Vendors pull out AFTER exchange of contract

BlondeHeadOn

Can you counter offer that they pay YOU the £40k extra you would need to buy this other house in the village (assuming it's any good to you that is), plus all the costs and compensation due to you so far....?....

They sound total idiots, I can't believe they think those are good arguments to break a contract.

Romani_Ite_Domum

Actually I think the goverment should bail these people out.

They seem to help any other !!!!less wonder who bought a house they couldn't afford.

glitterjunkie

Oh my goodness Welshwoofs, I've just read through this entire thread over the last couple of days and just want to add my sympathies. What a horrible situation!

While I totally agree that these numpties should pay for their stupid actions, like you say it won't do you much good if the vendors go bankrupt and don't have anything to give you anyway! I hope it all gets resolved for you, thankyou for keeping us updated x

clutton_2

""If they get forced to move out then they can go into rented accomodation so they wouldn't be homeless sounds like they are just playing about with your feelings on that one for sure!""

this sums it all up - go for it WW - YOU are not in the wrong here.

If they lose their deposit on the newbuild and end up in rental - tough - not your fault, not your decision.

You have played fair and square in all this - they have not.

on the other hand

""which we're guessing has just come to the end of a 5yr fixed rate or something given the timing of sale""

IF you can find out if this is the case - then they may well be repossessed sooner rather than later and you will have access to the property at an even cheaper price.... but a big gamble - especially knowing your family reasons for wanting to move.

A "waiting" game until the "repo" letters start arriving is one very stressful option for you guys ...... i wanted about 6 months once for a house .....

what you dont know, but which would be MOST useful to know, is how much outstanding loan they have on their property at present .. anyone know any ways ?

Pesonally i would continue - any court will have to award you the property and they will have to go into rental.

no judge will set this precedent - it will mangle the entire conveyancing system

they are attempting emotional blackmail - because they know theyare in a corner - dont listen to the whining (we know you wont)

Any court case is a bluff-v-bluff - call theirs - you have the money to buy their house - what happens to them after the sale is none of your concern

superfran_uk

They have made some serious errors, and they are obviously in a lot of trouble. However, this is not your fault.

Make them pay for their stupidity. What they really need, more than a shiney new build they can't afford, is someone to come along and give them a whack with a clue-by-four.

What humours me is the fact that they think you're an investor, and that if you were, you'd be open to emotional blackmail. An investor would be a hundred times less likely than a mere mortal to back down - surely.

JonathanA

First of all, what a horrible position you find yourselves in, moving house can be stressful enough, without all this additional aggro.

The basics are that they entered into a legally enforceable contract with you, knowing full well what their position was and is now. Them overextending themselves is their problem, they shouldn't be trying to offload it on to you. In fact, they should be moving house, to something they can afford the payments on.

My view is that you should proceed for specific performance of the contract that they knowingly and freely entered into with you. If they were made 'homeless', then no, they wouldn't own a property, but there is nothing to stop them from renting somewhere - as others have said.

Pseronally, if you want to live in that house in that location, I would proceed - they need to face up to the consequences of their actions, and you enforcing the contract may make them do just that.

Good luck and I hope you succeed in securing your property.

Lady_Hamilton

Hi there,

having read this thread from the start, I am disgusted at the position these 'vendors' have placed you in. This is what I think I would do in your situation:

1. Rent in this village for 2 years.
2. During this time another house will come on the market, house prices are not going to be going up, rather DOWN in the next 2 years.... so just be patient.

As you say, you could take them to court and have no guarantee that you will get much out of them financially and add on top of that all the associated stress involved with 2 years of solicitor letters etc etc..... nightmare, although you might get the house, but the pressure could add to their family breakup etc.

I would settle for the offer where you get all associated costs paid to you so you are not out 1p and move on.

I wish you all the best whatever form of remedy you choose,

LH

mystic_trev

Might be worthwhile seeing if the EA has got there money yet?

How long have the Vendors lived in the Property, and what did they pay for it? OK they may have mew'ed during that time, but there could still be a fair amount of Equity in the Property.

I think (if I were in your situation) I'd go for the jugular!

Really hope this works out for you. Not a nice position to be in.

Glasgowkiss84

Raggie wrote: »

If their bank has given them a mortgage offer.. (all be it at 75% LTV).. then their bank think they can afford the repayment?????

Is'nt that what this whole credit crunch is about .... banks being tighter on lending criteria.... ??

So it would seem they are choosing not to spend the money rather than not being able to afford...

Thats a different picture to the courts.....

I too have been lurking on this thread (who hasn't!!!)

I am thinking the same as you here.............

I would think there is absolutely NO WAY the bank would offer a mortgage on a new build if the applicants didn't fit the 'affordability' criteria......

Most (high street) banks now have very tough affordability criteria in place...

Do they mean they cannot afford the 25% deposit?

I think these people are just liars. They appear to be manipulating the facts to make them sound like poor souls who just can't afford this move. Reality more like they don't fancy moving anymore as they have to cough up more than anticipated (be that deposit or monthly mortgage payments).

Your poor thing! What a drama!

Good luck,

L

Pete111

In response I would be tempted to point them back towards the 'local 2 bed properties' they helpfully asked you to consider

In addition enclose a catalogue for kids bunk beds and a link to MSE for tips on how to more sustainably live a champagne life on beer money....

Oh, and don't forget an up to date tally of incurred and likely lawyers fees from your side (running up to your future court victory) which they will probably have to pay...