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sellers wont to back out after exchanging contract
slimme1
Posts: 4 Newbie
hi
can anyone tell me how i stand as the sellers of the house i bought want to back out now.
we have exchange contracts
can i still make them sell to me
:(
can anyone tell me how i stand as the sellers of the house i bought want to back out now.
we have exchange contracts
can i still make them sell to me
:( 0
Comments
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I don't believe you can force them to sell but you can sue them for a lot of money if they don't
Have they given you a reason?
When did you exchange and when are you due to complete?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Read this thread https://forums.moneysavingexpert.com/discussion/1806123
same scenario her vendors pulled out after exchange, they settled out of court.
What are there reasons for pulling out?
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 -
I would have said the complete opposite, I think you can force them to sell as per the contract.haras_nosirrah wrote: »I don't believe you can force them to sell but you can sue them for a lot of money if they don't
Have they given you a reason?
When did you exchange and when are you due to complete?
What has your solicitor said?0 -
If you have exchanged contracts both sides are committed - read Welshwoof's thread from the link in Hippychick's post.
I suspect they are naive and don't understand what exchanging means. Get onto your solicitor first thing Tuesday so they can get your seller's solicitor to put your seller straight. Hopefully once they have been spoken to they will realise the dire implications of trying to pull out and all will continue as it should.0 -
Legally speaking, you can force them to sell it to you ..... however, the time/cost of doing so is unlikely to make it a worthwhile exercise. The Welshwoof's thread is complete and detailed, examining every idea/scenario, then coming to a conclusion. So well worth a close read as it doesn't leave you hanging and wondering.0
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thanks everybody .
i feel better now they rang and left a message with my son.
i have tryed to ring them but not answering.
going to ring my solictior on tuesday
we were completing on thursday this week0 -
Please keep us posted, hopefully after a stern talking to from their solicitor they will still complete.
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 -
Hippychick wrote: »Please keep us posted, hopefully after a stern talking to from their solicitor they will still complete.
Totally agree. Their solicitor will sit them down explain exactly what they put themselves in line for if they don't complete ! It would be substantial......
Presumably they don't have an onward related purchase - if they do then they would be in even more doo doo if they decided not to go aheadEverything I need to know I learned from watching Star Trek :
Don't put all your ranking officers in one shuttlecraft
Humans are highly illogical
Infinite diversity in infinite combinations
etc.....0 -
hi
update
i am lost for words i have just got off the phone from the vendors.
she said that her brother now wants to buy house and he will give more money.
they have exchange contracts on the house that they are buying
i have told her that a am going to talk to someone on tuesday about this i said would you like your vendors to pull out she said there are plentey houses for sale .:(:(:( 0 -
Her brother had better be prepared to pay 11% more for her house because it's going to cost her 10% to pay you off.
You can have a lovely holiday with that money while you're re-grouping."If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair0
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