Delaying tactics? What happens next?

bunglesabout

Hi all
I would be grateful if someone could give me some advice on what happens if a purchaser is deliberately delaying the completion of a sale.
I sold my home in Oct 2010 and as of yet the sale has not completed. The property was leasehold, so I knew that it would probably take a little longer than usual to complete the sale, but the purchaser has had answers to all his queries and we have been good to go for exchange for the last three weeks.
However, when my solicitor chases this up, the otherside keep saying that they will talk to the purchaser and get back to us, but nothing happens.
Last week we heard from his solicitor saying that he wanted to send a cheque for the 10% exchange deposit, and hopefully we could exchange this week, but we received an email this morning saying that the cheque had not come. No reason was given as to why and yet again we got the 'will speak to the client and get back to you' response'
Obviously it will be disappointing to be so close to completion to have the sale fall through, but whilst we are 'waiting' more time is passing whereby I could have been trying to re-market my property.
My partner seems to think that the buyer is pushing us to 'pull' out of the sale, and that this would then mean that we would be liable for his solicitor fees, but I don't know if this is accurate on not.
If we give an ultimatum, and he refuses to complete the sale, are we liable for anything?
Is there a specific process I need to follow to show that the delays and lack of communication on his part have brought about this situation?
I know that selling/buying can be a hit and miss process, but when we started this sale my buyer assured me that he would push his solicitor to complete the sale as soon as possible and he was in agreement with me that we could hopefully be done by Feb. Now it is nearly April and I am still not sure my sale is going to go through.
Just not sure what is the best course of action going forward.

Any advice would be gratefully received.

Bungle

Gwhiz

Get the property back on the market - assuming it's not.

I have a feeling this sale will never go through!

kingstreet

Prior to exchange you are liable for nothing but your own wasted time and costs.

All I can suggest is threaten to pull out if things don't happen in the next few weeks; then carry out your threat and re-market if that fails.

missile

There could be many reasons for seller delaying, e.g. do you know if seller has a house to sell?
You need to ask your solicitor what if any costs you will incur if you re-advertise the property.

bunglesabout

My buyer is a landlord and intends to let my property, so there is no chain.
I'm just concerned that if we re-market my home, he will state that I have prevented the sale (which is not what I want to do) and we would be liable for something.
I don't want to think the worst, but time is marching on and it seems to me that he is delaying unreasonably.
If I only incur my own costs, fair enough, but if I have to pay towards his I will be unhappy as I feel I have been more than patient.

Bungle

betmunch

What have your EA advised on this?

Did they check out the buyer ability to proceed?

Solicitors will have the final say on when you can exchange and complete, but the EAs often can help.

LandyAndy

bunglesabout wrote: »

My buyer is a landlord and intends to let my property, so there is no chain.
I'm just concerned that if we re-market my home, he will state that I have prevented the sale (which is not what I want to do) and we would be liable for something.
I don't want to think the worst, but time is marching on and it seems to me that he is delaying unreasonably.
If I only incur my own costs, fair enough, but if I have to pay towards his I will be unhappy as I feel I have been more than patient.

Bungle

That is not the case. As kingstreet said you have no liability prior to exchange.

CloudCuckooLand

Another thing to double-check is the EA contract. Some may try to charge selling fees if you pull out, as they will argue they "provided a proceedable buyer"...

bunglesabout

Thank you for all your replies. It has eased my mind a lot.
I really don't want to cause friction as I am an easy going kind of person, but my partner is getting very angry with him and wants to take action.
Your advice about the EA is very helpful and I will get on to them today.

Thank you again

Bungle

hcb42

Just deadline them, and put it back on market if deadline for exchange missed.

kingstreet

I'm surprised self-interest hasn't got the agents jumping up and down. They don't get paid until it completes, so they'll be anxious to get the sale completed.