Can the buyer charge the seller for delays?

Jhoney_2

Squid101 wrote: »

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 :

You speak of keys and draw down....Are you talking about completion? Have you exchanged already?

john_white

Jhoney wrote: »

You speak of keys and draw down....Are you talking about completion? Have you exchanged already?

No they have not exchanged.

agrinnall

john_white wrote: »

No they have not exchanged.

That's just a guess though isn't it, because the OP doesn't mention exchange at all, but does mention completion. I'd agree that it's unlikely they have exchanged, but it's not impossible.

MysteryMe

When you are buying from vendors who are mid divorce it can be difficult, especially is it's acrimonious.


If you wish to withdraw you will lose any money spent on surveys and other expenses and might find prices of other houses have risen, depending on what area you are in so be careful not to cut your nose off to spite your face.


I hope it works out and you get to exchange soon.

Peronihull

Squid101 wrote: »

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

You need a new offer as the paperwork must reflect the offer price. So if you are reducing the offer your lender needs to know. If they wanted to they could make you conduct a survey again...rare but still possible.


This happened to me recently due a price reduction to reflect damage to property between exchange and completion.

Richard_Webster

The moral, I'm afraid is not to buy from anyone in the middle of a divorce unless they demonstrate that everything is in order and they won't back out. You must talk to both sellers yourself - don't believe the estate agents - and see how far you think you can trust them not to change their minds.

Also, even when there is no apparent disagreement it is often the case that the person who is effectively handing over money (usually the husband) will be advised later by his solicitor not to sign anything until a consent court order has been obtained to make the deal "concrete". This stops the other party coming back later and claiming more. Problem is that even these consent orders can take 3 months or so to go through.

AdrianC

agrinnall wrote: »

That's just a guess though isn't it, because the OP doesn't mention exchange at all, but does mention completion. I'd agree that it's unlikely they have exchanged, but it's not impossible.

If they have exchanged, then what's the spouse refusing to sign?

agrinnall

AdrianC wrote: »

If they have exchanged, then what's the spouse refusing to sign?

Which is why I said "it's unlikely they have exchanged, but it's not impossible". I'm sure there are things that could hold up completion due to lack of signature, especially when a divorce is part of the mix, but that probably isn't the case here.

john_white

agrinnall wrote: »

That's just a guess though isn't it, because the OP doesn't mention exchange at all, but does mention completion. I'd agree that it's unlikely they have exchanged, but it's not impossible.

To exchange both parties need to sign the contract, it clearly states in the OP that the seller(s) are refusing to sign.

Squid101

Just a quick one. No we havent completed yet thee out of the four have signed, as already concluded one person on the other side is refusing to sign.

This may or may not resolve itself. We will just take it as it comes. BUT we will have to pull out if nothing happens by next week.

Its just a shame that their personal issues with each other have resulted in this upset.

The moral of this story is that i will never divorce my OH, after 20 years i think i will stick by. (I do kind love him though!!)