Vendors pull out AFTER exchange of contract

Lady_Hamilton

Troubled_Joe wrote: »

I've read through all this and as a litigator am now having nightmares about my clients seeking the advice of several hundred anonymous strangers as to how to proceed with a case but nonetheless it's an interesting read.

From the information you have given your solicitors seem to be providing sound advice so please listen to them carefully when they are providing information on costs and the risks of litigation.

Multi-track litigation (as this will most likely be) is incredibly time-consuming, lengthy and stressful and only you can put a value on the effects of that on you and your family. Costs will be considerable and unless you have BTE insurance or have a conditional fee arrangement of some kind you will need to fork out this money on an ongoing basis.

Even if you are successful and obtain a costs order (even one for indemnity costs) then it will not cover the entirety of your legal costs and you will still be out of pocket to a certain degree.

Your case undoubtedly seems strong but even here there is no guarantee of success and there is a lot to be said for achieving a settlement on your terms at an early stage.

Although you may feel a lot of resentment towards the Defendants (and rightly so) don't let it cloud your judgment in terms of the financial realities of the situation. Sad as it may be, conducting civil litigation purely as a quest for justice and what is "right" is rarely sensible.

Anyway, that's my tuppence worth and I hope it's of use. Best of luck with however you decide to proceed.

Good post, I'm glad someone at last sees this from another angel;)

People on an internet forum giving you advice is one thing, 'fight it' 'take them on', but in reality WW, you and your family will have to live through this 'fight' for a long time! Will it be worth it, for a house? As quoted above:

conducting civil litigation purely as a quest for justice and what is "right" is rarely sensible.

As I posted before, take the settlement offer, no i'm not a relative and move on.

Troubled_Joe

Strapped wrote: »

That is an exceptionally high cost for mediation.

You're not kidding. He was excellent though and we settled shortly before midnight.

There were 4 parties to the mediation so the costs were spread £1500 each and he needed to spend a lot of prep time as the mediation bundle went to several lever arch files.

downshifted

Like many others I have been following this with great interest and sympathy (we complete on Friday) I send you very best wishes, WW. I think you are handling this really well and I hope you get what you want and they get what they deserve. Good luck.

Ian_W

picardygirl wrote: »

But the way i read your post was to say if WW was to go in the way of the courts they could end of out of pocket - thats why i made the comment

Almost certainly - YES, they could end up quite seriously out of pocket even if they win the case.
Unless you're supported by a union, insurer, are on a no win-no fee (PI cases usually) or have extremely deep pockets your case may be as 100% legally sound as it is possible to be but it could still prove mighty expensive to get your day in court under UK civil law.

, so does exchange mean anything?

To most people - yes - because the vendors are also likely to be seriously out of pocket by now, let alone at the end of the process.

Welshwoofs are in my mind 100% in the right but that is only one of the things they should be considering before they decide their next move. As a lawyer once said to me - if you get on a bus then suddenly realise the driver's mad and going to drive it over a cliff, do you stay on board just cos you've paid the fare and are entitled too??

Personally, whilst I'm shouting, "Go Welshwoofs, Go" they really need consider their legal advice carefully and calmly and do what is best for them.

silvercar

I got the impression that they were happy (ish) with a 75% mortgage (and certainly their solicitor wouldn't have allowed exchange without knowing they could find the deposit. What appears to make them unhappy is their lenders insistance that the mortgage be a repayment one, so the monthly repayment is hundreds higher than an interest only.

Can someone point out to them that they can remortgage after 6 months and will probably be able to get IO at that time?

There is still no logic in taking a hit of tens of thousands (compensation to WW and loss of 10% depposit on new build) to avoid high monthly repayments. This does suggest that they think they can get a higher price for their home, enabling them to take a lower mortgage.

WW have you thought of going to the local paper? "seller refuses to leave property!" may make a good headline. Also some of the nationals have property sections that may be interested. I know The Times run "Bricks & Morter" on a friday which is well read.

Welshwoofs

Troubled_Joe - you're echoing the concerns our legals have raised i.e. that we have a strong case, but being right (and even winning) is no guarantee that we won't be left out of pocket.

Lady Hamilton - I'm afraid there is no way on earth we're taking their current settlement offer, it'll leave us in the position where we'll be out of pocket on costs extremely quickly and be unable to purchase any of the equivalent houses for sale at present in the area.

I need to find the line to surf between 'fighting for what's right' and being pragmatic. I don't intend to be a martyr, but neither do I intended to be shafted and hung out to dry just so a couple of spoilt and morally corrupt people can do as they wish without consequences.

Ian_W

Welshwoofs wrote: »

I need to find the line to surf between 'fighting for what's right' and being pragmatic. I don't intend to be a martyr, but neither do I intended to be shafted and hung out to dry just so a couple of spoilt and morally corrupt people can do as they wish without consequences.

Amen, to that! Best of luck getting there. :T

GDB2222

satchmeister wrote: »

They would be making themselves bankrupt - dont try emotional blackmail - the sellers are already doing that themselves -'poor me - homeless'

Oh, I see. I wasn't trying emotional blackmail. Apparently, I can do it without trying.

I was just saying that would be a consideration I had in mind. Of course, the vendors have created this situation, and the consequences are their responsibility. Nevertheless, if WW does not issue proceedings, the bankruptcy would not happen. If she does, it may. So, there is a consequence of that decision to sue, although I was not meaning to suggest that it's WW's responsibility.

penguingirl

Oooh first post here. Just thought I'd say WW that I've been reading this thread since the beginning and wish you all the best and hope that some acceptable solution is found.

Also this thread is not good for the rest of us buying... makes me even more panicky!

andrew09

It's not good for the rest of us who have plenty of things to do but find themselves addicted to this thread!! I keep hoping for good news for WW - I so hope things work out. It sounds like you're very rational about the whole thing which I think is admirable considering the circumstances.