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Buyer pulls out on completion day.
Comments
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Since the OP asked if signing the contract completed the sale it may be exchange hadn’t yet happened.
Until he clarifies we can only guess.
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Goodness me - well good job there was no chain. Not sure why the solicitor was just asking for their fees to be paid and weren't getting on with issuing a specific notice of completion etc etc ?
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Have they exchanged or only signed contracts, per OP’s first post?
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I think the response of the solicitor makes that reasonably clear that exchange had not occurred.
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I am fairly sure they have confused "signing" with "exchange"
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absolutely - they would be chasing like mad if there had been exchange. Our buyers solicitor messed up on completion day and ours was pursuing them very quickly to sort it out
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If this is accurate, it's appalling that your solicitor isn't on top of this, and beyond belief that he hasn't explained the situation and next steps. I'd be putting in a formal complaint about that.
Dependant on what the buyer said, you're either entitled to their 10% deposit immediately, or your solicitor needs to issue a Notice to Complete, giving them a short period to pay the balance. If after this they don't, you still get their deposit. You can also claim costs.
If you're last in the chain then to be fair, you're laughing. You'll either sell as intended to this buyer or you'll receive 10% of the house's worth, plus any costs you are entitled to, and remarket.
If you're not last in the chain then you might end up paying out more than you receive.
I suspect that the buyer will complete after all, because it's difficult to imagine that a person can be idiot enough to reject a house because it's 'too expensive' yet be happy paying out £20k / £30k / £40k for literally nothing.
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Well, if Exchange of Contracts had, indeed, taken place, then the OP needs to instruct the Solicitor to do what is necessary to make Completion happen, including notifying the Buyer that the additional legal expenses will be recovered from the Buyer.
Given that did not happen almost automatically, one has to ask the OP to verify whether Exchange of Contract had actually happened.
It is critical to knowing the next steps and any remedy the OP may have.
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As others have pointed otu, this is all assuming that contracts have actually been exchanged, and there doesn;t at present appear to be a clear indication from the OP that this has happened.
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The OP said in his other thread "Finally we have sold the house and exchange[d] contracts…"
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