Vendors pull out AFTER exchange of contract

barnaby-bear

silvercar wrote: »

They have the money. They were buying a new build, you'd be lucky to get an 80% LTV mortgage on a new build so there is some money there. Also they are/ were selling their house, chances are they didn't have a 100% mortgage, so there will be equity in it.

I can't believe their financial situation - they had an offer those in real trouble don't get offers. If they can brash it out though - most buyers would be concerned about the neighbours, may be a sucker for a bunch of kiddy stories etc, would not have the family connections/location issues that make the OP so keen on this house and some would be nervous of the costs..... then they can remarket and be several times 10k in profit.... most people with less strong ties to the area moving from far away might well back down as more trouble than worth - whether it's worth it to the OP is their concern.

JayZed

epsilondraconis wrote: »

WW, how about setting up an internet site that allows people to contribute to your legal case?

The solution is simple - make this MSE's first ever pay-per-view thread! It's already (at the time of this posting) had 80,892 views. Call it 20p a view, and that would already have raised over £16,000 for the fighting fund!

barnaby-bear

clutton wrote: »

Issuing no further instructions at all (well for a few weeks anyway) will make the Vicked Vendors make further moves and stress them - after all they cannot sell their house now till this is settled. WW holds the ace card - time.....

Patience can sometimes win the day.....

It's very true that that job offer must be taken up at some point and a long commute for a while may focus the mind..... I wonder what the state of the development they are buying into is - is it delayed/on-hold?

silvercar

I'd love to know what the presence of a UN1 would mean to a potential second vendor or other mortgage companies...

Caveat: no legal training:

The (new) buyers solicitor receives the deeds and sees the UN1. He queries it with the seller's solicitor who says that it won't be a problem.

New buyers solicitor asks for a guarantee that seller's solicitor will arrange the removal of UN1 prior to exchange. (Solicitor can agree to this as exchange won't happen til its removed.)

New buyers solicitor asks if exchange would be delayed whilst UN1 is negotiated away. Seller's solicitor replies that the parties are already in communication.

New buyer's solicitor reports to his client that there is a problem on the deeds, that the seller's solicitor has given assurance that it will be sorted prior to exchange but that there is no guarantee that it won't delay purchase.

New buyer's then have a choice, press ahead or pull out.

TBH you often get potential delays in the legal process: lease extensions/ probate etc so the new buyers may still run with it, especially if the property is unique.

---

Does the UN1 declare the agreed price? That would put anyone prepared to pay 40k more off.

oldone_2

Normally when you move house you exchange contracts at the same time both on your sale and your purchase. If the vendor has exchanged with WW, then it is likely they have exchanged on their new build. If they have not, where did they propose to move to on completion.

If they have exchanged contracts on the new build, can anyone see the builder putting up with the nonsense they are handing out to the O.P.

Welshwoofs

oldone wrote: »

Normally when you move house you exchange contracts at the same time both on your sale and your purchase. If the vendor has exchanged with WW, then it is likely they have exchanged on their new build. If they have not, where did they propose to move to on completion.

Not only had they not exchanged when we exchanged....they hadn't exchanged when our completion date rolled round. What they've lost appears to be a small (1% most likely?) deposit paid to the developers to secure the property.

BlondeHeadOn

JayZed wrote: »

The solution is simple - make this MSE's first ever pay-per-view thread! It's already (at the time of this posting) had 80,892 views. Call it 20p a view, and that would already have raised over £16,000 for the fighting fund!

:T:T:T

I love MSE!

:rotfl:

MeanManc

Hi WW, hope you are holding up.
Surely their solicitor should encourage them to move into rented accommodation and complete their legal obligations. They should then sort their own finances out and not pass their problems on to you.
This thread is easy to find on the web, so despite it being fascinating I think you should go on holiday and leave the vendor guessing for a while. The rest of us can watch Eastenders or something.

barnaby-bear

MeanManc wrote: »

Hi WW, hope you are holding up.
Surely their solicitor should encourage them to move into rented accommodation and complete their legal obligations. They should then sort their own finances out and not pass their problems on to you.
This thread is easy to find on the web, so despite it being fascinating I think you should go on holiday and leave the vendor guessing for a while. The rest of us can watch Eastenders or something.

Agree - or failign that post an entire load of disturbing / misleading rubbish to confuse them :-)

beccad

Welshwoofs wrote: »

Not only had they not exchanged when we exchanged....they hadn't exchanged when our completion date rolled round. What they've lost appears to be a small (1% most likely?) deposit paid to the developers to secure the property.

Well yes presumably if they've not exchanged with the developers then they have no legal obligation to pay any deposit I don't think, other than whatever amount they put down to reserve the property And if they've been given a mortgage for that property then surely the bank will have checked out that they've got the required deposit and so on.

I can only assume it goes back to the original letter they sent when they said the mortgage conditions were unfavourable, ie: they didn't get a rate they were hoping for!

If they don't have the funds to proceed at the moment, then one would hope they are saving every spare penny they've got in order to be able to proceed in the coming months?