Buyer pulled out of the property purchase last minute - what can be done?

sulphate

I agree with the other posters. 20 years is a lot of difference. I don't see why her not having children is relevant, she may not want to stay there forever and the shorter lease by the time she does move may damage her chances of selling it on.

In answer to your question, no there is nothing you can do, the buyer is not legally obliged to buy the property until contracts have been exchanged.

Your "immigration police" comment is frankly ridiculous.

notanewuser

Gilly_VV wrote: »

Hi All

so we are selling our current flat in London and moving to a house because a baby is on the way and we just got married... The buyer placed an offer on the flat quickly got her lawyers & surveyors on the case etc.etc.so we are all packed now and ready to move every minute. Were very very happy planning the designs in our new home etc etc, even ordered a lot of baby stuff for the nursery that barely fits in the existing flat!... And today we received a call from the agency saying the buyer refused to go forward (we were to exchange contracts in a couple of days) because of the lease term discovered in some registry being just below 70 years!!! That is just ridiculous as we were never certain about our lease term and were advised to put something in the description form so we put down 90 years not to leave blank & it looked more attractive to the buyers... The price we asked was at the lower range as we were so eager to move sooner... So now we are suffering because of something that easily could be a typo!
The buyer was a middle aged single woman with no kids (i.e. no inheritance) so she obviously should not be concerned if it is 70 or 90 years left as she is in any case not going to live long enough to see it running out!!!
She obviously thinks it is morally acceptable to defraud people like this and ruin other people's lives just because shes got cold feet suddenly. Not to mention that we paid a fortune in the legal fees etc. and the whole chain is now falling apart! (its not only us who are damaged by her actions but the family we are buying a house from as well and they are also in a chain...)
I understood that we cannot now force her to buy or pay damages (is this right?) as apparently the UK law does not protect the seller at all. Can we do just something to try to recover at least a portion of the costs and get compensation for the time wasted etc? E.g. maybe police or immigration police (she's non UK) or put a note on her credit history or blacklisted as potential property buyer, anything? any suggestions welcome.

:rotfl::rotfl::rotfl::rotfl:

PasturesNew

Buyer must be FURIOUS at you.... wasting money on all sorts of fees, only to discover you LIED. The property is probably unmortgageable for most - and would involve a hefty/quick lease extension ASAP for even a cash buyer to consider it as they have to think how they'd resell it.

What you can do now is contact your agent and tell them to contact the buyer to say you'll find out how much a lease extension will cost and you'll do it.... you'll have to do this anyway as the next buyer/s will have the same problem and pull out too.

SnooksNJ

So in the UK you can put anything on the disclosure forms to make it look more attractive to buyers?

MobileSaver

Gilly_VV wrote: »

That is just ridiculous as we were never certain about our lease term and were advised to put something in the description form so we put down 90 years not to leave blank & it looked more attractive to the buyers...

Obviously a wind up as no-one could be that stupid...

globetraveller

I would think it was more likely ( if this isn't actually a troll) that the middle aged woman with not much future might sue you for wasting her time( what little she has left)

Thrugelmir

Gilly_VV wrote: »

Can we do just something to try to recover at least a portion of the costs and get compensation for the time wasted etc?

You are the timewaster.

Guest101

Gilly_VV wrote: »

Hi All

so we are selling our current flat in London and moving to a house because a baby is on the way and we just got married... The buyer placed an offer on the flat quickly got her lawyers & surveyors on the case etc.etc.so we are all packed now and ready to move every minute. Were very very happy planning the designs in our new home etc etc, even ordered a lot of baby stuff for the nursery that barely fits in the existing flat!... And today we received a call from the agency saying the buyer refused to go forward (we were to exchange contracts in a couple of days) because of the lease term discovered in some registry being just below 70 years!!! That is just ridiculous as we were never certain about our lease term and were advised to put something in the description form so we put down 90 years not to leave blank & it looked more attractive to the buyers... The price we asked was at the lower range as we were so eager to move sooner... So now we are suffering because of something that easily could be a typo!
The buyer was a middle aged single woman with no kids (i.e. no inheritance) so she obviously should not be concerned if it is 70 or 90 years left as she is in any case not going to live long enough to see it running out!!!
She obviously thinks it is morally acceptable to defraud people like this and ruin other people's lives just because shes got cold feet suddenly. Not to mention that we paid a fortune in the legal fees etc. and the whole chain is now falling apart! (its not only us who are damaged by her actions but the family we are buying a house from as well and they are also in a chain...)
I understood that we cannot now force her to buy or pay damages (is this right?) as apparently the UK law does not protect the seller at all. Can we do just something to try to recover at least a portion of the costs and get compensation for the time wasted etc? E.g. maybe police or immigration police (she's non UK) or put a note on her credit history or blacklisted as potential property buyer, anything? any suggestions welcome.

Ive got an idea, contact your GP and ask for a mental health check up. Because clearly you are mad!

No, there is nothing like that which you can do!

She doesnt want your flat (i dont want your flat, I hope NOONE wants your flat) because you are a nightmare vendor.

I hope this is Troll, if not, you are just twisted.

Gilly_VV

Very nice of all you... as if I am not stressed enough being heavily pregnant and close to homeless now!

As I said we were advised by the agency to put something on the form even if we were not sure about the term and they SUGGESTED THAT 90 YEARS are written down as it appeals to buyers. The estate agent on the case later said it will be in any case clarified by legal reps on both sides and that it is not a concern here rather a technicality as the buyer pays 100% in cash. Now of course they deny ever saying that. :mad:

I understand everyone here is a respected property law expert but sorry we are not as we are first time sellers. How were we supposed not to trust a person who has 20 years of hands on experience?

notanewuser

Gilly_VV wrote: »

Very nice of all you... as if I am not stressed enough being heavily pregnant and close to homeless now!

As I said we were advised by the agency to put something on the form even if we were not sure about the term and they SUGGESTED THAT 90 YEARS are written down as it appeals to buyers. The estate agent on the case later said it will be in any case clarified by legal reps on both sides and that it is not a concern here rather a technicality as the buyer pays 100% in cash. Now of course they deny ever saying that. :mad:

I understand everyone here is a respected property law expert but sorry we are not as we are first time sellers. How were we supposed not to trust a person who has 20 years of hands on experience?

How are you "close to homeless"? You can live in the flat you can't sell!!

You were stupid to listen to "the agency".

You were stupid to buy furniture for a new house.

You are stupid to think this is anything but your fault.

I hope you haven't exchanged contracts on the new house, else you're screwed!