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Vendors pull out AFTER exchange of contract
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Dare I ask who's got building insurance on the house at the moment?0
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Just wanted to wish you all the best in this0
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Dare I ask who's got building insurance on the house at the moment?
We took it out to start on day of completion and have since cancelled it (informed their solicitor of that and added to costs, naturally). No idea if they still have insurance, but they'd be rather stupid if they didn't as they own the property until completion“Don't do it! Stay away from your potential. You'll mess it up, it's potential, leave it. Anyway, it's like your bank balance - you always have a lot less than you think.”
― Dylan Moran0 -
Have you had any further communication from the sellers?
~Laugh and the world laughs with you, weep and you weep alone.~:)
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Welshwoofs wrote: »We took it out to start on day of completion and have since cancelled it (informed their solicitor of that and added to costs, naturally). No idea if they still have insurance, but they'd be rather stupid if they didn't as they own the property until completion
If the property burns down anytime soon, they may decide to move out and complete. You would then be caught with a contractual obligation to complete and a burnt out home that your lender won't give a mortgage on. Sure in the long term their insurance may pay out, but in the short term you would be stuffed. This is why solicitor's generally advise to take out building insurance from exchange.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Have you had any further communication from the sellers?
No, they're very quiet at the moment - probably digesting the 'shot across the bows' and formulating a response.“Don't do it! Stay away from your potential. You'll mess it up, it's potential, leave it. Anyway, it's like your bank balance - you always have a lot less than you think.”
― Dylan Moran0 -
Hope they are not defacing the house. As the new owner can you also charge them rent for living in your house!!:DWelshwoofs wrote: »No, they're very quiet at the moment - probably digesting the 'shot across the bows' and formulating a response. ~Laugh and the world laughs with you, weep and you weep alone.~:)
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I thought one insures from exchange of contracts. Either way I'd insure it myself, better insured twice than not at all. At least check with your solicitor.Welshwoofs wrote: »We took it out to start on day of completion and have since cancelled it (informed their solicitor of that and added to costs, naturally). No idea if they still have insurance, but they'd be rather stupid if they didn't as they own the property until completion0 -
I can't take this any longer!! Tell us what the shot across the bows was PLEASE!!!!!!0
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not if it will ruin their chances of a satisfactory outcome - as someone has so rightly pointed out we have no idea who is reading this.....
patience - all will be revealed in due course i'm sure0
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