Buyer Of House Fails To Complete

mumcoll

It happened to my son when he sold his house some years ago. It was a 50% shared ownership and was something to do with the length of the lease and the buyers' lender withdrew the offer after they had exchanged!
The couple still wanted to buy but couldn't and certainly didn't have any money if they were sued. Luckily a cash buyer came along pretty soon afterwards but it was a nightmare while it lasted.

dancingfairy

I'm the same as GM. I've been on here also for many years and I recall very few instances - 3 or 4. It's weird that 2 have been so recent. I guess if it happens to you here's where you would come to ask advice and it is thankfully very rare still.
I hope your friend gets what he wants (whether that's the house or the deposit and suing the other person).
df

steve2005

I will get an update from him on Tuesday one way or another, and let you know what's going to happen next.

The buyer owns at least three other properties in the area so there is no doubt he has the assets should it go to court.

steve2005

No update I'm afraid - either he's too drunk celebrating to answer the phone, or too angry to answer the phone.... Will try calling tomorrow, late morning lol

steve2005

OK so apparently the buyer has still not managed to secure the funds to make the purchase, despite already exchanging in December, and asking for 2 completion extensions.

What would normally be the next step? Obviously his solicitor is in possession of the deposit, but is there anything else he can ask for?

TheCyclingProgrammer

Has a formal notice to complete been sent?

[Deleted User]

I think his solicitor is the best person to answer that question.

If there is no chain, then it does simplify matters. If your friend is forced to move to allow his buyer to take his place.., then I believe associated costs to do with that, and reasonable hotel costs can also be asked for, storage fees etc.

If your friend does not have to vacate his property, the costs he can ask for are more limited, besides keeping the deposit and interest already stated, possibly including the buying legal fees and survey costs.

But he needs to say to his solicitor (who is more aware of your friend's particular situation), "what can I ask for?" Its not that hard lol. We don't have this information (and probably shouldn't) so our answers won't necessarily be complete.

G_M

If your friend is still having to come to a public forum for advice of this nature then either

* he IS doing his own conveyancing (and should instruct a solicitor immediately or
* he is too stupid to contact his conveyancer (in which case he should, I dunno, get a new brain) or
* his conveyancer is incompetant/on holiday/etc in which case he should follow the firm's complaints procedure and escallate the issue

Gordon_Hose

I too am perplexed why he's asking you these questions, only for you to come here and ask a room full of strangers. You cleasrly don't have the answers.

Surely he'd get a straight answer from his solicitor?

movilogo

buyers' lender withdrew the offer after they had exchanged!

How that is possible?? Then one can sue lender for damages. I think lenders can do that only if they can prove some fraud with original application.