Buyer pulls out on completion day.

TroubledTarts

Sorry to hear this has happen d that is very sad and devastating news

ExEstateAgent

See it as a bonus, you get to keep the deposit and can claim other costs from the buyer - your solicitor should be advising you about this.

Grumpy_chap

https://forums.moneysavingexpert.com/discussion/comment/81992351#Comment_81992351

Assuming that this is, indeed, the same house as referenced in the other thread (I suspect it is).

Also assuming that the OP had, indeed, Exchanged Contracts and not simply returned the signed contract back to their Conveyancing Solicitor and mis-understood that amounted to the full Exchange of Contracts process being implemented.

There are some indicators that the phraseology used or the understanding of the OP about having Exchanged Contracts as referenced in the other thread may be incomplete or incorrect:

- Reference in this thread to sending an e-mail to confirm to go ahead with the sale, which apparently had to be done on Completion Day.

- Buyer reverting within the hour to say they were pulling out as the price was too high.

- OP's Solicitor simply saying their conveyancing fees remained due and not being immediately all over the matter to instruct Buyer to Complete and advising the OP about remedies.

Taking everything we have shared with us, I think it is more likely that the op had returned signed contract to their Solicitor but Exchange of Contract did not proceed and was planned to be simultaneous Exchange and Completion on one day. Hence, the instruction to the Solicitor on the day to confirm to proceed. Then, Exchange of Contracts did not actually happen and, obviously, nor did Completion.

The odd part about that is the Buyer apparently saying their reason was that the agreed price was too high, but not so far as the thread reveals, a blackmailing offer to proceed anyway at £5k (or whatever) less than the agreed value.

Perhaps the OP could confirm, definitively, whether Exchange of Contracts actually took place. It is a significant event and radically changes what the advice and suggestions would be around next steps.

TroubledTarts

https://forums.moneysavingexpert.com/discussion/comment/81992425#Comment_81992425

Not is they have not exchanged which is in doubt here

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81992499#Comment_81992499

Agree, I think the OP had signed the contract and assumed this meant they had "exchanged". From my experience with solicitors, they don't fully explain the process to you and assume you know what all the terminology means, luckily I had family members who had been through the house buying process so they could guide me through it but not everyone has that kind of support.

user1977

As well as solicitors who don't explain the process, there are many clients who don't listen while the process is being explained to them...

gawthorpe4

If contracts were exchanged then the buyer would lose their deposit.
Normally they'd be given a deadline to complete by, otherwise you could potentially keep their deposit.

I'd talk to your solicitor, hopefully you already are.

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sheramber

The OP has been active on here tonight so it Woukd seem he does not want to confirm whether contracts have been exchanged or not.

Flugelhorn

https://forums.moneysavingexpert.com/discussion/comment/81992877#Comment_81992877

implies that they haven't exchanged, have realised the implications of not having exchanged and are trying to work out how to pay the solicitor's bill (or negotiate with the buyer to reduce the price)

Jemma01

https://forums.moneysavingexpert.com/discussion/comment/81993086#Comment_81993086

Or maybe OP is still waiting for a response from his solicitor! This post was only put late on Friday (ie out of hours).