Property purchase fell through Scotland

Nickykos

Hi there,

I was about to buy a flat, yesterday was the exchange date and the missives would be concluded the same day. I have taken a mortgage and all the funds are in my solicitor's account - we were completely ready from our side. However yesterday morning was announced from the seller's solicitor that the purchase won't go through as the seller does not have sufficient funds to pay the debts that are on the property. Is there any legal obligation for the to have done so, especially when they accepted my offer at the end of September?

Thanks

sheramber

Not until missives are signed.

xylophone

Property purchase fell through Scotland

:eek:
Is Nicola Sturgeon claiming on your insurance?:)

Sibz

Ouch... Got to wonder how much debt could possibly be on the property that what your paying for it would not cover them.... must be way beyond just house equity.

Either you were getting the place for buttons - that the seller thought he might be able to squirrel away before declaring bankruptcy or something.
Or the seller is already in a bit of a dire financial position, which would mean you could struggle to get anything out of them even if successful...

But surely they must have been aware of how much debt was registered against the property, ergo how much they'd have to sell it for to make the sale possible in the first place... Probably a coversation to be had with your solicitor on how you would proceed...

Pixie5740

Nickykos wrote: »

Hi there,

I was about to buy a flat, yesterday was the exchange date and the missives would be concluded the same day. I have taken a mortgage and all the funds are in my solicitor's account - we were completely ready from our side. However yesterday morning was announced from the seller's solicitor that the purchase won't go through as the seller does not have sufficient funds to pay the debts that are on the property. Is there any legal obligation for the to have done so, especially when they accepted my offer at the end of September?

Thanks

Yesterday was not the exchange date as there isn't an exchange of contracts date when buying property in Scotland.

What is your solicitor saying about the situation? A) Your solicitor is legally trained and we're just random folk of the internet. Your solicitor will know the ins and outs of the case.

Sibz

I assume he meant the completion date

Pixie5740

Sibz wrote: »

I assume he meant the completion date

There isn't a completion date either. There is conclusion of the missives and date of entry.