Vendors pull out AFTER exchange of contract

GracieP

GDB2222 wrote: »

Besides that, however appallingly these people have behaved, I am not sure that I would want to be responsible for them being bankrupt.

WelshWoofs would be in no way responsible for them being bankrupt. If that happens they will have brought it upon themselves for their poor financial management. There is no way on earth that someone who is responsible and careful with their finances can be made bankrupt. If these people become bankrupt it will be there own fault for having, what sounds like, a history of making foolish and selfish financial decisions.

I realise you are trying to help WW out, and your advice is given with her best interests in mind. But suggesting that she may be responsible for meanly making someone bankrupt is a horrible and inaccurate suggestion.

F_T_Buyer

I would still try to force them out, they don't have a leg to stand on. When they get the cash for the sale they can easily afford to rent somewhere.

sarah_elton

Small children unable to live in swanky keeping-up-with-the-joneses new build does NOT equal small children made homeless.

They have messed up royally and never should have exchanged contracts until their mortgage was sorted (how did their solicitor let them exchange?!). This is the critical part - they've exchanged contracts. No going back.

If you still want the house, keep fighting for it. You are not in the wrong and if it goes to court any lawyer worth their salt will be able to make your case.

You won't make them bankrupt; forcing them into a smaller property that's within their means would be doing them a favour.

stationaryace

no advice, as i know nothing, but i'd be torn between
a) being fed up of the hassle/waiting and wanting to actually move in somewhere (head- the sensible one trying to see the bigger picture)
and
b) wanting to show these people that all their bull will not be tolerated in the adult world whilst also hanging on to the house that i would've mentally moved in to already (heart- emotional little so and so doesn't respond well to blackmail).

i hope that whatever you decide, you don't end up out of pocket.

mizzbiz

Lady_Hamilton wrote: »

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

That's exactly what the vendors want them to do. You're not one of them by any chance are you lol? For example, I don't think anyone mentioned family break up, apart from you. And why would Welsh Wolfs be responsible for that (supposed) family break up?

clutton_2

i have been to mediation twice prior to court cases - and in neither case was any compromises made and no resolution was found - it is a very stressful thing to do - i did one mediation session in person with the mediator tooing and frooing between the two parties in 2 different rooms (charged us £100 an hour) - and the second one was on the phone which was free as it was a small claims court service.

tomorrow - you will still be angry today - i would talk to your solicitor and ask their POV - then wait another couple of days before giving him/her further instructions.

i am a great beliver in sleeping on troubling matters for several days - your unconscious often pops a brilliant solution into your brain just as you wake up

bw

Cliveski2009

So they stand to loose their deposit? big deal - perhaps the property is now not worth what they were going to pay for it anyway so loosing the depoist might not be a disaster for them?

I would put a bit of doubt in their mind by revealing to them you are not investors but infact have always intend to live in the property. Without giving specifics you could also say that there are numerous aspects about the property which make it unique to any other available and accommodate your very specific requirements - the same requirements that meant you were looking for over a year for the right property.

I have no idea what your current property is like but if it is worth less you could offer it to them in part-exchange? that would show how serrious you are about moving into their property and also shows a bit of compassion (not that they deserve it) which may look good in court

ILW

The most gutting thing would be if you agreed to let it all go and then find there was another buyer waiting in the wings. The house sells within a few weeks and they move into their new build.
Before even considering pulling out I would ask to see proof of what they are saying, and on no account get the restriction removed from the property.

ladybird3

I would not listen to a single word of the vendors sympathy seeking and actually despite what other people have espressed I personally have no sympathy for them whatsoever.

They have got themselves into this situation absolutely of their own accord with full knowledge of their financial situation and what they can and cant afford, as has already been said-banks are being extremley strict at the moment with lending (and having gone through a mortgage application I have perosnal experience!) therefore they would have only agreed to lend knowing what the vendors could definately afford
Regardless of having 2 kids etc etc I cannot imagine any court having favor with them as this situation is entirely of their own doing plus taking into account the length of time that has passed while the vendors clearly knew what they were going to do all along!

How they even have the nerve to suggest that YOU should find a smaller house I think is just unbelievable-they're in cloud cuckoo land!! They're the ones that should be looking at a smaller house

Personally I think you should go the whole way with the specific performance and absolutely take them to the cleaners. People just cannot get away with crap like this and unfortunately they're going to have to learn a very hard lesson that should serve as a warning to others.

I wish your family the absolute best of luck and will be keeping an eye on the updates.

AMILLIONDOLLARS

I agree with another poster.

At the time of exchange, why did they not have a valid mortgage offer?
Fair enough they put down a deposit on a new build, surely this decision was made when they accepted your offer. Secondly, How much was this deposit a £1,000 reservation fee (guessing), did they exhange on it?, if so they would have had to put down a real deposit (say the deposit received from you - guessing again!)

They haven't said what they have done with your deposit by the way.

In all this time they should have received a mortgage offer in place, if not their solicitors should have warned them not to exchange as they did not have all the money in place to proceed.

Quite frankly it's not down to you to lower your expectation, this is solely their responsibility, if they can't afford to buy a 4 Bed New Build, they should be the ones lowering their sights.

You may not get the house, but you must be reimbursed for ALL the money you have paid out, plus compensation for a raising market. The woe is me attitude does not wash me ,if they wanted to make up the shortfall, they could have sold both of their cars and any luxury items to hand, as it is you are being asked to ignore a valid contract for their convenience. Press ahead for what is rightly yours compensation, they need to pay for their mistake one way or another.

AMD

PS. They keep on going on about the children. The children won't be homeless, the fact that the Building Society are willing to give them a mortgage is proof that they are financially viable to buy any house apart from a 4 Bed New build in London which can be priced at anything between £300-400k, its just that they are not willing to lend them the whole amount on the particular development they have set their hearts on. Not your problem. Whatever happens they are going to sell that house, whether its to you or another party, they are just looking to mitigant their loss for the least amount of money. This is business transaction