Vendors pull out AFTER exchange of contract

RecoveringAlcoholic

Catblue wrote: »

And then the village idiot turns up.

:xmassign:


:santa2:


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AMILLIONDOLLARS

Are these people foreign buyers? Maybe this could explain why they do not understand how houses are bought and sold in the UK. As notice has now been serviced, maybe their solicitors will now give them a more detailed explanation of what will now happen.

Good luck
AMD

ginvzt

AMILLIONDOLLARS wrote: »

Are these people foreign buyers? Maybe this could explain why they do not understand how houses are bought and sold in the UK. As notice has now been serviced, maybe their solicitors will now give them a more detailed explanation of what will now happen.

Good luck
AMD

Well, they are selling the house. Which means, they bought (6 years ago, I think OP mentioned). And it means they have been through the process and would know how it works. I am a foreigner and I know how it works. Maybe they got amnesia and can't remember ever selling the house?

Catti

I like many on here have been watching with interest! As a conveyancing solicitor, the outcome is potentially alarming for me, so I do look forward to updates! Wishing you all the success in the world!

lfc321

hostman wrote: »

The valuation will always agree with the price being paid, unless they under value it. They will never over value it.

This is pretty much true - even if the valuer thinks it's worth more the valuation will usually be the same as the agreed price (obvioulsy if they think it's worth less than the agreed price they say so).

So congratulate yourself: you may well be getting a bargain. Once the courts kick the vendors out, that is...

AMILLIONDOLLARS

Going back and reading the first posting. I think the sellers got their timings wrong to gazump. When the EA mentioned that more money would be needed to solve the problem, highlights where they went wrong.

No one told them they had to gazump BEFORE exchange of contracts, not after!!!

Does anyone know of a test case where serving notice has worked??

AMD

seagull09

Wow, read all 19 pages and, just, wow. What planet are those sellers living on if they think there will be no consequences following their stupid actions...? Rooting for you Welshwoofs, good luck and I'll be avidly following this thread.

Strikes me how unfair life can be, here we have a buyer, able and willing, where the seller pulls out, and yet I'm trying to sell and keep getting buyers pulling out...

Wonder if the sellers have started their own forum yet, 'Money Burning Expert'. :rotfl:

Doozergirl

Welshwoofs wrote: »

Well this is where it just doesn't make sense at all. If we had got the house for a steal and there was a buyer in the background offering a substantial increase you could understand it...however our offer was exactly what the survey valuation came in at.

Now that is not necessarily because it isn't worth any more. A mortgage company will never value higher than the agreed price, because you could then ask to borrow more based on their valuation. That would be them increasing their risk for no good reason.

If you were paying £500 for it, that's what the valuation would be. You can't exactly value a house.

Welshwoofs

Doozergirl wrote: »

Now that is not necessarily because it isn't worth any more. A mortgage company will never value higher than the agreed price, because you could then ask to borrow more based on their valuation. That would be them increasing their risk for no good reason.

If you were paying £500 for it, that's what the valuation would be.

Ahh but this is a cash purchase so the surveyor is working on our behalf rather than the mortgage company. In that instance wouldn't they value it higher if it was worth more than offer, or still stick to that as a ceiling?

JayZed

Welshwoofs, good for you for persevering with this. It will no doubt be a stressful and difficult process for you, so do keep coming back here for support and encouragement (and, more importantly, to update us on the next exciting installment!)