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House buying: Sale Fell Through, How Do You Claim?
Comments
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I am a bit confused with all this.
Just bear with me whilst I get my thoughts together...I thought that a solicitor ( a good one clearly) can place some kind of stipulation on the sale agreement that if the sellers pull out they have to pay a certain amount in compensation..e.g £10k in my parents case...I'm not sure whether that was after exchange or something a solicitor can draw up before the exchange date.
Someone enlighten me - because when I read the OP I thought well surely they would get that compensated back at least. Clearly I'm missing something.:(0 -
I am a bit confused with all this.
Just bear with me whilst I get my thoughts together...I thought that a solicitor ( a good one clearly) can place some kind of stipulation on the sale agreement that if the sellers pull out they have to pay a certain amount in compensation..e.g £10k in my parents case...I'm not sure whether that was after exchange or something a solicitor can draw up before the exchange date.
Someone enlighten me - because when I read the OP I thought well surely they would get that compensated back at least. Clearly I'm missing something.:(
If you exchange contracts and fail to complete the penalties can be tens of thousands of pounds - loss of deposit AND claim for all losses. There are no penalties or repercussions for pulling out prior to exchange of contracts.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
Thanks FireFox, MelaBella0
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This sort of thing terrifies me, the thought of losing that much money makes me feel a little sick
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This sort of thing terrifies me, the thought of losing that much money makes me feel a little sick
Why? If you buy a house, the chances are, some day you'll put it on the market again.
Now, if the market you're selling in happens to be buoyant, well & good; you may even sell at the price you expect.
However, if it's not, as in 2008, when things went awry very quickly, you might find yourself lopping tens of thousands off the price of your house.
Now that's scary!
Anyway, what kind of an anarchist are you, speaking like that? Aren't you supposed to say, "Property is theft!" or something? :rotfl:0
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