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Seller's delay might leave me out of pocket £1,000!
LittleIdiot
Posts: 1 Newbie
My offer to buy a house was accepted subject to exchange in 28 days - the sellers are buying a new build and the developers wanted to move fast.
We are renting and so we are in a good position to move fast. We have done everything we can to make the sale proceed quickly and we are now just waiting for surveys to come back.
There was a delay on the part of the seller which meant the seller's solicitors (who are also the developers solicitors) did not get instruction to our solicitor in time to get surveys done in time to meet the developer-imposed deadline. The developer is now threatening to put the property back on the market if we can not exchange by cob Friday. My solicitor has told me this is not going to happen.
I have spent over £1,000 on this so far in solicitors fees, mortgage arrangement fee, property survey, etc and I now stand to loose all of this simply because our seller had a delay.
We are naturally appealing to the developer to extend the deadline.
Despite the cause, I find it amazing that our property market in England is open to this sort of risk!
Is there anything I can do??
If our purchase falls through - is there anything I can do to negate this risk in future?
We are renting and so we are in a good position to move fast. We have done everything we can to make the sale proceed quickly and we are now just waiting for surveys to come back.
There was a delay on the part of the seller which meant the seller's solicitors (who are also the developers solicitors) did not get instruction to our solicitor in time to get surveys done in time to meet the developer-imposed deadline. The developer is now threatening to put the property back on the market if we can not exchange by cob Friday. My solicitor has told me this is not going to happen.
I have spent over £1,000 on this so far in solicitors fees, mortgage arrangement fee, property survey, etc and I now stand to loose all of this simply because our seller had a delay.
We are naturally appealing to the developer to extend the deadline.
Despite the cause, I find it amazing that our property market in England is open to this sort of risk!
Is there anything I can do??
If our purchase falls through - is there anything I can do to negate this risk in future?
0
Comments
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It sounds like they are just throwing their weight around.
If they re market the property they will need to start from scratch with a new buyer, this is not in their interest and will delay things even further.
I bet they continue with the sale to you if everything is moving.0 -
Yes I agree with Loopy. What I'm not clear about however, is why the delay? It sounds as if it is the solicitor who is dealing with the developer who has caused it?! So if there's any problem your solicitor can just fire an email back to them in reply stating this.0
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