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House sale falling through after exchange of contracts
Comments
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HouseBuyer77 wrote: »Of course if the builder makes a right mess of it and completion doesn't happen you could have a big problem (on top of the non-completion problem).
So the OP needs to make a big judgement call.
Is the buyer and their builder trustworthy - or a pair of dreaming bodgers?
... who might end up damaging the OP's flat, flooding the downstairs neighbours, damaging the communal services. And doing such a bad job that the valuer refuses to lift the retention.
At the very least, the buyer needs to sign an indemnity, and ideally places an increased deposit with the solicitors in case they cause damage and never complete.0 -
No builders and no BS. Either complete or you're going after them for all costs.0
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It's easy to talk about taking legal action etc but that can take years and when you come 1 day from completion it is very hard. I will talk to my lawyer tomorrow - I have to look after my interests first -such a shambles0
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Suing a party for failing to complete after exchange is as close to a certain outcome as there is in the legal system. I cannot believe there is a judge in the country that will not rule in your favour.
Far more uncertain is allowing a builder into your home while you still live there to go to work on your kitchen and bathroom (at minimum) to try and proceed a sale that may not go through anyway due to previously evidenced [FONT="] incompetence[/FONT]. Do you know if it is a reputable builder? I would think that any decent one will not be available for this short notice?0 -
No I will leave it with the solicetors0
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Buyer's choice may be to get the builders in sooner rather than later, after all that delays the time that they need to start paying the mortgage.
Seller's choice (ie OP) would be for the buyer to arrange a bridging loan to fund the property purchase until they have done the work.
As it happens the April stamp duty hike will mean that the buyer needs to move quickly and not waste days arguing.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
You make it sound easy but winning a case and actually getting paid are two different things. Given the OP is in a chain the bill could get quite big and if the OP's buyer cannot afford to pay it all the OP gets left to make up the shortfall. Besides which how does the OP's cashflow work in the meantime. I wouldn't go there unless there was no other alternative. I'd have thought the best outcome for the OP is to get the sale through within the ten days before others up the chain can start rescinding contracts.Suing a party for failing to complete after exchange is as close to a certain outcome as there is in the legal system. I cannot believe there is a judge in the country that will not rule in your favour.0 -
Anyone else's mind instantly go back to this?
https://forums.moneysavingexpert.com/discussion/1806123
Classic thread"If ever there is a tomorrow when we're not together... there is something you must always remember. You are braver than you believe, stronger than you seem, and smarter than you think. But the most important thing is, even if we're apart... I'll always be with you. "
A.A. Milne
We are such stuff
As dreams are made on; and our little life
Is rounded with a sleep.
Not everything that is faced can be changed, but nothing can be changed until it is faced (James Baldwin)0
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