Vendors pull out AFTER exchange of contract

gauly

Richard_Webster wrote: »

Yes you can put an entry on at the Registry to alert other potential buyers who would require it removed before they would proceed (and obviously you wouldn't agree to its removal), so they shouldn't be able to do that.

If this isn't too expensive then doing this straight away might be worth trying - then they know 100% they can't sell it. It might scare them too if they are buying another house (you said a new build) and have put a deposit down. Presumably they can't afford to own two houses.

chickmug: I guess I shouldn't have said it was the OP's house - but he does have the right to buy it which is what I meant!

Welshwoofs

Richard_Webster wrote: »

Yes you can put an entry on at the Registry to alert other potential buyers who would require it removed before they would proceed (and obviously you wouldn't agree to its removal), so they shouldn't be able to do that.

That's interesting! We've not heard these options from our solicitor yet, but then he's waiting until Monday to go through all the things which can be done.

I honestly don't know what to believe from their side of things - I'm tending to dismiss what I hear from the EA as that changes all the time...unless they're being fed a line by the vendor of course! The only indisputable fact is that they've not completed and their solicitor says they won't...from there it's all second hand tittle tattle and guesswork

I'm really hoping to get some straight facts come Monday!

alenax

Just thought I'd say I really hope it works out for you whatever you decide to do and keep us all updated on what happens!

I'd hate to wait through a whole weekend either

ladybird3

Yeah absolute best of luck and hope you manage to enjoy a little bit of the weekend

jadex

p00hsticks wrote: »

I don't think that in this particular case it's something peculiar to England - in any country in the world, however simple or complicated the house buying process is, if at the end of the day the seller simply refuses to honour the contract and vacate the premises it's not going to be easy to sort out.

This is OT and I do not want the thread to be hijacked, but can tell you from my very own experience as I used to be EA in the other country, that these things are much better regulated there than here.
Contracts are not exchanged by solicitors (actually there are no solicitors at all in the process), but are signed by both parties (buyer and vendor) in the notaire's office. Notaire is authorised by and works on behalf of President of the country and has power equivalent to civil court (notaire is a judge). Notaire also collects stamp duty and VAT if applicable. Contract is read aloud by notaire, identities are confirmed by notaire, then contract is signed by both parties, authorised by notaire and sent to National Archive. From the moment contract is signed buyer gets provisional ownership. The provision is based on funds sent to vendor and dates and means of sending money are stipulated. When all due monies are sent buyer becomes the owner. And vendor can't stay in someones property as it is classed as illegal occupation. There is very quick path to get it sorted and physical forces can be used if necessary to move out someones from your property.
Though, it has never happened to me and to anyone I know.
Also there is no issue of negotiating solicitors' fees as what notaires charge is strictly regulated by law. Also to be EA authorised to sign any agreements, take commission money, give any advice, etc. you have to acquire certain amount of experience, complete EA course, pass the exam, be registered member of Society and have valid public liability insurance.
At that time I thought it was too beaurocratic but now my opinion has changed.

Good Luck OP - I hope you'll get it sorted out very soon.
Too much stress = shorter life.

franklee

I would have guessed that part of their solicitors job is to check they can afford to sell to stop them exchanging on a deal they could not complete. Wouldn't their solicitor have got how much needs paying off from their mortgage lender as he pays the loan off as part of handling the sale? So I'd think they can afford to complete, at least for the time being and that if there are arrears their solicitor would know.

Welshwoofs

franklee wrote: »

I would have guessed that part of their solicitors job is to check they can afford to sell to stop them exchanging on a deal they could not complete. Wouldn't their solicitor have got how much needs paying off from their mortgage lender as he pays the loan off as part of handling the sale? So I'd think they can afford to complete, at least for the time being and that if there are arrears their solicitor would know.

I honestly think it's just a case that they think we'll walk away and save ourselves the hassle and leave them to seek a better offer. That won't happen however, even the survey came back with a valuation equal to our offer. I think it's pure greed - they want to buy a certain house and they want more money for their own house than it's actually worth or than we were prepared to pay...so they're trying to back out. The fact that the EA suggested that more money from us may prompt them to complete makes me think it's pure greed and chancing their arm.

Whatever their reasons, I certainly intend to make sure they regret it. Close of business came and we've not completed...so they're now in breach.

Blackpool_Saver

UN effen real, I am so sorry, your solicitor will be familiar.


http://www.kls-law.co.uk/conveyfaq.htm

Ulfar

Sue the crap out of them.

If it was me I would force the sale, I would not back out no way.

You will also need to arrange with your solicitor that should the sale be forced you will want a large retention on the funds until after you have inspected the property as who knows what they may do.

clutton_2

i am a great believer in fate - i think this weekend gives you an opportunity to examine if you do really want this property ?

if you do - then prepare yourselves for what could be several months of stress and uncertainty

if you dont - then let your solicitor do what he has to in order to sue them to reimburse you for the consequential losses you have incurred and then start looking for somewhere else. Vengeance is a bitter and exhausting pill to keep in your mouth too long. ...

who knows what may lie around the corner