buying/selling falling through

smudger1946

Morning all,
We are in the process of buying and selling properties, we are at exchange and offering completion dates.

Someone in the short chain is about to pull out according to our estate agent.

If they pull out our buyers will pull out and we in turn have to pull out of buying our next home.

Of course being this far into the process we all will have big solicitors bills to pay, if we cancel our purchase do we have to pay a penalty to the sellers?

In turn if our buyers pull out do they have to pay any penaty to us and so on!

Or if we do nothing and the sellers of our next home pull out a
re we free and clear of any penalty?


I hope the above makes some kind of sense, i have bought and sold many properties but never been in this position before.

Any advice would be very helpful?

Smudger

Tr1pp

Ive not been in this situation but presumabley your buyers will be just as liable to pay compensation as you are providing they are at the same stage of the contract as you are with your buyers.

Bad position to be in, hope it all works out

Itismehonest

Unless there are contractual obligations - for instance a non-returnable deposit (fairly unusual IMO) - then if the chain falls apart everyone has to swallow their own losses, as far as I know.

sirmosh

As long as you haven't exchanged you don't have to give them any compensation. If you have exchanged then it's too late to back out and your solicitor shouldn't have let you exchange before you exchanged on the property you're buying.

evansmummy

Our chain has just fallen through the day before exchange due to the ftb pulling out.
The only costs we've incurred is solicitors fees for the searches etc.
Its cost us about £300 in total plus surveys.
Gutted but some things just aren't meant to be

G_M

Until Exchange of Contracts no one is commited to any sale or purchase.

So provided no one has Exchanged, no compensation is due to anyone. You all just pay your own costs (solicitors, surveyors etc).

smudger1946

evansmummy wrote: »

Our chain has just fallen through the day before exchange due to the ftb pulling out.
The only costs we've incurred is solicitors fees for the searches etc.
Its cost us about £300 in total plus surveys.
Gutted but some things just aren't meant to be

Thanks and good luck.

smudger

phill99

Tr1pp wrote: »

Ive not been in this situation but presumabley your buyers will be just as liable to pay compensation as you are providing they are at the same stage of the contract as you are with your buyers.

Bad position to be in, hope it all works out

So if you haven't been in this situation, why do you have to comment on a subject which you know nothing about and therefore give misinformation?