gazumped. truely dont know what to do now

jamminjamaica

all i know is.
i have signed the contract to sell our house.
women who is buying our house has signed the contract.


i have signed the contract for the new house
not sure if the other people who were selling the house have signed. (i think so but am not sure)

when we went to sign the contract for the new house our solicitor informed us that the title deeds to the house had been lost over 10 years ago therefore my solicitor put a condition into the contract that they would have to prove title.

as far as i am aware my solicitors office told me that the money have already been transfered from my new mortgage company.

i cant believe this is happening a week before moving day.

the reason they are not moving is that it was a couple selling the house because they had split up. now all of a sudden they are back together.

i cant believe this.

Gorgeous_George

You normally sign contracts some days/weeks before exchange.

On exchange day, the solicitors agree to exchange their signed contracts and this is when the deal becomes legally binding. Until the exchange is complete, anyone in the chain can pull out.

I'd make sure that everybody in the chain is aware of the name and address of the person who has changed his/her mind

Their selfish decision could well have cost others in the chain £10,000, depending on the chain length. It is about time something was done to stop this happening.



GG

Doozergirl

I'm really sorry to hear about this.

I would consider selling up and renting. Your buyer will give you a couple of weeks if they have your word that you will be moving. If and when you buy again, you will not have buyers to appease anymore and will be able to take advantage of your situation at the bottom of the chain and eveyone will have to keep YOU happy!

I can't imagine starting again from scratch with a new buyer and a new house etc. I'd just sell and be shot of the house. What am I talking about? I've just done it! It's not so bad and I'm glad to be rid of the house I'd been living in feeling like it didn't belong to me anymore.

silvercar

personally I wouldn't sell and then wait to buy another house. But then the houses that I was looking for don't come on the market very often. Also, I liked my current home and would prefer to stay there than move into rented while I waited for the right house to appear on the market.

lynzpower

I believe that the market in NI is ridculous, so if its looking like prices with remain rising, then you might want to hold onto your house in case obviosuly everything else is rising and that will to IYSWIM

Unless renting is significantly cheaper, of course.

If your money has transferred to them, then as I understand it its tough on them they have to bloody move, or compensate you massively.

mpsavuk

You haven't been gazumped.
Gazumping is when someone comes in at a higher offer than yours.

lilyann1

You need to speak to your solicitor and you can sign the contracts many weks before you actually exchange.
Exchange happens when the deposits change hands.If this has happened then they are liable to pay you so at least you have some compensation.
If monies haven't changed hands then nothing is guaranteed and they can back out.It happens all the time unfortunately and I sympathise as I have been through this and it is still happening in our chain.

jamminjamaica

"You haven't been gazumped.
Gazumping is when someone comes in at a higher offer than yours"

.ok then i havent been gazumped i have been totally been left up sh*t creak without a paddle.

My husband now doesnt want to go through with the sale of our house. he is probably right to as our house will sell easy enough. it went sale agreed within 2 weeks of it going on the market.

i just couldnt be bothered with starting the whole process over again as i had already started packing and the house litrally looks like a bomb hit it

pawpurrs

Its the nightmare we all dread, sympathies JJ.
If you still want/need to move then, start looking for something (preferably no chain) so that you can continue with your buyer, although your house may sell quickly there is no guarantee, you may have been luckey first time around, matching the right person can take a week, or can take years (obviously some houses are more readily saleable.)
But have a thought for your buyer also, as she may well wait, I know she says she wont but that might be because she is fed up at the moment, and although not your fault if you do pull out then she will feel the same way as you do now.
You never know you may find a better house.
Chin up chook!

goldbyron

Sounds like you haven’t exchanged contracts – you have just signed them pending exchange. This is very unfortunate and must leave a very bitter taste in your mouth. I wouldn’t sell your house – let the buyer know the situation and get out there looking for a new home. You are in a very good position for someone looking for a quick sale. I really wish you all the luck.