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after exchange
simran_2
Posts: 94 Forumite
Hello,
Can seller pull our after exchange?
I know if buyer pulls out, he/she loses all the deposit. What happens if seller pulls out?
Thanks,
Simran
Can seller pull our after exchange?
I know if buyer pulls out, he/she loses all the deposit. What happens if seller pulls out?
Thanks,
Simran
0
Comments
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As i understand it if the seller pulls out they may lose thier deposit up the chain if there is no chain then this wont apply.
the vendor willl have to pay thier legal expenses ,. eg solicitors still want paying,:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
On completion if the seller does not complete they are given 10 days (working) notice to complete. If they do not they can be sued for compensation. I know it is always a worry that things can still go wrong after completion but be re-assured that it is very rare.0
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Sorry I meant to say after exchange!0
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this was a potential risk with our house purchase. The answer is that you go to court, showing that the seller has breached the contract by not providing vacant possession. The judge then (hopefully) orders the seller to vacate the property and to pay you compensation for the costs you have incurred. (storage costs, hotel bills).I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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so buyer gets their deposit back?
who holds the deposit after exchange? seller solicitor or seller?0 -
No. If the judgement is as Silvercar suggests you get the property and compensation for your losses. After all the contract was to buy the property in the first place.
And their solicitor is likely to be holding the deposit.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
I get the feeling that Simran is the seller wanting to pull out? Am I guessing right here?:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
on exchange you enter a legally binding contract, you can't pull out without repercussions.
I have heard of buyers having completion delayed by 1-2 days because the money hasn't gone through. Then compensation has been paid.
I supervised the move for friends who had to be somewhere else on completion day. They only had 3 days notice that they wouldn't be around on the day, but were advised that they still had to complete, so organised packers and removel men to do the lot for them. Cost them an extra £500 from memory.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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