Buying House Seller Has Pulled Out

Altarf

Deleted_User wrote:

Therefore - as a verbal agreement in other matters is already recognised in english law by the courts, has anyone ever tried a test case through the courts to recoup their losses?

Sale of land is specifically excluded from verbal contracts in England.

Deleted_User wrote:

I know this sounds simplistic - but there surely must be a legal way of protecting the amount you are usually forced (as it is not usually optional) to spend out before you exchange contracts.

Yes there is a very simple solution. The buyer and seller get their solicitors to draw up a contract that if either pulls out of the deal for any reason other than specified in the contract (e.g. faults found in survey that hadn't been disclosed, sale not completed in x weeks, etc), then the person that pulls out pays the other up to £x in costs.

Trouble is when this has been tried in the past, although everyone says that they would do the 'right thing', nobody (buyers or sellers) wanted to sign the contract.

[Deleted User]

In yesterdays Financial Mail supplement lying around at work I saw an article about how gazumping is back again.

Apparently you can buy insurance (£70 one off payment) - I think it through one of the estate agents.

I recall buying insurance through my solicitor for £20 some years ago - but I think it was only to cover lost solicitor costs.

Perhaps there's a gap in the market for this sort of insurance.

Baby_A

Im in a similar situatio, offered on the house, offer accepted. Had a survey carried out which brought alot of essential repairs (new chimey and roof structure plus a few more). I wasnt aware of any of these faults throught the agent or seller.

I was advised to renogatiate the price, seller refused to pull out an d said he had another buyer who was willing to pay more than the asking price so pulled out.

I was in tears, my first experience of buying a house and I was left over 1k out of pocket!!!

Im terrified to look again and go through this all over again.

Someone mentioned that as of May it is the seller and agents responsibility to carry out survey, searches etc and its part of the homebuyers pack so no costs for the buyer............is this true?

Zippy2006

Richard,

I find it so hard to believe that anyone could 'just change' their minds and pull out of a sale like that. Knowing too that they have cost someone else a lot of money.

If they had any heart they would at least stump up the cost you have incurred.

The uncertainty of the whole buying selling process is probably the most stressfull part of the whole business.

pawpurrs wrote:

Unfotunately it is all too common and its what is wrong with the system in the UK.
PPx

Pawpurrs

Don't mean to be pernikity........

Small correction UK should be swapped out for England & Wales in the above. Please remember there is a totally different method of buying & selling in Scotland.

A seller or buyer cannot pull out of a sale without incurring cost's to the 3rd party once an unconditional offer has been accepted. This does weed out timewasters.

Mind you - This does not mean the overall system is any better however as we have the glorious bidding wars that occur with offers over, closing dates and multiple bidders. Great for sellers NOT so for buyers.

pawpurrs

Ok yes sorry, you pernikity sod, hee hee. Still a nightmare.

rizla01

Hi Richard.

Have you tried discusions with your EA?

Have you tried knocking on your vendors door and explaining your situ.

on the bright side, depends how much of your sale proceeds is yours but you will get a pretty good interest rate on your savings and in my case this will pay my rent.

Don't want to rub salt into wounds but I finally exchanged last Friday.