drop out of chain to rent - consquences

moneybags_3

I am in a chain of 4 and I have signed to sell my house. There appear to be problems with the house that I was to purchase and we were all to move on the 17th. These problems may hold things up for a considerable time with the result that my buyer might walk away. What are the consequences for me if I decide to rent a property elsewhere rather than wait around for the legalities concerning the problem are all sorted. This problem may have opened a can of worms !!!!!!!

daisygirlmac

When you say you have signed...have you exchanged contracts?

If you have not exchanged contracts you are free to walk away, not sell, rent or whatever you choose.

ValHaller

If you rent, you will almost certainly be committed to a 6 month minimum rental.

silvercar

Your buyer will be grateful that you still want to sell.

You then have the option to stick with the property you intended buying or find something else, now with the advantage that you have nothing to sell.

Guest101

Really need to know if u have exchanged

moneybags_3

I signed a contract to sell on the condition that I get the house I was about to sign to buy. The solicitor then passed me the contract to sign for the purchase of the house that I had agreed to buy. When I had signed the solicitor told me that there was an issue with the house that he had just let me sign to buy and that he had to try to resolve it. So it looks like I have no house to live it. I don't know what to do.

G_M

moneybags wrote: »

I signed a contract to sell on the condition that I get the house I was about to sign to buy. The solicitor then passed me the contract to sign for the purchase of the house that I had agreed to buy. When I had signed the solicitor told me that there was an issue with the house that he had just let me sign to buy and that he had to try to resolve it. So it looks like I have no house to live it. I don't know what to do.

Still unclear.

'Signing' the contract is not the same as 'Exchanging'. Your solicitor would usually hold your signed contracts (both to buy & sell) on your behalf, until you and everyone else in the chain is ready.

Then the solicitor will 'Exchange Contracts'. Only then are you committed.

Ask your solicitor if he has 'Exchanged'.

ValHaller

moneybags wrote: »

I signed a contract to sell on the condition that I get the house I was about to sign to buy. The solicitor then passed me the contract to sign for the purchase of the house that I had agreed to buy. When I had signed the solicitor told me that there was an issue with the house that he had just let me sign to buy and that he had to try to resolve it. So it looks like I have no house to live it. I don't know what to do.

Well, this leaves the solicitor to answer the question: Have you exchanged contracts? And to refine that a bit more, we need to know whether he has exchanged on your sale, your purchase or both.

Please appreciate that signing the contract and giving it to your solicitor is about the same as signing it at home and tucking it behind the clock until you are ready to go. Which is why no one is very interested in whether you have signed - it only indicates that the exchange of contracts is possible and the question about exchange has to be resolved.

Signing is not enough - the solicitor has to exchange contracts for it to be binding

moneybags_3

I don't know whether or not the solicitor has exchanged. I just know that I signed. I was hoping that he would get the problem with the house that I was to purchase sorted first. I will have to wait until 3 Jan to find out as they are all off on holidays.

ValHaller

moneybags wrote: »

I don't know whether or not the solicitor has exchanged. I just know that I signed. I was hoping that he would get the problem with the house that I was to purchase sorted first. I will have to wait until 3 Jan to find out as they are all off on holidays.

The don't worry about it for the moment. There is no reason to think he would have exchanged on one and not on the other. It is part and parcel of the solicitor's work to do simultaneous exchange so that you have neither more nor less than 1 property.

G_M

moneybags wrote: »

I don't know whether or not the solicitor has exchanged. I just know that I signed. I was hoping that he would get the problem with the house that I was to purchase sorted first. I will have to wait until 3 Jan to find out as they are all off on holidays.

It is highly unlikely your solicitor Exchanged on one contract but not the other.