Vendors pull out AFTER exchange of contract

pawpurrs

Crikey oh riley, Im worrying about getting to exchange and all these stories, are going to make me nervous after exchange. One allways felt comfortable after exchange, but it appears one cant even then these days.
I hope it all gets sorted for you soon welshwoofs.

Gwhiz

pawpurrs wrote: »

Crikey oh riley, Im worrying about getting to exchange and all these stories, are going to make me nervous after exchange. One allways felt comfortable after exchange, but it appears one cant even then these days.
I hope it all gets sorted for you soon welshwoofs.

It's not worth worrying about. You probably have more chance being in a plane crash

pawpurrs

I know Gwhiz, but if theres something to worry about I will,:eek: and yes I hate flying too! I am a control freak, hate to be out of control, however I dont mind driving fast, as long as its me behind the wheel:rolleyes:

Welshwoofs

paroncider wrote: »

After reading this thread, the nagging thing in the back of my mind is what's stopping the vendor from reading this?

As helpful as this may be to others that may find themselves in this situation, I would be wary of providing so much detail -- especially if you are planning on going to court. You don't want to give your game up!

I don't want to be a dark cloud but just thought I'd mention it, as no one else has...

Best of luck with this. Hopefully it can only get better.

Ahh well I'll keep their names, my name and the exact location out of it. But in all honesty, even if they wandered across this site and this thread it's a cut and dried situation and I'm sure their solicitor would have warned them of that ... at least you'd like to hope so

SouthCoast

This thread has started to move around the internet!

http://www.housepricecrash.co.uk/forum/index.php?showtopic=119947

Welshwoofs

SouthCoast wrote: »

This thread has started to move around the internet!

http://www.housepricecrash.co.uk/forum/index.php?showtopic=119947

Blimey!

Ok, well I'd better be a bit careful of what I say as obviously, the more exposure the more likely that the vendors will stumble across it!

Anyway, solicitor is sending out a shot across the bows tomorrow. I won't say what it is here quite yet...just in case... but will update on Friday!

F_T_Buyer

I wouldn't worry too much Welshwoof's, it's quite a fasinating case and I'm sure the vendor will just give in eventually, they have too much to lose otherwise.

I know there is a huge amount of stress, but you've got the law on your side. The worst thing that could happen is they delay it long enough and prices fall significantly in that time, however you've indicated that it will be a home not an investment - which is good.

I would give them the offer to buy you out of the contract, plus all costs and return of the deposit. I would be expect over a 10% fee. Secondly, say you will sue for ongoing costs if it is not resolved by a certain date (maybe this weekend?)...

However, I agree with your attitude. They must be responsible for themselves, and the solicitor must have made them aware what contract they are signing.

I wouldn't worry to much about this thread being read, as long as you don't mention names it doesn't matter - it's in the legal process anyway. They can hardly claim for slander on an anonyamous forum!

ss70

Welshwoofs wrote: »

No, deposit is held with the vendor's solicitor (part of vendor's offer is to 'pay back' our deposit plus interest accrued whilst it was held with solicitors) but it doesn't get released to them until completion.

Sounds unusual please explain.

assuming you are buying for 100k, with a 10K deposit, when completion was meant to take place, you'd get 10k cash back?

or is this pay back something offered after the complications which have happened?

astreix

Welshwoofs wrote: »

Blimey!

the more exposure the more likely that the vendors will stumble across it!

Good if they do.. all the comments so far will make them realise the hopelessness of their situation. Maybe they'll then throw in the towel sooner

Hippychick

ss70 wrote: »

Sounds unusual please explain.

assuming you are buying for 100k, with a 10K deposit, when completion was meant to take place, you'd get 10k cash back?

or is this pay back something offered after the complications which have happened?

It's not unusual, the op paid a 10% deposit on exchange, the vendors are offering to essentially refund the op's money plus a little bit of interest.