do you have to complete?

crisp

a quick question....does a seller have to complete once they have exchanged?

Gorgeous_George

a quick answer... Yes.



GG

divadee

if they dont complete they can be sued for breach of contract and your deposit etc... at the least wiill be lost

crisp

sure a seller can be sued, but there is no deposit to lose.

crisp

ok the background is this. I made an offer on a property and the vendor accepted my offer. I got the property surveyed and as this was classified as a commercial property it cost £3,500! He gave me his word it would be withdrawn from the market.

Now my solicitors have tried to get in contact with the vendor's solicitors only to be told they exchanged yesterday. I was never told of another party and I am livid. The agent said he didnt know about the other party as it was a private sale. Im fuming.

Doozergirl

Nothing you can do about it.

It's unlikely anyone would withdraw after exchange with so much to lose. You'd have to be offering serious sums of money for them to even consider you.

divadee

agree with doozer you have been gazumped im afraid!!!!

its a lot of money to lose, but you wont be able to get it back as in english law nothing can be done till contracts signed.

im sorry for you xxxxxx

crisp

A contract was sent to my solicitor last month. Should two sets of contracts be sent out without informing both parties or recalling at least one set? I didnt think this practice was allowed by the law society.

silvercar

When the second contract ws sent out, the recipient of the first contract should have been informed.

theGrinch

if a second contract has been sent out without recalling the first or advising all parties then that would contravene the law society's code of conduct.

lotto-dreamer

Were you aware of what is termed a "Contract Race" in place? i.e. seller dealing with more than one proposed buyer and first to exchange contracts is the winner so to speak.

First check facts with your own solicitor - you may have simply been gazumped. But, your seller's solicitors would have had an obligation to tell your own solicitors if there was another buyer and it was subject to a contract race. If they did not disclose that then there could be a possible negligence claim.