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Vendors pull out AFTER exchange of contract
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As a matter of interest, and if you don't mind telling us, how much (as a proportion of the agreed sale price) was the lump sum that you proposed for buying out the contract?
Hopefully at least 25% of the sale price plus costs!! Personally I'd go for 50%!!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
in days gone by i had friend who was a psychiatrist. Folks would come to see him complaining of all manner of symptoms. This was before "stress" had been invented.
Apparently whenever he learnt that there was an ongoing court case in the scenario - he would nearly always say to the patient "settle the case, your symptoms will then go away"0 -
Lots of interesting opinions!
Our 'buy out' offer was 10% of sale price - that was flatly turned down, they only want to pay back solicitors + survey costs...which actually leaves us out of pocket. There's no way in hell we'd settle on that.“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 -
I wouldn't be at the point of giving in, that is what they want. If everyone behaved like them, they would not complete if they get a better offer, relying on people thinking that a court case is too much hassle.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
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Where is your deposit? Still in the hands of their solicitors, or have they sent it back to your solicitors?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
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Where is your deposit? Still in the hands of their solicitors, or have they sent it back to your solicitors?
Deposit remains with their solicitors until the matter is settled one way or the other unfortunately! Our solicitor put a UN1 application in to the land registry right away on this so they can't pull a fast one (well..no more than they already have) and try to close a deal behind our backs“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 -
Welshwoofs wrote: »Well quite...this is not a poor, destitute family. They both have good jobs, new cars and are apparently not in a negative equity situation.
Well, if you are absolutely sure that they are solvent, then I suppose press ahead with proceedings for specific performance of the contract. It will be quite stressful, though.
The most a judge is likely to do if he is sympathetic with the vendors is give them a little longer to move out. The courts cannot side with the vendors, for risk of subverting the entire house sale process in this country.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Welshwoofs wrote: »Lots of interesting opinions!
Our 'buy out' offer was 10% of sale price - that was flatly turned down, they only want to pay back solicitors + survey costs...which actually leaves us out of pocket. There's no way in hell we'd settle on that.
Good grief, are these people insane? That seems to me to have been a very reasonable offer on your part. After all, if you'd been the one to pull out, they would have been entitled to keep your 10% deposit. Solicitors + survey costs is an absurd offer. Do they not actually understand that they're in breach of contract?
I can understand why some people above are warning against the stress of going to court. But I honestly think that they're just praying that you'll back down - they can't seriously believe that they'll get a better outcome from a court case than the buyout proposal that you made? They don't appear to have a leg to stand on. I'm all for taking them to court - but of course it's easy for me to say from the sidelines.
I forget, has your solicitor issued a formal notice to complete yet? Or does the letter that s/he sent constitute a notice to complete?0 -
I forget, has your solicitor issued a formal notice to complete yet? Or does the letter that s/he sent constitute a notice to complete?
I believe not. So far the solicitor has kept the gloves on and simply gone through the various offers we'd consider. As they've now rejected them all and stated they won't entertain any further discussion, it's formal solutions from here on in.
My guess is that they're playing hardball, bargaining that we'd not want to see through a long court case, so only offering the bare minimum.
The one thing I'm not worried about is them poisoning the neighbours. This is a rural village we're talking about and in this case, the vendors are the outsiders (been there 6 years). They don't know my background, but I was actually born and bred there (though currently living 4hrs away), have family and friends there and in fact our family history there goes back several hundred years. I know all the shop-owners and trades..so if anyone gets blackballed by the populace it sure as hell isn't going to be me!
“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 Moran1 -
Heh, it isn't exactly going to be stress free for them either, going to court... So do what you think right.
I once spent 20,000 US on a court case over 200 US (I won) Completely irrational, but I was right (it was a contract case) and was !!!!!!ed if I was going to give way to their threats, both legal and non legal. In the end, legal insurance covered it, but that wasn't clear until the case was over. It wasn't that stressful anyway0
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