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Failed to Complete - Breach of Contract

steeeb
steeeb Posts: 373 Forumite
in House buying, renting & selling
Hi all,

What a wonderful day today is turning out to be.

I've just had a phone call from my solicitor an hour or so ago stating he's missed a phone call from the buyers solicitor stating they can't complete today and that he's trying to get back in touch to get more information.

I've rang the estate agent and they've managed to find out that our buyer are porting a mortgage from another property and that property exchanged 2 weeks ago - but the buyer for that has breached contract and not completed - something about him deciding he wanted a mortgage instead of buying it cash and not receiving a mortgage offer.

Anyone any advice on what to do next other than wait to hear back off of the solicitor?
«1

Comments

  • Rain_Shadow
    Rain_Shadow Posts: 1,798 Forumite
    Are you buying as well as selling?
    You can pick your friends and you can pick your nose but you can't pick your friend's nose.
  • steeeb
    steeeb Posts: 373 Forumite
    Yes, buying and selling.
  • Rain_Shadow
    Rain_Shadow Posts: 1,798 Forumite
    So you cannot complete on your purchase?
    You can pick your friends and you can pick your nose but you can't pick your friend's nose.
  • steeeb
    steeeb Posts: 373 Forumite
    Not without completing on our sale, no.
  • DoaM
    DoaM Posts: 11,863 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Which means you will also be breaching your contract with your vendor, because you don't have the funds to complete? ;)
  • 3mph
    3mph Posts: 247 Forumite
    Really sorry to hear this.

    If you can have a look there are a number of threads on this Forum about buyers not completing and the outcome. There was an Epic from I think Welshwoof.

    Worth looking at them, although you may not be in the right state of mind, to find out they did.

    Hope it works out OK for you.
  • mrschaucer
    mrschaucer Posts: 953 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Get your solicitor to serve a Notice to Complete on your buyers today.
  • david1951
    david1951 Posts: 431 Forumite
    Fifth Anniversary Combo Breaker
    edited 24 February 2017 at 12:26PM
    Keep a record of any costs that you incur from the failure to complete, whilst trying to mitigate your costs as much as possible.

    Bear in mind these costs may include those of the chain below you, and you might want to check that your solicitor has notified your vendor accordingly.

    Does your vendor 'need' to complete today as well, e.g., are they also relying on the sale to complete a purchase of their own? (basically where does the chain end).

    Also, please confirm that you have actually exchanged contracts? (just checking...)
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    David has covered the essentials above.Please do all the things he's suggested.
  • Upsidedown_Bear
    Upsidedown_Bear Posts: 18,264 Forumite
    10,000 Posts Combo Breaker
    3mph wrote: »
    If you can have a look there are a number of threads on this Forum about buyers not completing and the outcome. There was an Epic from I think Welshwoof.

    Worth looking at them, although you may not be in the right state of mind, to find out they did.

    Thread is here if you want a read sometime.
    Welshwoofs

    Hope everything gets sorted for you :)
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