Vendors pull out AFTER exchange of contract

Chinkle

It's pure speculation that the OP's vendor is in negative equity - just because their house is now worth less than they paid for it. They may have put down a hefty deposit, or been overpaying thus reducing LTV.

alenax

Welshwoofs wrote: »

Obviously as their offer is derisory and their excuses flimsey, we're instructing the solicitors to start the process to force the sale.

Just thought I'd say woo go you! Don't let them get away with it!

g_attrill

I agree, their case doesn't even come close to something that would pursuade me to accept their offer, or even if they gave a small amount of compensation on top. When the exchange happened they should have been completely ready to face any possibility. They should accept their responsiblities and either find a place they can afford or rent then then decide what they are going to do next and leave you (and everybody relying on you) to live their own lives.

JayZed

Chinkle wrote: »

It's pure speculation that the OP's vendor is in negative equity - just because their house is now worth less than they paid for it. They may have put down a hefty deposit, or been overpaying thus reducing LTV.

In fact, it seems to me highly unlikely that the vendor is in negative equity. The OP said upthread that they're selling the property for £10K less than they paid for it four years ago. Even if they took out a 95% interest-only mortgage four years ago, a loss of £10K on the sale price is hardly going to put them into negative equity.

Pete111

Very interesting thread - makes the blood boil though!

These people are trying it on without giving a hoot about the effect it will have on the OP and their dependents. That letter must have taken some serious front to write '...think of the children... etc etc ' Ummm perhaps they ought to have done that before exchanging contracts, realising it was no go and failing to organise alternative accomodation?

I hope the OP takes them to the cleaners.

hostman

I echo everything said, it's an unimaginable situation.

They should not have exchanged unless mortgage was agreed. Silly, silly people.

Good luck with it, I urge you to take it as far as possible, such people deserve the worst afflictions. Please keep us updated, if you do decide to sue it will be fascinating to hear the outcome.

sarahs999

Have read this thread with disbelief. All power to you! WIll be checking back for updates.

Welshwoofs

Oh don't worry, I'll keep this thread updated until the bitter end. I couldn't find any case studies online of what happens in these situations so if this should befall some unlucky begger in the future, at least there'll be a record of what happened in one case.

Gwhiz

All the best Welshwoofs!!!

rumncoke

Can't believe this. Wish you all the best in pursuing this. We are due to exchange contracts any day now on the sale of our old house & I know I will be breathing 1 huge sigh of relief once I get that call.

I shall be checking to see what happens.

Good luck.