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Vendors pull out AFTER exchange of contract
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Welshwoofs wrote: »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
I've been following this thread and wanted to let you know that I'm rooting for you!
What's a UN1? Sorry I'm clueless!
JennyI love giving home made gifts, which one of my children would you like?
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Excellent. Even if by some cheating they thought they could manage to pull off another sale they should at least have considered you'd find out and be able to claim the extra from themWelshwoofs wrote: »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
Have you looked their solicitor up to check if he looks OK and well qualified to advise them? If he is then at least hopefully they will have been told what they are in for.0 -
They're crazy not to accept the 10% offer, as if it was you pulling out after exchange, they'd now be pocketing your 10% deposit...
I say fight it all the way! Although perhaps get your solicitor to send one last "letter before action" giving them one last chance to accept completion in 14 days. He ought to notify them the potential costs involved WHEN this goes to court, and how much they will end up out of pocket.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 -
I wonder if they are using a mate or family for a solicitor who they think can sort it all out for them cheap. I can't see any other reason for their stupidity.
~Laugh and the world laughs with you, weep and you weep alone.~:)
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Might they try and second guess when your mortgage offer expires?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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The solicitor would serve notice to complete which is ten days IIRC. Maybe working days, I forget.They're crazy not to accept the 10% offer, as if it was you pulling out after exchange, they'd now be pocketing your 10% deposit...
I say fight it all the way! Although perhaps get your solicitor to send one last "letter before action" giving them one last chance to accept completion in 14 days. He ought to notify them the potential costs involved WHEN this goes to court, and how much they will end up out of pocket.0 -
@Silvercar
I think op said they were cash buyers?
But @op. Really rooting for you on this..The only place where success comes before work is the dictionary…
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Can't remember if interest had been mentioned.
http://freeconveyancingadvice.co.uk/contracts_for_conveyancing.html
"Contract Rate
Once contracts are exchanged, should either party fail to complete on the completion date, then the non-defaulting party is entitled to claim interest from the defaulting party for every day (including non-working days) that completion delayed, at the contract rate. This rate is generally between 4% and 5% above the base lending rate of the seller's solicitors bankers. A rate any higher than this should not be accepted. The daily rate of interest is calculated using the following formula :- ((sale price/100)*contract rate)/365."0 -
Might they try and second guess when your mortgage offer expires?
We're a cash buyer - no mortgages involved here on our side. They're the ones who have a mortgage offer on the table for their new house so technically they're the ones who're going to have a time limit to get things sorted out.“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
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