Exchanged. Wake up crying most days. Advice pls.

malcolmffc

You have my sympathy but the harsh reality is that you will need to compensate the buyer a huge amount or go ahead with the sale. The final outcome in the famous welshwoofs thread was that the vendor had to compensate the buyer with £30k plus their deposit, solicitor and survey costs.

malcolmffc

Why does asking the vendors for compensation for their failure to honour their contractual obligations coun t treating the vendors as a cash cow.

What if the buyers have booked movers and it's non-refundable?
What if they have changed employers under the assumption they are moving to the house?
What about the stress and inconvenience of having to start house hunting from scratch?
What if the buyers parents ask them to start paying rent?
What if one of the buyers is pregnant and was planning on having a secure home for the baby?

And so on.

There's plenty of reasons why compensation or he buyers should be in 5 figures. £10k would be a steal for the OP.

flashnazia

malcolmffc wrote: »

Why does asking the vendors for compensation for their failure to honour their contractual obligations coun t treating the vendors as a cash cow.

What if the buyers have booked movers and it's non-refundable?
What if they have changed employers under the assumption they are moving to the house?
What about the stress and inconvenience of having to start house hunting from scratch?
What if the buyers parents ask them to start paying rent?
What if one of the buyers is pregnant and was planning on having a secure home for the baby?

And so on.

There's plenty of reasons why compensation or he buyers should be in 5 figures. £10k would be a steal for the OP.

What if one of the buyers has lost their job?
What if they've seen a better house?
What if, what if....

The point is, the op doesn't know what position the buyers are in if she reneges on the contract. It's worth asking though isn't it?

poet123

I wonder if WW is getting flashbacks if she is reading this!!

GDB2222

cwcw wrote: »

Like I said, unless it was genuinely unique. If I was living with parents, got all my fees and deposit back, and £10,000+ for my troubles, I'd happily accept and put up with my parents for a few more months. Maybe I'm a mercinary, or maybe others would feel the same but just wouldn't like to admit it. It's bricks and mortar at the end if the day. Plenty more fish in the sea, and bigger fish too with another £10k.

Let's hope the buyers' heads rule their hearts. An extra £10k on the deposit for their next place could easily mean they save £2000 a year for the rest of the mortgage term. (That reflects £10k smaller mortgage and a better interest rate because of the larger deposit.) That's serious money - a really decent holiday every year for the next 25 years!

Ivana_Tinkle

Eton_Rifle wrote: »

Only the lowest of the low would attempt to lever someone else's misery into their own cash cow.

But as you can see, there are people out there like this and I pray the buyers aren't as bitter and angry at the world as this.

So do you think the buyers should just hand back the house to her? Genuine question! What about if she'd changed her mind on the day of completion or after they'd moved in? Would you do this?

I'm not sure it's helpful to the OP or particularly realistic to suggest that only bad people would ask for compensation in this situation. And if we're getting into arguments about morality, while I've got loads of sympathy for the OP's situation, if you refuse to complete after exchange of contracts you really are screwing up your buyers' lives in a pretty major way. They're going to despise you, they're going to want compensation and it's going to get nasty - which sounds like more than the OP can cope with at ther moment.

*Robin*

GDB2222 wrote: »

Let's hope the buyers' heads rule their hearts. An extra £10k on the deposit for their next place could easily mean they save £2000 a year for the rest of the mortgage term. (That reflects £10k smaller mortgage and a better interest rate because of the larger deposit.) That's serious money - a really decent holiday every year for the next 25 years!

OP, ^^^ this looks like a good positive way to approach the subject with your buyers.

But if I were you, I'd tie in my offer of compensation to the value of the house. £10K to withdraw from the purchase of a house costing £50K would be great, but if you've agreed a sale price of £300K the buyers are far less likely to go for it.

As has been said above, is there anyone who can go with you when you make this offer to your buyers?

FATBALLZ

Eton_Rifle wrote: »

Only the lowest of the low would attempt to lever someone else's misery into their own cash cow.

Lol, I find that quite ironic given that the OP is of a generation that has heaped misery on todays FTBs by forcing house prices up to unprecedented highs in order to cash in themselves.

When I bought my house I had saved up £37k, why the !!!! would I want another 6 months of stress for a piddly £2.5k?

Eton_Rifle wrote: »

But as you can see, there are people out there like this and I pray the buyers aren't as bitter and angry at the world as this.

£20k isn't much in terms of today's housing costs, and £2.5k is !!!! all. Buying a house is a prolonged and stressful period however the time to mess people about (if there is one) is before you exchange contracts. If you want to pull out do it before then. If not accept that the ball is firmly out of your court and that you'll need to pay a meaningful price if you want to change the terms of the deal. Just because the buyers are FTBs does not make it any more acceptable to screw them over.

dinofabio

*Robin* wrote: »

But if I were you, I'd tie in my offer of compensation to the value of the house. £10K to withdraw from the purchase of a house costing £50K would be great, but if you've agreed a sale price of £300K the buyers are far less likely to go for it.

Exactly. The cost of the house is relative to the level of compensation.

dinofabio

To the OP.

If you are pulling out of the deal - the sooner you notify the buyers, the less the misery will be all round.