Can I the seller pull out AFTER exchange of contract on my property?

m0bov

Paddle and creek spring to mind.

PasturesNew

If it's undervalue, then the buyers will still want their "bargain" - so they'd toddle off and find a comparative house to buy - at a higher price (not a bargain) - and bill you for the difference.

Mallotum_X

If you have exchanged, you have already done the deal and agreed the price. It's too late now unless you have thousands available to chuck at this. It will cost you dearly to try and cancel the contract now.

Pixie5740

Hannsmith wrote: »

Many thanks for your responses. The current lender forced the sale at a under-value price due to an overdue loan. Now that I can potentially raise the funding to repay their loan, can it be reversed so that I can keep my property? The buyers want to rent the house and have a delayed completion. I do feel bad for them and would be happy to pay their removal costs/legals etc etc. They already own a home they will market shortly. Any legal advice or assistance would be greatly appreciated as there are serious financial consequences for me and my business in the sale completing at an undervalue price . Thanks

What do you mean by the buyers want to rent the house? Do you mean that they intend to let the property out or that they wish to rent the property from you?

You might find that the financial implications of not completing are greater than the financial implications of selling at what you consider an under value price. Your solicitor should be able to advice you better.

Mickygg

A quick google search tells you all you need to know.

This one explains well.

http://www.thisismoney.co.uk/money/mortgageshome/article-2656455/What-expect-exchanging-How-complete-property-purchase.html

Thrugelmir

Hannsmith wrote: »

The current lender forced the sale at a under-value price due to an overdue loan. Now that I can potentially raise the funding to repay their loan, can it be reversed so that I can keep my property?

Have you asked the lender ? Forced sales are a last resort and usually signify the end of any business relationship.

princeofpounds

The buyer can agree not to buy, for a price.

You will need the lender's agreement first.

If there is no chain, you might find the buyer needs a price of at least the undervalue, plus legals and other costs, plus some goodwill/compensation (which will not be small).

If there is a chain, it's highky highly unlikely you'd get everyone to agree without lottery-winner style costs.

Whatever you do, good luck.

I_have_spoken

Everyone has their price. See how much coin the buyers will take to walk away.


If they were buying it as a BTL, hopefully they have a business mindset and well just look for appropriate restitution for breach of contract and not get silly about it.

NB If the buyers are Ryan and Sue you're out of luck, they are just mean

franklee

PasturesNew wrote: »

The thread on here followed the journey of a buyer who was screwed over ... and covered the whole side of what the seller's buyer would do to them, so the thread's relevant, when posted/found.

It was in Wales, about 4-5 years ago ... it crops up 2x a year at least.

https://forums.moneysavingexpert.com/discussion/1806123

Hannsmith

Yes thanks, I did read this. Buyer settled on a 30k payment in the end but I am not sure what the purchase price and % reimbursement therefore was.