Move from hell, purchasers failed to complete HELP!

Jhoney_2

:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T

Finally! Congratulations OP and well done for making things happen re your vendor dropping the extra pressure on you right at the end. What *%$%^s!

Anyway, time to play some nice music and slowly make it feel like your home. The drama had nothing to do with the house so remember to enjoy it.

:beer:

PS sorry for all the emoticons, but this really merited it,

maninthestreet

I take it you won't be inviting 'Duffhead' to any house-warming party you may be planning?

freezspirit

maninthestreet wrote: »

I take it you won't be inviting 'Duffhead' to any house-warming party you may be planning?

Or the person you bought from. seriously if he knew the situation and didn't help considering the property was empty. I would wonder what his costs are that he will sue you for?


I know when my brother bought his home 7/8 years ago his solicitor wanted all the money a week before or the very least 48hr. And last month when I was in the bank, another customer was trying to transfer a large amount of money to his solicitor account as he knew he would be away on completion and his solicitor was not happy to proceed until he had the money. So I wondered if it was standard practise. Listening to this story its not.


Might be late to say this but keep a close eye on the cats for the next couple of months. House moves are stressful on humans aswell as pets. Give them one room that is theirs for a few days then gradually introduce the new house to them.

Jhoney_2

freezspirit wrote: »

Or the person you bought from. seriously if he knew the situation and didn't help considering the property was empty. I would wonder what his costs are that he will sue you for?

.

I would think somewhere in the region of £45k:eek: at this point?

Hope i'm wrong.

nomoneytoday

Megamonty wrote: »

2. We also had to make a card payment for our vendors breech of contract costs as he wanted them before completion, not exactly sure the total amount off hand, but it was interest at bank base rate + 4% as well as buildings insurance reinstatement costs and Legal fees. I just said to the Solicitor "you have authority on my card for whatever you need to complete just take it".

I would have refused - the vendor can wait along with everyone else in the chain..

kwmlondon

Hugely relieved to know that the move has taken place. What a nightmarish scenario to find yourself in - hope you get your breath back and start to enjoy your life in the new home.

I would be interested to know how the situation pans out from this point onwards.

Good luck!

Jhoney_2

Vendor probably knew the situation and was holding all the cards at that point, hence he is also a b$%^&*!

Hopefully, he will waiver the penalty element and just wants to be cheeky and get his rented accom paid FOC? He may then remove himself from the cr$p going on in the rest of the chain. Sounds like an opportunist though....

PS shame on OP vendors solicitor for not rejecting that request out of hand!

dktreesea

Jhoney wrote: »

Ditto this. If the Bridging loan idea was to take hold, imagine all the FTB etc who would unwittingly fall into this minefield through lack of knowledge or end up in hock.

The only 'interest' I see in this would be financial (to the BL Lender) not cerebral or problem solving.

Why the FTBs? they're not going to need a bridging loan. They're the first in the chan, and have nothing to sell. But it would at least put some pressure on them to act responsibly and not hold up the chain.


So say the seller, so second in the chain, needs to rely on bridging finance to complete his own purchase. The cost of this, assuming the FTB is the one delaying proceedings, falls to the FTB. All that would happen is if the FTB couldn't complete at all they would forfeit their deposit, in this case to the seller above them. If they could complete but were delayed, they would have to find whatever is now due to their seller, i.e. the costs of his bridging finance, typically 0.6% a month or thereabouts, in order to complete.


All of this, costs due to the seller if they fail to complete, and costs due from the seller to the buyer if the seller fails to complete on time, should be stipulated in the contract. Instead in Britain it all sounds very airy fairy, and you have to sue down the chain to cover your "reasonable expenses".


No wonder so many people pay over the odds here to buy a brand new home or to buy land and build on it.

dktreesea

Jhoney wrote: »

Vendor probably knew the situation and was holding all the cards at that point, hence he is also a b$%^&*!

Hopefully, he will waiver the penalty element and just wants to be cheeky and get his rented accom paid FOC? He may then remove himself from the cr$p going on in the rest of the chain. Sounds like an opportunist though....

PS shame on OP vendors solicitor for not rejecting that request out of hand!

Why should the vendor waive the penalty element? His buyer has failed to complete. The remainder of the chain is not his concern.


His buyer is in a position to complete, by arranging bridging finance, and in a position to recover the costs of the same from whomever he is selling the house to and presumably who has also failed to complete.

dktreesea

Pixie5740 wrote: »

This chain phenomenon isn't a UK wide thing. It doesn't happen in Scotland as we have a different process of buying and selling properties. Although some estate agents clearly watch too much Location Location Location and say things like "That's great, you're chain free." Of course I bloody well am I in Scotland!

I'm glad you got moved in the end OP even if it's cost you more and took longer than you thought it would or should.

Thank goodness for that. I live in Scotland too, where the only people you are concerned with are your vendor and your buyer, and you don't usually delay proceedings with your vendor just because your buyer is dragging his feet.