Vendors pull out AFTER exchange of contract

guppy

Poppy9 wrote: »

I'm just wondering if house prices are rising then do you have to try to mitigate your loses by buying soon rather than later?

I think as long as someone acts reasonably this wouldn't be a problem. Its not reasonable to rush in to buying another house, especially not while everything is up in the air.

On the other hand checking in to the Ritz for a few months and then claiming for the bill might be frowned upon by the court!

carefullycautious

everyones talking about all this money you are entitled to but what if this family havent got no money. You could be looking at being paid back at 1 pound a week. If this bankrupted them what then?

scubaangel

carefullycautious wrote: »

everyones talking about all this money you are entitled to but what if this family havent got no money. You could be looking at being paid back at 1 pound a week. If this bankrupted them what then?

I would imagine that given they have been offered a mortgage on the property they intended to purchase they do have money and moreover could solve the problems by simply completeing on the contract to sell to ww, thus ensuring they have the money to pay ww's expenses.

If that then leaves them unable to purchase the property they were looking at, tough, they'll just have to rent until they can afford to purchase. The way they should have done before embarking on this utter madess.

Blacksheep1979

carefullycautious wrote: »

but what if this family havent got no money.

I'm sure that's not a problem as if they 'haven't got no money' then they have some money...

flaura

Blacksheep1979 wrote: »

I'm sure that's not a problem as if they 'haven't got no money' then they have some money...

:rotfl::rotfl::rotfl::rotfl::rotfl:

foxy-roxy

wow, i have just read this whole thread, thinking that by the time i got to the end it would all be sorted, so sorry for you that its not.
I had a house sale fall through last year (i was the buyer) and am still renting now, its still scares me to try again.

Heaps of good luck and best wishes for you, you truly deserve it.

lellow_lorry

WW...Good luck with this case. Its going to be stressful and and lot of lost sleep over the forthcoming months. You are right to proceed as at the end of the day you would be financially disadvantaged in a case where they have been naive and foolish. The Law would be in turmoil if anyone could win a case like this by changing mind after exchange. At the end of the day they did have a choice. Like me and many thousands of sellers that cannot find the right house .....is to rent(that does not make the kids homeless) And if the can afford the mortgage they can easily afford the rent.golden rule if you cannot guarantee to link a sale with your purchase....do not exchange!!! Goodluck and sorry that a fool has done this.

carefullycautious

THank you for the grammar check 'Blacksheep' and the laughs Flaura. I hooted when I read it back.

What I meant to say was, if they are not taking up the mortgage to buy the other house and they get sued, how on earth are they going to stump up 40 - 50 grand to make up the difference from the asking price then to now.

MeanManc

Carefullycautious that's an easy one. They are living in a house that they have exchanged contracts on. It is probably worth 40-50k more than when they exchanged. They think they can pull out, sell it to someone else and pocket the difference. Just the minor detail of a buyer waiting to move in and the legal right to do that.
Hope that comes across ok. Hate it when it reads nasty when it isn't meant that way.
If they hurry up and move out they can cut their losses. But they will lose out, its just a matter of how much now.
WW best wishes for this week !

bumpoowee

carefullycautious wrote: »

THank you for the grammar check 'Blacksheep' and the laughs Flaura. I hooted when I read it back.

What I meant to say was, if they are not taking up the mortgage to buy the other house and they get sued, how on earth are they going to stump up 40 - 50 grand to make up the difference from the asking price then to now.

The sad thing is that nobody thanked your original post that made a very valid point, but multiple posters thanked the grammar nazi who immeadiately jumped on your mistake. There are an increasing quantity of morons posting here who feel the need to correct irrelivant mistakes in posts that make valid points (while ignoring the valid points) to make themselves feel superior.