their reasons...if you've not had a favourable mortgage offer how can you have costs associated with buying a property? I assume they're talking about surveys/solicitors' fees...but surely you'd not get that far without a solid mortgage being in place??

To be fair, this is plausible. I exchanged prior to having a mortgage offer confirmed (I would have been able to access the money through other forms of credit if needed, so could have completed either way). However, their expenses are not your problem.

Maybe worth discussing with your solicitor ways of checking if they've got money/equity in their house: if they can't pay, legal action may not be helpful. Also worth considering making a counter-offer: if they don't want to be made 'homeless', would there be an amount of compensation which you would accept in order to walk away?

silvercar

I doubt the seller is in negative equity; if they were their solicitor would definitely have known the futility of exchanging contracts.

More likely, they were hoping to transfer an existing good mortgage deal to the new property and the lender refused the mortgage.In the last few weeks they have possibly been searching for a new mortgage deal and not found anything favourable. So a re-examination of their finances has meant they would rather stay put.

I would hope that once you reject their pathetic offer, they will realise they need to honour the contract.

Welshwoofs

FairyElephant wrote: »

I am also a little amused by the term 'favourable mortgage' - it does not say 'no mortgage' so could it be they now realise they can't get as good a mortgage as they hoped - if so, then tough! They should not have entered into a legal agreement before they considered all the ramifications. Sorry.

Well yes - I've asked about this. Apparently they do have a mortgage so I'm assuming that it just isn't on the terms they wanted. They are still looking at moving it seems!

Our solicitor thinks they simply want to put the house back on the market and try to get a better offer - houses in that area have been shifting fast in the last month.

It beggers belief really, I suppose they must be taking the gamble that an offer of basic costs and a bit of emotional blackmail about their kids will let them off the hook. :rolleyes:

Chinkle

I know getting a mortgage is tough these days but I wouldn't even offer on a property if I didn't have an "offer in principle" - sounds like these people have been chancing it all along hoping to buy a bigger property with a bigger mortgage (don't forget they are now letting the people they are buying from down too).

I can only add my support - if you really want the house force the sale, if not you should definately ask for a comprehensive compensation payment to cover all the costs, inconvenience and stress you have suffered.

Go for it - if only more people stood up for fair play in buying and selling property.

Catblue

Their own solicitor may have advised writing that letter (in fact, he or she may have drafted the original version for them). Their solicitor is probably absolutely desperate for this to go away (ie doesn't want their own actions under scrutiny) so thought that an appeal to you would be the worth a go in the circumstances.

Now that their begging has been rejected (rightfully), I suspect that their solicitor is advising them to pack today. Whether they do that or not is another matter.

Soot2006

Now that their begging has been rejected (rightfully), I suspect that their solicitor is advising them to pack today. Whether they do that or not is another matter.

Just what I was thinking, Letter might be a desperate last attempt to "get away" with this!

*fingers crossed*

JayZed

As a matter of interest, do you know if they've exchanged contracts on the house in London that they want to buy?

RabbitMad

Welshwoofs wrote: »

Well yes - I've asked about this. Apparently they do have a mortgage so I'm assuming that it just isn't on the terms they wanted. They are still looking at moving it seems!

Our solicitor thinks they simply want to put the house back on the market and try to get a better offer - houses in that area have been shifting fast in the last month.

It beggers belief really, I suppose they must be taking the gamble that an offer of basic costs and a bit of emotional blackmail about their kids will let them off the hook. :rolleyes:

They must be stupid because if they get a bigger offer then it just increases the amount of compensation they would have to pay you.

Alternatively you could just gazump everybody else that puts an offer in as a way of minimizing your losses and then the compensation you claim would just be for delayed completion and the extra you've had to pay. If you follow what I'm saying.

do you have a right move link to the propery so we can all have a nosey?

Cissi

JayZed wrote: »

As a matter of interest, do you know if they've exchanged contracts on the house in London that they want to buy?

I was going to ask the same thing - if so, surely they'll have paid a 10% deposit which they now stand to lose?