A Nightmare

Mizz_Pink

My sister and her fiance have bought a new house, which is being completed this month. She rents off my parents at the moment, fiance has had his house on the market and accepted a verbal offer, he then , the next day, put a deposit on this new house. That cahin fell through (the people buying the fist house in chain had no mortgage).

Fiances parents want to buy his house so that was all rushed through in time for developers deadline, we thought this was all sorted....apparantly not.

Parents house sale has stalled, person buying theirs wants the price reduced, so it seems to be that that sale was never completed.

If my sister and partner pull out of new house they will be sued.

Who's at fault ?

Fiance for putting down deposit too soon or not given correct legal advice if any was taken ?

Whats your opinions ?

silvercar

when you put a deposit on a new house that is generally a holding deposit not a formal exchange of contracts. In fact no solicitor would advise you to exchange on your purchase without exchanging on your sale at the same time.

If the person buying the parents house wants a price reduction it sounds like they haven't exchanged contracts yet.

Who told you that your sister and her fiance would be sued? Not their solicitor I'm betting but an (over) eager salesman. They may very well lose the holding deposit, but that is usually about £500.

Mizz_Pink

Thanks, 30k is the deposit paid and the extras they have already paid for.

Apparantly the buyer had paid 3k deposit and signed the paperwork, whatever that means, how he wants the price reducing.