Vendors pull out AFTER exchange of contract

Gwhiz

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?

No - this 10K forms part of the £100K so OP only needs to come up with the additional £90K to complete. In this case if the transaction never completed then OP gets his £10K back plus damages etc!

the_hatter_2

astreix wrote: »

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

As long as no tactics are given away if they are reading. You don't want their solicitor to know how your playing your next move I guess it might allow them to head you off at the pass!

AMILLIONDOLLARS

What puzzles me is why they did not exchange on both houses at the same time, which is normal practice when you're are buying and selling, surely their solicitors was at fault for not pointing out the pitfalls of doing it the way they did? The only thing I can think of was they thought they could move into rented whilst their new build was built? but the BS pulled the rug from under them with the low valuation on the new build. It's really down to them to renegotiate with the builders of this new house. Failing that they should complete on this sale and move into rented. This would put them into a much stronger position for buying something else, rather than waste more money on compensation all around. I don't feel they are getting sound advice from Solicitors, Estate Agents etc...

AMD

Welshwoofs

AMILLIONDOLLARS wrote: »

What puzzles me is why they did not exchange on both houses at the same time, which is normal practice when you're are buying and selling,

For some reason they wanted an extended period between exchange and completion - nearly 2 months in fact! We would have preferred a short gap between the two, but agreed to be flexible and let them have the time. Obviously being flexible doesn't always pay off!

JayZed

Welshwoofs wrote: »

For some reason they wanted an extended period between exchange and completion - nearly 2 months in fact! We would have preferred a short gap between the two, but agreed to be flexible and let them have the time. Obviously being flexible doesn't always pay off!

That's an unusually long time between exchange and completion. I wonder if they were already struggling to get a "favourable" mortgage for their new place and were hoping that two months would give them time to pull something out of the hat?

Dinah93

Makes it seem worse if they could have had it in their minds as a possibility for so long, rather than a moment of panic.

Gwhiz

Dinah93 wrote: »

Makes it seem worse if they could have had it in their minds as a possibility for so long, rather than a moment of panic.

Sounds like it's getting very close to fraudulent if that's true!

Welshwoofs

Dinah93 wrote: »

Makes it seem worse if they could have had it in their minds as a possibility for so long, rather than a moment of panic.

Well yes, I rather cynically think they may have had it in mind and hoped that a sob story would let them off the hook as we're cash buyers, not selling our own property. Perhaps they thought we'd simply walk away and cut our losses

The EA has confirmed they did have a formal mortgage offer and both they and the solicitor had seen evidence...they just wanted a better mortgage and/or thought they could get more money for their house.

Dinah93

Hope your shot across the bows is very strong in that case, horrible thing to do, screw someone else over for possible personal gain.

Chinkle

Given that money sitting in solicitors accounts earns interest anyway the vendor isn't actually offering anything apart from to return what has already been handed over. Disgusting. I just can't understand why it's taking so long for the penny to drop on what a serious situation they are in of their own making.