Can seller pull out after exchange?

Sedge123

We have a gap of a few weeks between completion on our sale and completion on our purchase during which we will move in with relatives.

I'm paranoid something will go wrong during the gap with the house we are buying. We will exchange on both at the same time. Can our seller change their mind after exchange? This would leave us homeless!

Malmo

Yes they could change their mind but they would be breaking a legal contract and therefore liable for costs and compensation.

PasturesNew

Malmo wrote: »

Yes they could change their mind but they would be breaking a legal contract and therefore liable for costs and compensation.

Ditto, what he said.

If they do "change their mind" it gets messy ..... as technically/legally they can't. But as 9/10s of the law is possession then they do get to stay there a bit longer.

It's rare. There are only 2-3 threads on these boards in the last 8 years or so where it's happened.

Malmo

Enter this search phrase into Google and you'll see previous threads where this messy scenario has played out:

site:forums.moneysavingexpert.com seller OR sellers OR vendor OR vendors withdraws OR withdrawing OR withdrew OR pulls OR pulling out after exchange

G_M

It's so rare it's not worth worrying about.

Yes, in life, nothing in the future is 100% guaranteed, and sometimes sh*t happens. But worrying constantly about immensely unlikely possibilities is pointless.

And if it does happen, you move into a hotel and send them the bill.

Sedge123

Thanks all. Just needed a bit of a reality check. I think it was the solicitors letter which stated that we are intentionally 'homeless' for those few weeks which shook me up. You're right, stop worrying!

libf

Sedge123 wrote: »

Thanks all. Just needed a bit of a reality check. I think it was the solicitors letter which stated that we are intentionally 'homeless' for those few weeks which shook me up. You're right, stop worrying!

I'll be 'homeless' for at least 3 months between moving out of my flat and my new house being built. But as I'm living with my parents and they wouldn't turf me out if something happened with the house, I think it'll be okay.

somethingcorporate

Probably it's more likely the vendors die between exchange and completion than them pulling out.

HouseBuyer77

In some sense should your sellers pull out after exchange you'd be in a better position then if you'd done the standard completing purchase and sale on the same day. If you complete on the same day and something goes wrong your buyers would sue you and you'd sue the sellers. As is your buyers will be in and happy leaving you to sue the sellers without the stress of being sued yourself.

Though the whole thing is such a remote possibility it's not worth getting worked up about. (Do you get nervous about being killed every time you get into a car? Wouldn't be surprised if that's more likely then your sellers failing to complete). Relax and enjoy not having to move in and out in a single day

searchlight123

somethingcorporate wrote: »

Probably it's more likely the vendors die between exchange and completion than them pulling out.

that's a good point and must have happened numerous times (not only death but serious accident, illness etc).
what happens then? it would seem difficult (and harsh) from a moral standpoint to sue somebody or their descendants who have just suffered a bereavement.

maninthestreet

Here is the thread from a few year ago when the vendor refused to complete because they had changed their minds about selling:

https://forums.moneysavingexpert.com/discussion/1806123