Geriatricmum vs inner voice: A monologue

lucielle

That’s exciting and not too long to go!
L

Aimingforthegoodlife

Great news that new job is alright and that you have had extra money, how lovely! How annoying about having to chase the solicitor and lovely that the buyers are happy to wait. I will keep everything crossed for the 4th Oct!

Geriatricmum

So our buyers want to pull out of the house purchase..... Our solicitor is completely baffled as we were due to complete next week. This is in Scotland and we concluded the missives a few weeks ago.

To say that we are stressed, dissapointed, upset is an understatement. I intend to sue the hell out of them if they dont proceed. Bearing in mind that we are also in contract with the developer and they could sue us if we don't buy the house next week.

I honestly could cry, we're half packed!

Our solicitor said this has never happened in his career. I just.. 🙁

Spendless

Why do they want to pull out? You need to find out if their reason is something fixable or not.

Geriatricmum

They have said personal and professional circumstances have changed in the past few days. 

Our solicitor thinks they have split up. But honestly for the amount we will sue them for they should complete and just stick the house straight on the market, it'll be cheaper for them. 

greenbee

Obviously it's different in Scotland, but in England once you've exchanged you are liable for all the costs up the chain - which could include deposits larger than the value of the purchase you've dropped out of! 

Geriatricmum

This is what our solicitor has outlined would be some of the costs they would be liable for as this is a breach of contract:

Costs incurred in remarketing the property
Further legal costs
Litigation costs
Any difference in future sale price
Interest on the price at 4% above the base rate
Costs incurred on securing alterative finance for their onward purchase
Costs arising from a potential contractual breach of my client’s onward purchase

We are considering a bridging loan to buy our new build so we don't default on our purchase, which the buyer would have to cover the costs for.

We will also start a court action against them to recover the costs ASAP. 😬

If they dont respond by tomorrow we will put the house back on the market on Monday. 

greenbee

Hopefully their solicitor will advise them appropriately and everything will go ahead. 

Geriatricmum

greenbee said:

Hopefully their solicitor will advise them appropriately and everything will go ahead. 

I'm not hopeful, our solicitor said that their solicitor is having trouble contacting them and they are basically ghosting her. 

peb

Oh no.  Don't know Scotland. Thing is, if they don't have the money suing us just money down the drain.