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Rutledge88

Update:

The contract have all now been rescinded (this week), people are all re marketing for additional money. I am waiting to hear from my seller's litigation team to see what they are going to claim from me.

One question which I wanted some guidance on, under the entitlement to damages under my buyers failure to comply with a notice to complete (clause 7.4.2 of the contract) am I able to claim for the 10% deposit (the addition to the 10% of my sale which i know I am entitled to) that i am liable for to my seller?

Guest101

Why were the contracts rescinded? did you agree to this?

Rutledge88

The vendor at the top of the chain decided he had waited long enough and resold to a first time buyer, so he rescinded his contract, which then caused each of the other parties to do so in order to claim the outstanding deposits and associated damages. My seller rescinded the contract with me and is going to claim for his outstanding deposit (so far the FTB 10% deposit is the only sum to have been passed between the parties) and damages, which he has not yet scheduled out.

Guest101

Rutledge88 wrote: »

The vendor at the top of the chain decided he had waited long enough and resold to a first time buyer, so he rescinded his contract, which then caused each of the other parties to do so in order to claim the outstanding deposits and associated damages. My seller rescinded the contract with me and is going to claim for his outstanding deposit (so far the FTB 10% deposit is the only sum to have been passed between the parties) and damages, which he has not yet scheduled out.

Apologies if I'm misunderstanding u.

The seller sold to another party and so they're buyer would claim from them. They're buyer in turn would claim from that seller etc.

So why is your seller claiming from u?

sheramber

Guest101 wrote: »

Apologies if I'm misunderstanding u.

The seller sold to another party and so they're buyer would claim from them. They're buyer in turn would claim from that seller etc.

So why is your seller claiming from u?

posts 13 and 15 explain

Rutledge88

Hi, it is the other way around. Back in September, the deal couldn't complete because the first time buyer couldn't get his mortgage (or there was some sort of error with it) everyone at that time issued a notice to complete to their respective buyers, in the 3 months since then, we have all been dragged along by the FTB saying that he was getting a new mortgage. The FTB couldn't get one, so now the guy at the top has said enough is enough, and as it has been more than 10 days since the notice was issued, he has the right to rescind and claim the deposit and damages incurred.

Guest101

Rutledge88 wrote: »

Hi, it is the other way around. Back in September, the deal couldn't complete because the first time buyer couldn't get his mortgage (or there was some sort of error with it) everyone at that time issued a notice to complete to their respective buyers, in the 3 months since then, we have all been dragged along by the FTB saying that he was getting a new mortgage. The FTB couldn't get one, so now the guy at the top has said enough is enough, and as it has been more than 10 days since the notice was issued, he has the right to rescind and claim the deposit and damages incurred.

So apologies again. If he has sold surely the chain from there can continue still?

I think I need to read though the thread as there must be something I'm missing.

molerat

No1 at the top withdrew from the chain and sold to someone else so No2 cannot now move + No3 and so on

Angie_B

Guest101 wrote: »

So apologies again. If he has sold surely the chain from there can continue still?

I think I need to read though the thread as there must be something I'm missing.

The top of the chain re-selling his property is irrelevant to this situation. The top of the chain issued a notice to complete on his original buyer, they in turn served it down the chain, right down to the FTBs at the bottom who are the ones who have caused the problems by being unable to get a mortgage.

Once the notice to complete expired, the top of the chain rescinded the contract and is now claiming damages from his buyers, who are claiming from theirs, who are claiming from the OP, etc. The new buyers of the top of the chain's property have nothing to do with the situation.

The question the OP has is how much they can claim from their buyers.

OP - my understanding is that all the costs pass down. So, the top of the chain claims from their buyers, who then claim both the top of the chain's costs and their costs from their buyers, who claim all three costs from their buyers etc.

So yes, you should claim the entire cost of everything you are being asked for, plus your 10% (sending what you are being asked for up the chain). Problem comes, as you say, if the FTB have no money.

Edited to add: You need a good solicitor to guide you through this. It is not going to be a quick or easy fix.

Guest101

Angie_B wrote: »

The top of the chain re-selling his property is irrelevant to this situation. The top of the chain issued a notice to complete on his original buyer, they in turn served it down the chain, right down to the FTBs at the bottom who are the ones who have caused the problems by being unable to get a mortgage.

Once the notice to complete expired, the top of the chain rescinded the contract and is now claiming damages from his buyers, who are claiming from theirs, who are claiming from the OP, etc. The new buyers of the top of the chain's property have nothing to do with the situation.

The question the OP has is how much they can claim from their buyers.

OP - my understanding is that all the costs pass down. So, the top of the chain claims from their buyers, who the claim both to top of the chain costs and their costs from their buyers, who claim all three costs from their buyers etc.

So yes, you should claim the entire cost of everything you are being asked for, plus your 10% (sending what you are being asked for up the chain). Problem comes, as you say, if the FTB have no money.

Edited to add: You need a good solicitor to guide you through this. It is not going to be a quick or easy fix.

Apologies I understand.


It was the whole the FTBs didn't complete so new FTBs bought it that got me confused. Apologies OP.