Vendors pull out AFTER exchange of contract

Welshwoofs

Very interesting article! That's the type of scenario which gives me nightmares as the poor sod was in a chain.

I'll forward that to our solicitors for their info.

Many thanks for posting that!

xmaslolly76

I'm watching this one with interest ive just sat and read the whole thing and cant quite believe the vendor thinks they can get away with this.

Good luck welshwoofs !!!

franklee

Rosemary_Jane wrote: »

Sorry, should have looked first -

http://news.bbc.co.uk/1/hi/england/kent/8181899.stm

have found the story.

"
Donald Smith wanted to move his father, Henry, who has Parkinson's Disease, out of his second-floor flat in Margate.
The £425,000 shop and flat were to be sold to a property dealer who could not obtain finance after contracts were exchanged.
Donald Smith is now facing legal action by the owner of the bungalow."


And "

He is being sued by the bungalow owner, who is now selling the property for £75,000 less than Mr Smith had agreed to pay and wants him to meet the difference.
Meanwhile, Mr Smith wants to sue Mr Levin for his losses which could run to more than £100,000."


Rosemary

Utter nightmare if you are in a chain a relying on other people to complete in order to complete yourself, especially if you can't recoup your costs if the person who let you down can't afford to pay up in full. Basically the system doesn't really work in this worst case I fear we will be seeing more such cases.

GSXRCarlos

any updates?

CharleneUK

Hi there, any updates as yet? Fingers crossed for you!

Strapped

Welshwoofs wrote: »

I should be free to update end of next week.

Oh no, I'm away for the weekend! Pack the laptop! :rotfl:

Pete111

Come on WW - any news!?

(Not that we are on tenterhooks or anything..)

CharleneUK

Strapped wrote: »

Oh no, I'm away for the weekend! Pack the laptop! :rotfl:

Oops, I missed this! Will be waiting patiently then!

Dinah93

Update day! More excited to hear the next installment than I am about it being the weekend! Really really hoping for good news.

RabbitMad

Hopefully for WW the reason for no update is she is busy packing and arranging removal men.

Hopefully for all us addicted to the soap its because WW is staring into the distance in disbelief at the latest response from the lunatic vendors.

I'm going to go out on a limb and predict that the vendors latest letter goes like this:

Dear WW, Further to our recent communication we would like to inform you of a new development. We've been to see a hypnotist who has progressed us back through our past lives and it turns out that I was actually John 'Crump' Dutton. This means that I actually own 4,000 acres of the cotswolds and my ancestral claim trump any right you have to this property via our recent exchange of contracts and I'm sure every sane judge in the land will uphold this. Therefore you are wasting your money trying to take me to court but as a generous gesture we are willing to let you have the deposit you paid back, minus a small admin fee that we must apply as we have been looking after it for you.
Yours M. Hatter