Question about exchanging the contract

SUNHERO

My solicitor told me if the vendor want to abort now, he just only pay us 38 pounds / each day . if i abort , i will loss my whole deposit. i cannot believe what she said! it's unfair!

silvercar

Tell the vendor you will enforce the contract. Go to court, a judge will order the vendor to complete and you will have your property.

What is the point of exchanging contracts, if it doesn't give you the right to the property????

The vendor shouldn't have signed the contract if they didn't want to sell, the point at which they can change their mind has passed.

chriz1000

Then you have a very bad solicitor who hasn’t done the job properly. You’re solicitor must be aware of a clause in the contract that gives you £38 per day if the vender pulls out. If this is the case you should have been made aware of it. I’ve heard of a few cases where sellers have pulled out after exchange, the buyer has always been rewarded a lot more than £38 per day.

SUNHERO

you means we signed a really bad contract. what can i do now?

silvercar

SUNHERO wrote: »

My solicitor told me if the vendor want to abort now, he just only pay us 38 pounds / each day . if i abort , i will loss my whole deposit. i cannot believe what she said! it's unfair!

You have not picked up on all the information. How long would the £38 per day be for, ever?

Tell your solicitor you want to enforce the contract and that they should go to court to do so if necessary. They will pass this information to the vendor's solicitor, who will hopefully tell the vendor to vacate.

movilogo

Unfotunately, the law is on seller's favour! This is what I was told by my solicitor as well.

When a buyer fails to complete, he loses the 10% deposit (you may fight with a court case to reduce the percentage but 10% is max what you can be held liable for aborting the contract)

However, if a seller fails to complete, you can sue him for all the costs you have suffered for failure to complete.
For example, if you have to stay in hotel because of this, seller can be sued to compensate that.
How much you can extract from you seller is actually depends on how good is your solicitor!

merlinthehappypig

Surely this is the same OP as here, with a different ID?

http://forums.moneysavingexpert.com/showthread.html?t=753179

The situation and the sentence structure are identical.

SUNHERO

merlinthehappypig wrote: »

Surely this is the same OP as here, with a different ID?

http://forums.moneysavingexpert.com/showthread.html?t=753179

The situation and the sentence structure are identical.

yeah, its my friend. he told me maybe i can get some help from this forum. but he didnt explain my situation clearly in his post.

SUNHERO

silvercar wrote: »

You have not picked up on all the information. How long would the £38 per day be for, ever?

Tell your solicitor you want to enforce the contract and that they should go to court to do so if necessary. They will pass this information to the vendor's solicitor, who will hopefully tell the vendor to vacate.

change 38 pound per day until the vendor say he obey the contract again or the day he say he want to pull out. actually, the vendor keep the key and disappeared at the moment , all the people, agency, solicitor and i cannot do anything except for waiting. so exchanging contract means nothing, is that right !?

chappers

the £38 per day is just an interim figure in the contract as I and others have said previously you can sue for any costs incured due to the aborted sale.

Are you using a solicitor or a conveyancer. These sort of problems are the reason for using a solicitor rather than a conveyancer.