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Stolljj
Posts: 1 Newbie
Long shot I know, but wondering if I have any case to claim back expenses from a buyer that pulled out from the purchase of a property I own. I negotiated a sale with a first time buyer, price agreed, agent verified funding (cash deposit and mortgage agreed in principal) conveyancing went without any issues, on the day of the survey I was informed by the agent that the buyer had resigned from his job to become a director of a company meaning his mortgage lender had understandably refused the loan due to the change in circumstances. I’m out of pocket to the tune of £1000 in legal fees, 3 months mortgage payment and council tax, and of course landing me back at square one. I’m a property landlord and developer so am used to sales falling through over typical issues that come up via surveys, leases etc, but this was entirely the fault of the buyer. If anybody’s had any similar experience or can point me in the right direction for advice I’d be very grateful. Many thanks
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Comments
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Absolutely no chance..... Nothing's legally binding until after exchange of contractsEx forum ambassador
Long term forum member0 -
I’m a property landlord and developer so am used to sales falling through over typical issues that come up via surveys, leases etc0
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Did you take out insurance to cover this eventuality?
Did you negotiate a 'no sale no fee' contract with your conveyancer?0 -
Get your mortgage payments and council tax back! That!!!8217;s a new one!
No chance.0 -
You're a developer, landlord and you have a solicitor, so why are you asking such basic questions here?
But in answer to your question, yes, I had similar experiences on two occasions, one after the other. The only thing I could do was accept the situation, move on swiftly and not hold grudges. After all, I've also had cold feet. Spending hundreds of thousands is a big decision.0 -
Not a chance.
And why should the buyer cover any mortgage payments or council tax? Your house, your responsibility, and that is always the case until at least exchange of contacts.
If you changed your mind about selling, would you be happy to pay compensation to the buyer?0 -
This should go in a windup of the day threadAn answer isn't spam just because you don't like it......0
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No.
I lost £12k in this way last year. I have moved on, but I'm afraid I bear a grudge. I saw the guy driving round the village in a brand new convertible BMW and I was seething! He and his wife 'changed their mind' on the day of exchange.0 -
If you hadn!!!8217;t exchanged then nope, not a sausage0
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Ah well... it`s only £1000, could have been worse. If a landlord/developer is feeling the loss of £1000 the market must be in trouble?:rotfl:0
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