Vendors pull out AFTER exchange of contract

F_T_Buyer

Personally, I bet the sellers are just trying it on hoping that you will just pull out. Assuming you go for the house, and go through the courts they give you the option to complete before the court hearing. Then you need to sue for costs.

The only downside I can see (apart from the emotional part) is if prices do continue to fall next year, and then you are obliged to complete at that stage on an over valued house.

Of course it could go the other way, and prices shoot back up (not that I think they will) and they have to complete, but it doesn't give them enough funds to move to the next house.

Poppy9

I think :money: should include this thread in his newsletter and make it a sticky as we are all watching and waiting avidly!:D

Gwhiz

This is worse than waiting for the final episode of your favourite TV series!!!:D

Gwhiz

F_T_Buyer wrote: »

Personally, I bet the sellers are just trying it on hoping that you will just pull out. Assuming you go for the house, and go through the courts they give you the option to complete before the court hearing. Then you need to sue for costs.

The only downside I can see (apart from the emotional part) is if prices do continue to fall next year, and then you are obliged to complete at that stage on an over valued house.

Of course it could go the other way, and prices shoot back up (not that I think they will) and they have to complete, but it doesn't give them enough funds to move to the next house.

I think the house price is the last thing on his mind

ivavoucher

Just to sat, good luck Welshwoofs

annberlin

Me too.Just want to wish you the very best of luck. :beer:

rumncoke

Following this with great interest. Surely if it ends up in court it can only go 1 way. Otherwise it would mean that exchange of contracts is pretty meaningless & nothing was final until completion.
Can't believe how stupid the vendors are being. Welshwolves you seem to be quite calm, although I'm sure it must be causing you enormous stress. I wish you all the best

TonyMMM

rumncoke wrote: »

Otherwise it would mean that exchange of contracts is pretty meaningless & nothing was final until completion.

Nothing is final until completion ... a contract like this is only a "promise" to do something i.e. "I will give you £200,000 and you will give me your house" . Unfortunately it is still open to either party to change their minds - what the contract should then ensure is that the innocent party is properly compensated for the breach of promise.

Whilst it is a terrible situation to be in, the OP is by no means assured of getting the house even through court action. The outcome at court will most likely be an order for the completion to go ahead by a specific date OR a sum of £xxx to be paid as compensation for breaching the contract. The vendor will then have to decide which they want to do.

bigstevex

A bit off topic but my contract had a daily charge for non completion that my solicitor uses, it was something like £100 a day.

MORPH3US

Wow, what a thread.. good luck welshwoofs...

I get the feeling the vendor is thinking that you wouldn't have the money / the balls to push this through the courts and thought they could buy you off on the cheap.

Its often the case that being "legally" in the right doesn't mean you get what you want / deserve if you can't afford the legal costs...

I just hope the OP is able to take this all the way!!