3 weeks from target completion date, sellers put out

gumbie121

Hello All,

Had a phone call this morning saying the sellers of the house I am trying to buy have decided to pull out due to the house they want to buy was shown to have too many faults in the valuation report.

I wanted to know where I stand with regard to the money I have spent on the mortgage fee and valuation fee, plus the work the solicitors have already done.

Is there anyway I can claim this money back from the sellers?

Thanks

satchmeister

Until you exchange all the spend is speculative. No, the money has gone, it's the English system. Unless anyone knows any different!!

Gwhiz

I assume you have not exchanged contracts yet and you are not in Scotland? If not, then there is nothing you can do I'm afraid. Until exchange either party can pull out for any reason at all.

gumbie121

Thanks guys for the replies.

RX-78

That depends on:

Have you exchanged - I assume not from the situation (seller has just had valuation back which means a sane solicitor would not have allowed an exchange), in which case you have no legal right to claim any fee back from the sellers.

What contract do you have with solicitors - If yours is no buy no fee then you shouldn't have to pay anything apart from dispersables (but check your contract!). On the other hand if its not, I'm sure you'll be asked to pay for the propotion of the work done.

Booking fee - not sure here but you should be able to continue to borrow to same LTV on another property within the time scale set by the lender (usually expires in 3-6 months). Valuation fee will be lost if you decide to buy another house though.