Buyers Vs Seller Balance of Power after exchange

steampowered

It is possible to force the seller to sell the property to you through the courts. This is known as an order for specific performance. You can even get the judge to sign the land registry forms if the seller fails to do so. It takes time, but you would be awarded your legal costs.

Alternatively, you could claim money damages from the seller. You are entitled to receive damages for the sellers' breach of contract to compensate you for all losses suffered.

This will include conveyancing costs and legal fees. It could also include costs such as additional rent. Or even the difference in price between what you were going to pay the seller and what you had to pay a few months later.

At this stage, I would ask your conveyancer to make it clear to the sellers' conveyancers that you are not prepared for the sale to fall through. And that, as contracts have been exchanged, you are prepared to take legal action against the sellers to recover your losses if necessary. Hopefully the sellers' conveyancers would then explain the position to the seller and the seller would then reconsider.

G_M

ACACACAC wrote: »

......
2 weeks into exchange and with just a week until completion - BOOM - news that the seller wanted to withdraw from the sale AGAIN.

........

Our understanding is that if we, as a buyer, had pulled out after exchange, we would have lost our entire 10% exchange deposit AND further 000’s on the seller’s damages.

But if the seller pulls out after exchange - all we have a right to is our deposit returned (with the minimal interest) and conveyancing costs covered. No compensation, nothing for stress and anguish we’ve been put through, nothing compared to what the seller would receive if the shoe was on the other foot.

?

As others have pointed out, this is wrong.

The buyer can enforce the sale and/or claim compensation.

If your seller genuinely fails to Complete as per the contract they will have serious penalties to face.

G_M

I refer you to the Standard Conditions of Sale, which most solicitors use (so yours probably did - but check):

http://www.lawsociety.org.uk/support-services/documents/standard-conditions-of-sale-5th-edition/

If there is default by either or both of the parties in performing their obligations under the
contract and completion is delayed, the party whose total period of default is the greater is
to pay compensation to the other party.
7.2.2 Compensation is calculated at the contract rate on an amount equal to the purchase price,
less (where the buyer is the paying party) any deposit paid, for the period by which the
paying party's default exceeds that of the receiving party, or, if shorter, the period between
completion date and actual completion.

and

7.2.3 Any claim for loss resulting from delayed completion is to be reduced by any
compensation paid under this contract.

7.2.3 clearly differentiates between "compensation paid under this contract" and a "claim for loss". The contract specifies the compensation but that does not prevent the injured party making a separate claim for loss - in your case the months spent in a hotel etc etc etc