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Mortgage Deposits
TotalDespair
Posts: 95 Forumite
Hi
Im posting this on behalf of my sister.
She made an offer on a property £100k about 3 months ago, as there was a sycamore tree at the end of her path she has spent the last 2months trying to find out who legally owned the tree,local council/highways department etc. The local highways department has now acknowledged ownership of it. This tree is at the end of her front path and the roots are lifting the asphalt covering, and as the front path is a shared path with next door she is now panicking a bit.
Her solicitor has done nothing/zilch/zero not has the vendor selling to help her in the search quest.
After basically harassing her to complete they said pay the deposit or the house is back on the market again she has paid her solicitors the £10k deposit which they have forwarded to vendors solicitors and completion is due in two weeks.
She has set about getting the building insurance in place and here is the questions start.
The British Insurance site?? said that the sycamore tree is on there list of trees to avoid ??? re root damage etc and that if the person seeking buildings insurance knew at the time of purchase about the trees potentiality of damage that they would not insure a property nor pay out on a claim.
She is a single parent recently divorced and has sunk all her divorce settlement into this damn house , now that she has found out that this tree could be a potential nuisance in the future what is her stand in law in backing out of this sale, she is quite upset that her solicitor has done nothing to answer her questions or be in any way helpful, not did the vendors answer her questions re the tree.
Also she has not done the one thing I asked her to do, have a FULL structural survey, now shes panicking and wondering has she made a big boo boo, and yes I know that its easy to moan after the horse has bolted from the stable etc etc. but things happen in life and we all make some daft expensive mistakes maybe.
So what are the repercussions of asking to back out of the sale at this stage? having paid the deposit
Plus does anyone have any experience on tree damage/ house buildings insurance they could maybe refer me to
Many thanks
Lexie.
Im posting this on behalf of my sister.
She made an offer on a property £100k about 3 months ago, as there was a sycamore tree at the end of her path she has spent the last 2months trying to find out who legally owned the tree,local council/highways department etc. The local highways department has now acknowledged ownership of it. This tree is at the end of her front path and the roots are lifting the asphalt covering, and as the front path is a shared path with next door she is now panicking a bit.
Her solicitor has done nothing/zilch/zero not has the vendor selling to help her in the search quest.
After basically harassing her to complete they said pay the deposit or the house is back on the market again she has paid her solicitors the £10k deposit which they have forwarded to vendors solicitors and completion is due in two weeks.
She has set about getting the building insurance in place and here is the questions start.
The British Insurance site?? said that the sycamore tree is on there list of trees to avoid ??? re root damage etc and that if the person seeking buildings insurance knew at the time of purchase about the trees potentiality of damage that they would not insure a property nor pay out on a claim.
She is a single parent recently divorced and has sunk all her divorce settlement into this damn house , now that she has found out that this tree could be a potential nuisance in the future what is her stand in law in backing out of this sale, she is quite upset that her solicitor has done nothing to answer her questions or be in any way helpful, not did the vendors answer her questions re the tree.
Also she has not done the one thing I asked her to do, have a FULL structural survey, now shes panicking and wondering has she made a big boo boo, and yes I know that its easy to moan after the horse has bolted from the stable etc etc. but things happen in life and we all make some daft expensive mistakes maybe.
So what are the repercussions of asking to back out of the sale at this stage? having paid the deposit
Plus does anyone have any experience on tree damage/ house buildings insurance they could maybe refer me to
Many thanks
Lexie.
One newly single jobless female here thats disillusioned by having an expartner that didnt accept any financial help with the mess he was in...:mad::mad: so am out there again on my own :T:T paddling my own canoe, unfortunately jobless but solvent but extremley skint:D:D :rotfl::rotfl::j:T;):):D:D:D
0
Comments
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If she has exchanged contracts she will forfeit her deposit.
If she hasn't exchanged, she can pull out (incurring her own legal fees).0 -
hi
her solicitor has sent the £10k deposit to the vendors solicitors can she now back out before exchange of contracts and just incur her own legal fees?
amend to right now;- exchange of contracts already done, if she does not proceed any further and if her solicitor has drawn down the mortgage funds is she now committed to mortgage/purchase etc.
she considers she needs to get out of sale what is her position now as of now.One newly single jobless female here thats disillusioned by having an expartner that didnt accept any financial help with the mess he was in...:mad::mad: so am out there again on my own :T:T paddling my own canoe, unfortunately jobless but solvent but extremley skint:D:D :rotfl::rotfl::j:T;):):D:D:D0 -
Why has her solicitor sent the 10k to the vendors solicitors if she hasn't exchanged? Normally deposits only change hands once exchange of contracts has taken place.
If she has not exchanged then she can walk away, claim her deposit back and will just lose her solicitors fees/valuation fees.
CC debt at 8/7/13 - £12,186.17
Barclaycard £11,027.58
Halifax £1,158.59
5 year plan to live unsecured debt free and move home0 -
If she can show that tree is damaging the building the council will most likely remove it, however that can cause problems in that the ground will have more water and could expand (heave) causing other problems. A full structural survey will say whether there is existing damage and whether the tree is of concern. The path damage isn't a problem in itself.
As mentioned if she hasn't exchanged the deposit is ok, if she has then she could forfeit that amount and other losses incurred by the seller.0
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