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House buyer is refusing to full price (after completion)
SlopingBird
Posts: 112 Forumite
Hi everyone
I know my partner and I have been massive mugs, but as honest people we don't expect others to lie and deceive.
In short, we have just completed on our house sale after eleven hellish months of stress and near despair. Our lovely home had three double bedrooms (unusual in our location) and was in a very desirable area. Unfortunately, due to the recession - and it being located in South Wales and NOT Cardiff - we had no option but to sell for barely more than we paid for the property in 2007.
We had a lot of interest from the outset and quickly agreed a sale to a couple who wanted to complete in 7-8 weeks. This worked for us so we opted for them and agreed a sale price of £215k. We soon realised we had joined the property chain from hell (and we were the last in the chain).
Three agreed completion dates came and went before Christmas (we actually got to exchange/completion day once only for everything to fall through) and other dates were discussed. Basically, our buyers' buyers had a problematic leasehold flat to sell and were not in a position to proceed. Our own buyers were determined to hold onto them though.
In February, we gave up on the chain and resold to another buyer very quickly at the same price. My original buyers hounded us relentlessly with messages and phone calls. Eventually, in mid-March, when it seemed our new chain was also going to be problematic, they phoned me and offered an additional £3,000 cash if we returned to them, i.e. they would pay £218k for our house.
Offering the £3,000 extra in cash, they claimed, was so they didn't have to reapply for a mortgage with a new survey, etc. We realised their increased offer was meant solely to gazump our existing buyers who had made it clear they could not go above £215k but it was tempting, especially as we'd made nothing on the property.
After a long weekend of soul-searching, during which time their estate agent rang me up and put the pressure on, saying this couple were ready to complete in 2-3 weeks, we agreed to pull out of the new chain and return to the original one.
Needless to say, nothing had been resolved and the chain eventually collapsed in early May. Fortunately, our buyers found another buyer very quickly and this time the chain, albeit slower than we would have liked, did eventually proceed to completion (on August 5).
On Thursday, the day before exchange of contracts, I contacted my buyer and she reassured me that they would pay the extra £3,000 after completion. In fact, she seemed offended that I had thought it necessary to check.
We completed our sale on Friday and they paid £215k through the usual channels. Then everything went silent. Thinking they would be busy after a house move, I waited until today to chase them up.
This morning, I contacted them via Messenger and received an upsetting and abusive response telling me how awful I was and how they were outraged that we were seeking 'compensation' from them because we'd had to wait so long. The woman then immediately blocked me. Her husband has a senior job in insurance so we are left wondering if he ever intended to pay us or always meant to trick us into selling to them.
I have my buyer's email address so I have been in touch pointing out that we did not ask for this additional money and that they offered it to us in mid-March. I also pointed out their increased offer was a decisive factor in our decision to accept them as our buyers again.
I have copied my buyers' solicitor and estate agent into the email. The estate agent and I have spoken many times over the months and he is, I always thought, an honest guy. Ironically, he actually warned me not to believe everything my buyer told me just a few weeks ago.
We feel very stupid. It's horrible knowing you've been duped in this way. We have nothing in writing - with hindsight, we realise we should have insisted on that from the outset.
Anyone know if we've got a legal leg to stand on? Is it worth a solicitor's letter at the very least?
Any advice would be greatly appreciated.
Thanks for reading.
I know my partner and I have been massive mugs, but as honest people we don't expect others to lie and deceive.
In short, we have just completed on our house sale after eleven hellish months of stress and near despair. Our lovely home had three double bedrooms (unusual in our location) and was in a very desirable area. Unfortunately, due to the recession - and it being located in South Wales and NOT Cardiff - we had no option but to sell for barely more than we paid for the property in 2007.
We had a lot of interest from the outset and quickly agreed a sale to a couple who wanted to complete in 7-8 weeks. This worked for us so we opted for them and agreed a sale price of £215k. We soon realised we had joined the property chain from hell (and we were the last in the chain).
Three agreed completion dates came and went before Christmas (we actually got to exchange/completion day once only for everything to fall through) and other dates were discussed. Basically, our buyers' buyers had a problematic leasehold flat to sell and were not in a position to proceed. Our own buyers were determined to hold onto them though.
In February, we gave up on the chain and resold to another buyer very quickly at the same price. My original buyers hounded us relentlessly with messages and phone calls. Eventually, in mid-March, when it seemed our new chain was also going to be problematic, they phoned me and offered an additional £3,000 cash if we returned to them, i.e. they would pay £218k for our house.
Offering the £3,000 extra in cash, they claimed, was so they didn't have to reapply for a mortgage with a new survey, etc. We realised their increased offer was meant solely to gazump our existing buyers who had made it clear they could not go above £215k but it was tempting, especially as we'd made nothing on the property.
After a long weekend of soul-searching, during which time their estate agent rang me up and put the pressure on, saying this couple were ready to complete in 2-3 weeks, we agreed to pull out of the new chain and return to the original one.
Needless to say, nothing had been resolved and the chain eventually collapsed in early May. Fortunately, our buyers found another buyer very quickly and this time the chain, albeit slower than we would have liked, did eventually proceed to completion (on August 5).
On Thursday, the day before exchange of contracts, I contacted my buyer and she reassured me that they would pay the extra £3,000 after completion. In fact, she seemed offended that I had thought it necessary to check.
We completed our sale on Friday and they paid £215k through the usual channels. Then everything went silent. Thinking they would be busy after a house move, I waited until today to chase them up.
This morning, I contacted them via Messenger and received an upsetting and abusive response telling me how awful I was and how they were outraged that we were seeking 'compensation' from them because we'd had to wait so long. The woman then immediately blocked me. Her husband has a senior job in insurance so we are left wondering if he ever intended to pay us or always meant to trick us into selling to them.
I have my buyer's email address so I have been in touch pointing out that we did not ask for this additional money and that they offered it to us in mid-March. I also pointed out their increased offer was a decisive factor in our decision to accept them as our buyers again.
I have copied my buyers' solicitor and estate agent into the email. The estate agent and I have spoken many times over the months and he is, I always thought, an honest guy. Ironically, he actually warned me not to believe everything my buyer told me just a few weeks ago.
We feel very stupid. It's horrible knowing you've been duped in this way. We have nothing in writing - with hindsight, we realise we should have insisted on that from the outset.
Anyone know if we've got a legal leg to stand on? Is it worth a solicitor's letter at the very least?
Any advice would be greatly appreciated.
Thanks for reading.
0
Comments
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With nothing at all in writing I fear you'll have a very hard time persuading a court that you're owed the money, and for £3k you might be better served letting it go. Personally, I'd chase it because I'm stubborn and taking them to "small claims" court doesn't cost much and might scare them into action. Letter Before Action first, but only if you intend to see it through.
Do you really not have anything at all though? A text to the EA mentioning it, or an email with your solicitor?0 -
Either keep quiet about it and write it off, or try and claim the money and hope HMRC don't find out and persue you for being compliant in tax fraud.0
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So you gazumped your second buyer a month into the process? Ouch.
I would walk and put it down to 'life lesson' (some would say 'karma'). Why was your solicitor not involved re the £3k? Cos it's keeping the price of the house down for your benefit and theirs (less EA, solicitor and stamp duty)?
Been as nice as I can be. Not trying to be harsh but it just all sounds a little dodgy.2024 wins: *must start comping again!*0 -
So you gazumped your second buyer a month into the process? Ouch.
I would walk and put it down to 'life lesson' (some would say 'karma'). Why was your solicitor not involved re the £3k? Cos it's keeping the price of the house down for your benefit and theirs (less EA, solicitor and stamp duty)?
Been as nice as I can be. Not trying to be harsh but it just all sounds a little dodgy.
This was my thought as well.0 -
Why was this not in the contract? You will find it difficult to win at court, as the court will rely on the contract as the main evidence. Contracts often say within it that the contract contains the deal in entirety.
I think you should let this one go.0 -
Own goal: Tax fiddling does seem rather unpatriotic and un-British.0
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Sorry but I don't have any sympathy whatsoever .. Karma is a funny thing0
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So you gazumped your second buyer a month into the process? Ouch.
I would walk and put it down to 'life lesson' (some would say 'karma'). Why was your solicitor not involved re the £3k? Cos it's keeping the price of the house down for your benefit and theirs (less EA, solicitor and stamp duty)?
Been as nice as I can be. Not trying to be harsh but it just all sounds a little dodgy.
We were with Purplebricks so the fees weren't dependent on the sale price. Yes, we realise it all sounds dodgy now but at the time we were desperate for the sale and our buyers wanted to do it this way to avoid having to reapply for a mortgage.0 -
Contract says £215k.
Completion happens, with £215k paid to solicitor.
SDLT return says £215k?
Then there's a vague word-of-mouth about how there was going to be another £3k that was round the back door...
Oh, c'mon. You know what your chances are, don't you?0 -
SlopingBird wrote: »We were with Purplebricks so the fees weren't dependent on the sale price. Yes, we realise it all sounds dodgy now but at the time we were desperate for the sale and our buyers wanted to do it this way to avoid having to reapply for a mortgage.
Sorry, I should have added that apart from agreeing a sale price our new buyer had done absolutely nothing to progress the sale. She hadn't even provided her solicitor with ID.0
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