gazumped. truely dont know what to do now

jamminjamaica

hi there

just had a call from my Solicitor to say that the people who are selling the house we are buying have decided not to sell. we had the date set to move into the house next friday 27th October.

the lady who is buying our house has said that if she does not get in next week she is pulling out.

that will leave me with no buyer for my house and no house to buy. we had already exchaged contracts and my solicitor had already requested the money for the new house off our new mortgage company.

these people have left me in such a mess. i feel like crying. i can not believe this has happened.

what are my options now?

i guess i am still going to have a hefty solicitors bill.

mystic_trev

Sorry to hear that. I don't think you could have exchanged contracts on the house you are buying, as once this is done the purchase is binding, and you could sue the vendor for a very large amount of money!

lynzpower

You could always sell your house to the lady whos buying and quickly find somewhere else to rent.

Trevs right, if youve exchanged on the one you are buying, its legally binding

lilyann1

You have signed your contracts obviously but have you actually exchanged deposit monies and set the date for completion?
If you have actually exchanged the money then it is legally binding and the vendor willnow have to pay you compensation.
Check if you have actually exchanged!!!!
This happened to us back in June,we all signed contracts and monies were due to be sent just as the bottom buyer pulled out.

Optimist

I would check with your soliciter as others have said an exchange of contracts is legaly binding on both parties and would be subject to finacial penalties if either withdraw

jamief

If you have exchanged contracts, you can sue them (or at least threaten to, as the purchase is legally binding).

Leeds_Fan_2

Find out why she is not selling and see if you can rescue the deal. Also consider short term rent and storage but factor in how easy it is to sell your house and also to find new house - it may be better to accept the costs now. Hope it works out - horrible position to be in but it will get better.

jodenice

I don't know about any of the legal stuff but I'm totally sorry to hear your news. You must be gutted. Its a bit short notice to pull out now.

If theres any Karma, there will be a very small earthquake (harming nobody and not affecting anywhere else) and her house will fall into the hole (whilst she's out shopping)

jamminjamaica

all the contract are signed. i have signed to sell my house and the purchase has signed to purchase my house.

on my new house i have signed the contracts it is back with their solicitor

Leeds_Fan_2

If the contracts are signed and exchanged then the person who breached the contract is liable for an loss or damage suffered. Your solicitor should be ideally placed to explain the options.
Good luck.

JennyW_2

jamminjamaica wrote:

all the contract are signed. i have signed to sell my house and the purchase has signed to purchase my house.

on my new house i have signed the contracts it is back with their solicitor

you may have signed the forms but if no monies have been transfered then you haven't exchanged