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Buyer pulled out right before exchange!
primaryteacher
Posts: 22 Forumite
I had my buyer pull out only days before we were due to exchange. They did not offer a reason for this - simply a couple who got cold feet at the last moment. There was nothing at fault with the property and they had strung us along for over three months - even phoning personally to say they were so keen etc etc.
Anyway - a couple of months later and thankfully we now have a new buyer. My solicitor is now working on the new sale, but is charging £175.00 + VAT for work undertaken on the sale which fell through. Do I have any chance of reclaiming any of this from the buyers who pulled out?
Many thanks for any help.
Anyway - a couple of months later and thankfully we now have a new buyer. My solicitor is now working on the new sale, but is charging £175.00 + VAT for work undertaken on the sale which fell through. Do I have any chance of reclaiming any of this from the buyers who pulled out?
Many thanks for any help.
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Comments
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Sorry, no. Up until exchange, both parties are responsible for their own costs, and either can walk away.0
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No as above . Fingers crossed for this sale0
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Thanks for the replies - it was what I was expecting! Some people lose much more so I can't complain - just think it's criminal that people can get away with messing you around and costing you money when the fault lies entirely with them!0
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There are 2 hopes here. And one of them is Bob.Eat vegetables and fear no creditors, rather than eat duck and hide.0
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Phill do you have that post stored anywhere to save you time?
Sealed pot challange no: 3390 -
To the OP it does seem almost criminal that this can happen but honestly what are the alternatives?
A non refundable deposit? legally binding to a sale with so much uncertainty such as searches, surveys etc?
House buying and selling is a minefield and people want their sheckle along the way so its a tough one.
We are signing contracts on Wednesday so am well aware of the nervousness of the matter!
Good luck to all sellers out thereSealed pot challange no: 3390 -
Yeah, I think we've got that now.0
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Seems to work fine in most other countries in the world. How it is usually done is that a binding contract is set up at a much earlier stage, but the contract contains a clause specifying under which circumstances each side may withdraw (e.g. finance falling through, significant unknown issues discovered during survey etc.). But there is no option of withdrawing for no reason without becoming legally liable for some things.To the OP it does seem almost criminal that this can happen but honestly what are the alternatives?
A non refundable deposit? legally binding to a sale with so much uncertainty such as searches, surveys etc?0 -
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Goog points, well madeSealed pot challange no: 3390 -
What exactly is he charging for? Most solicitors do a "no sale, no fee" system.Estate Agent, Web Designer & All Round Geek!0
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