Can the buyer charge the seller for delays?

Squid101

Hi All

So following on from all the excitement of getting a mortgage and being able to proceed with our desired property, and the attached fear of giving notice....something has happened!!!

Were buying from a couple who are mid divorce, and we were meant to get the keys this week. Problem is it seems one of the pair has refused to sign. Its a pest but it happens i suppose.

We are going to give one short extension and then pull out. Its just a house at the end of the day. But has anyone ever considered or even implemented a forfeit charge? IE we will give you one more month to complete. After week 1 we will reduce the amount paid for the property by x amount per working week. Or something similar?

I have never see this before, and i suspect its not even feasible. I just feel that having been let down by one of the pair (potentially for their own greed....*i must not judge!*) it would be fair to say that we can hang on for one more month only and after a week we start reducing what we will pay for the inconvenience.

At the end of the day, i wont hang around. I will pull out. Its not my loss its theirs. To be fair the sooner we get a decision the sooner we can look for another property.

Any views oh wise people of MSE :

jbainbridge

No you can't.

G_M

Of course you can. You tell them to Exchange by xx date (note- Exchange, not Complete) or you will drop the price you will pay to £x,000.

They can then either

* Exchange at the current price by the deadline or
* Exchange after the deadline at the new lower price or
* find a new buyer.

Guest101

jbainbridge wrote: »

No you can't.

U say that with conviction, but you're wrong.

eddddy

... the slight irony is that you'd have to get a special term written into the contract by the solicitors - which might delay things for a week or so.

Squid101

Thats interesting, thanks all.

I mean it really is a toss up isnt it. Move on, or hang on and negotiate a reduction which has its own risks obviously.

I think i might just nip over and look at some more properties, just to, you know, get an idea!!

mjoneseyjones

Guest101 wrote: »

U say that with conviction, but you're wrong.

You make hundreds of inaccurate posts a week with conviction so not sure why you're singling out that poster

jbainbridge

Mmm ... you can't 'charge' them. But as ever GM is right ... you could drop your offer.

john_white

G_M wrote: »

Of course you can. You tell them to Exchange by xx date (note- Exchange, not Complete) or you will drop the price you will pay to £x,000.

They can then either

* Exchange at the current price by the deadline or
* Exchange after the deadline at the new lower price or
* find a new buyer.

And require a new mortgage offer, delaying things.

Squid101

Would it require a new mortgage, or just a reduction in the amount required to be drawn down?

john_white

new mortgage offer.