Vendors pull out AFTER exchange of contract

GDB2222

franklee wrote: »

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."

That's liquidated damages (ie the amounts don't have to be proved). If actual losses are more than that, you can claim the extra, but that requires detailed assessment of the losses.

Chloepad1

Oh heck if I were in your shoes I would be raging mad right now. I would advise that you take out insurance anyway to demonstrate to the court that you have tried to mitigate any loss. Then add all the expenses and court costs and legal fees you can think of in your application to the court. No judge in his right mind would allow these people to circumvent the system. They cannot just wriggle out of this and I think they have a flaming cheek to try and tell you that the judge would be sympathetic to their pathetic young homeless family sob story. They must be insane to believe they can get out of this without paying out substantially for your consequential economic loss.

ciano125

Even if the judge did come down on their side, you'd be able to appeal that as it would clearly be an error in law.

clutton_2

have you done any research on precedent legal cases which have been fought and won in this situation ?

benood

I'm interested to know Clutton why you would think that WW might not get costs awarded?

It seems absolutely open and shut to me. Withdraw the other 2 offers immediately and push for the other side to complete - no negotiation whatsoever - they will just use that for time wasting.

Put a rocket under your solicitors, no more offers/shilly shallying - do you have householders legal cover with your insurance - may be useful to accelerate the process - nice counsels opinion might help concentrate the minds of these jokers.

Good luck, try to enjoy the ride - and keep turning the screws.

franklee

GDB2222 wrote: »

That's liquidated damages (ie the amounts don't have to be proved). If actual losses are more than that, you can claim the extra, but that requires detailed assessment of the losses.

I was thinking that a minimum daily rate racking up puts time pressure on them to stop this mucking about.

Trollfever

nice counsels opinion might help concentrate the minds of these jokers.

At £750 per hour?

Ian_W

nice counsels opinion might help concentrate the minds of these jokers.

I've never known circumstances where I'd show a counsel's opinion to the other side - they could sleep with my wife first!! Opinions cover the strengths and WEAKNESSES of your case and the TACTICS you should adopt. Folks were urging caution about this thread it's 1000X more dangerous to show the other side a counsel's opinion of your case!!

I think the OPs solicitor has had their reply to the softly softly letter, it's now time to serve the notice to complete (and if you can register this with Land Registary). I think that may make the other sides solicitor realise they mean business and aren't just going to go away. Whether their clients will is anyone's guess!!

Having said that, I urge the OP to consider clutton's points on the previous page. Whilst I don't agree that the Law is an @ss, it takes as long as one to get anywhere!! If you think the last week or so has been stressful - it's just been good training for the next year or 2!!!

NB: An @ss is like a donkey but an ends up as !!! on MSE - perhaps its a camel!!

Patmoore

Been keeping an eagle eye on this thread. I would get some kind of insurance (indemnity or home?) sharpish, so they don't mess around in the period before completion.

Feel very sorry for you but I'd just push on with it. The vendors seem off their heads, they can attempt to claim this 'homeless' thing all they like but clearly this wouldn't happen given the time they have had to sort themselves out.

I wouldn't go with the attitude of you're trying to screw me, so I'll do the same to you. If it goes to court probably best to look firm but yet fair.

Money_maker

Sorry you are having such a rough time, op. It does seem clear that they would have rejected your options as they appear to have rejected mortgage offers that they regarded as 'unfavourable'. Being so money motivated this will really hurt them when you win your case.

Hang in there and hopefully all will be well. Incidentally, this homeless business - would it support your case to have evidence of properties in their chosen area available to rent just in case they maintain that there are no rental properties currently in that area?