Vendors pull out AFTER exchange of contract

Edale

Do you have legal cover with your current home insurance? This may cover your costs in pursuing this.

Crazy_Diamond

Could you ask the solicitor if they will do in on a no win no fee basis?
Type the following into google 'What happens if the vendor pulls out of the purchase after exchange?'. There is some information on the top link - the muggle-llp website (sorry I can't post links)

Very good luck. I feel for you. We had a vendor pull out - before exchange but after we had spent a great deal of money on a survey and arranging a mortgage.

DVardysShadow

Welshwoofs wrote: »

Ok... well update time!

So, the 'shot across the bows' was basically a letter outlining 3 possible ways to go. #1 was for them to complete in 14 days + pay costs (solicitor, aborted removals etc), #2 was buyout of contract for a lump sum which included costs and #3 was to take it to court to force sale and deduct costs from sale price.

Vendors have responded stating, again, that they refuse to complete with us and will only pay solicitor + survey costs. They've stated that should we attempt to force sale they'll impress upon the court that a 'young family will be homeless' and consider that a judgement would go in their favour on that basis. However they do have a formal mortgage offer and have said they want the matter settled quickly as they're 'keen to move on' which rather makes a mockery of the 'homeless' sob story.

It looks very much like they have a private buyer in the wings who is offering more than they agreed to sell for and they're intending on trying every ploy possible to wriggle out of this with only basic costs paid and sell to someone else and, if all else fails, try some ploy on the basis of making kids homeless.

We have a meeting with solicitors early next week to plan the next steps but right now I'm absolutely f'ing seething at the sheer greed and audacity of these people :mad:

Yes, looks like another buyer. Looks like the other potential buyer has enough clout with the vendor to make things difficult - you are actually not up against a greedy seller, you are up against a determined buyer who has the vendors as sock puppets.

Have a think about who this might be and what you are taking on. I think this could make quite a difference to how you proceed.

clutton_2

why not get a mate to be a mystery shopper and see if they can wheedle out of the EA if there is an offer in for more than yours.....

gizmo111

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

Why would that be relevant? They have purchased another property and sold theirs in a legally binding contract, that's all that matters.

Welshwoofs

jenny74 wrote: »

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!

Jenny

Ahh it's a 'unilateral notice' put on the title with the registry. Basically it notes that a 3rd party has a financial interest in the property so it stops the vendors disposing of the property on the sly.

Welshwoofs

DVardysShadow wrote: »

Have a think about who this might be and what you are taking on. I think this could make quite a difference to how you proceed.

Well both we and the EA have been nosying around trying to find out...the vendors were apparently shocked to hell when a bill for the EA's fees landed on their doorstep. They're obviously not very smart...they thought they wouldn't be due to pay it because they jumped ship before completion. Oops! :rolleyes:

Next week we'll putting together a game plan and in the meantime, there's a few pairs of eyes around the place seeing what they're up to

pawpurrs

Sounds to me like they just dont understand the process at all, and when it is finally drumed in to their thick heads, that they are legally obliged to complete, they may have a change of heart.

MrsMillar

Have read this thread with the utmost incredulity. We complete on Monday, and I know how I would feel if that were taken away from me. Your vendors are clearly idiots and, it seems to me, in breach of contract.

I hope to keep up with this soap opera, and wish you all the best for a speedy and painless outcome. Do keep us posted.....

Money_maker

gizmo111 wrote: »

Why would that be relevant? They have purchased another property and sold theirs in a legally binding contract, that's all that matters.

You're absolutely right and there's no way the op should lose any court action. However, the confidence displayed by the seller would make me ensure I have spent an extra 10mins or so covering every possible avenue they may endeavour to take.