sellers wont to back out after exchanging contract

DVardysShadow

nembot wrote: »

... I pulled out of the sale after repeated gazundering, payback was extra sweet when I took on the tenants the buyer had lined up and to be perfectly honest, I'd do exactly the same thing today, under similar circumstances.

What the buyer had to say was irrelevant

nembot wrote: »

We had exchanged contracts, with a completion date for monies to be deposited to my account.

Just putting these 2 points together for convenience. This appears to be post contract gazundering by the buyer, which is the kind of breach which might render the buyer's ability to enforce the original contract substantially weaker.

I don't think that this example is of very much help to slimme1

ess0two

Hailstorm wrote: »

Point 1 -True, but exchanging contracts is a legally binding agreement to either buy or sell the property on an agreed date.

The Halifax link just says you wouldn't pay estate agent or conveyancing fees in the event of the sale not proceeding. It doesn't say anything about indemnifying you if you are sued.

Keep digging that hole Nembot,more lies on your part.

haras_nosirrah

nembot wrote: »

We had exchanged contracts, with a completion date for monies to be deposited to my account.

There is a possibility that a buyer would lose a deposit if they pulled out, but suggesting that the seller can be sued is little more than speculation at this point.

I believe most estate agents and solicitors are paid if the property exchanges. If you pulled out after exchange I would be very suprised if they weren't paid as it is usually in the contract that they get you through to exchange of contracts

MORPH3US

Keep us updated on what happens OP, but as above, once contracts are exchanged then pulling out is going to get costly for either party....

Hailstorm

OP,

I have just been having a look at Welshwoof's thread (linked earlier) from last year. As contracts had been exchanged their solicitor was able to get the land legistry to put a mark against the property that prevents it being sold to anyone else.

ciano125

Hailstorm wrote: »

OP,

I have just been having a look at Welshwoof's thread (linked earlier) from last year. As contracts had been exchanged their solicitor was able to get the land legistry to put a mark against the property that prevents it being sold to anyone else.

Brilliant stuff, that'll annoy the hell out of them!!

wodgerdodger

DVardysShadow wrote: »

Sometimes, the less you say to people, the better.

I think your chances of moving on Thursday are now a bit slimmer because you told her to look at the forum. As others have said, it makes you look weak. You have also lost some advantage with the forum in that she will now be able to see your thread and what advice people are giving you. So you lose any advantage of surprise

Having said that, I would just say for your seller's benefit, that with your solicitor taking up your battle, her solicitor, if he is any good, will actually read her the riot act and tell her she has to move by Thursday and sell to you.

Also, she should be thinking about the consequences for her brother. The house is not available for him to buyand a court could possibly order that any sale to him is undone.

Having read the other thread referred to, your solicitor can place a charge on the property noting your financial interest and prevent the sale to anyone else thats assuming I interpreted the action correctly.

eco-friendly_2

slimme1 wrote: »

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 .
:(:(:(

I'm also lost for words, she sounds like a real Walter Mitty character. I wouldn't spend a penny pursuing this.

lavandergirl_2

Slime,

you can either go to specific performance route - i.e. make the vendors fulfil their contractual obligations by selling it to you.

or

you have a claim in damages for breach of contract.


If you already signed a contract with seller, you are in a good position to do this two cause of actions. Speak to the solicitor and DO NOT talk to the vendor

read Welshwolf's article.

Richard_Webster

Having read the other thread referred to, your solicitor can place a charge on the property noting your financial interest and prevent the sale to anyone else thats assuming I interpreted the action correctly.

That's effectively what OP's solicitor should do or threaten to do.

Quite apart from that, the seller is obviously not one that understands the implications of what he is doing, so it is quite likely that it will not be as straightforward as he thinks. If he is already committed to an onward purchase has the brother actually got the cash in place or a formal mortgage offer so that he could complete a purchase even if he was able to do so? I would suspect it is quite likely not going to work and when the seller's solicitor sits him down today he will be told all that.