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Buyer trying to negotiate after exchange
Comments
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Yes indeed a charge on his property and other assets would be possible. If he claims inability to pay he's got the next goodness knows how long of us watching his purchases and holidays etc while the property prices go down and we add devaluation onto his bill.
.... also, you will have a liability to your seller.
You will have to pay them damages, and they may not be prepared to wait months or years for payment.
So they might sue you and enforce payment from you, even though you can't get payment from your buyer.0 -
Yes - but the OP would first need to obtain a CCJ, secure a charge and then seek an order for sale from the court.
All that would take time, and all the while HIS vendor's costs are being passed to the OP"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
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Why would the OP be responsible for his vendor's costs? Surely the OP is not liable because they have done nothing to cause the breach of contract.
It's not really the vendors problem / concern as to why the OP didn't complete on their purchase - the fact is that they didn't.
Therfore as I understand it the OP has breached their contract with the vendor, and the vendor is perfectly entitled to come after them for their costs regardless of what happens between the OP and their buyer.
After all, if the OP could have laid their hands on a large sum of cash floating round, they could have gone ahead and completed on their purchase even if their sale had not gone through .....0 -
Why would the OP be responsible for his vendor's costs? Surely the OP is not liable because they have done nothing to cause the breach of contract.
As Poohstick has pointed out, the arrangement between OP and their Buyer is not their concern, they have exchanged and the vendor has every right to pursue the op for their costs as well. hence the issue with being a chain potentially"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Those at the top of the chain will also have a duty to keep their costs to a minimumAn answer isn't spam just because you don't like it......0
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As Poohstick has pointed out, the arrangement between OP and their Buyer is not their concern, they have exchanged and the vendor has every right to pursue the op for their costs as well. hence the issue with being a chain potentially
Yes - it is a complicated matter but the OP is an innocent party and will therefore be able to recover these costs from his buyer (who should have thought about the consequences of not honoring a legally binding contract)..0 -
Did the chain complete?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Are you sure you'll make a 'profit' on this?
You would only make a profit if your costs are less than £64.5k.
If your costs are greater than £64.5k, you'll just get your costs back.
As a minimum, your costs will include the 10% deposit you paid your seller, your EA fee, your removal costs, your legal costs.
You might have to pay your seller even more if their costs are greater than the 10% deposit. (e.g. if the price of their property falls before they manage to find another buyer.)
Just to add that it's worth checking the EA contract. It may only require payment if completion takes place.
Even if the standard contract terms don't say that , you can ask for it to be written into the contract before hiring the EA.No reliance should be placed on the above! Absolutely none, do you hear?0
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