Question about exchanging the contract

SUNHERO

the contract has been exchanged. however, the vendor want to abort the sale, in this situation, is there any jurisdiction clause to protect buyer's interest, usually how much should i ask him to pay. thanks

chappers

If they fail to complete you can sue for any costs you have incurred due to the aborted sale.

Nenen

What do your solicitor say?

SUNHERO

Nenen wrote: »

What do your solicitor say?

My solicitor said that the vendor only need to pay me several hundred pounds. I think that it is much less than what I lost.

Nenen

Can you prove how much you lost?

SUNHERO

Nenen wrote: »

Can you prove how much you lost?

At least you can image how much I pay for the solicitor and how much I pay for the mortgage.

PasturesNew

I always thought (unfounded) that if either pulled out there'd be a 10% of the purchase price due. That was originally, I believed, why 10% deposit was needed (before the days of silly mortgages).

You can at least reclaim all your costs/losses that you have incurred. So, solicitor fees, mortgage arrangement fees, surveys, searches, all those miscellaneous costs etc.

Out of nosiness, please indulge me, why does the numpty want to pull out?

I don't get angry at much in life, but this really annoys me, the number of silly people that we see here that change their minds after exchange, or those that just fail to move out on the day when they should.

So what's your numpty's excuse?

SUNHERO

Are there any jurisdiction clauses exactly indicate how much the vendor are liable to pay due to his aborting.

chriz1000

You have exchanged which means both you and the vender have agreed and are bound to the contract, as far as the paperwork is concerned from completion date the house belongs to you.
You would lose 5-10% of the deposit if you had been the one to pull out, however the seller can’t pull out as easily unless you are in an agreement.

If you still want the property take them to court, the court is likely to force completion, worst case scenario you will get 5-10% + fees back. If you’re not bothered about the house and want a quick resolution ask for 5% of the properties value plus fees. I would be surprised if their solicitor would contest this.

country_sport

Legally you are entitled to 10%. This is why 10% was paid on exchange. As this is rare these days, you will have to sue for the 10%. And if they dont have it? This is also why 10% is still required at auctions.

chappers

basically legally they are in breach of contract and it is this you can sue for and as when sueing for anything you must prove loss, there is no limit and in theory you could maybe sue for any potential increase in equity as well as any costs associated with the aborted sale, including those up and down the chain which may be incurred to you e.g if you have put down a deposit on another property and lose your deposit due to not being able to complete on that sale as a cosequence of this sale not completing speak to your solicitor and get him to speak to the vendors solicitor and get him to impress on his client the implications of his actions.