Compensation for pulling out of house purchase

csgohan4 · 22 July 2018 at 4:53PM

loveka wrote: »

No.

I lost £12k in this way last year. I have moved on, but I'm afraid I bear a grudge. I saw the guy driving round the village in a brand new convertible BMW and I was seething! He and his wife 'changed their mind' on the day of exchange.

Karma always come back to bite...

sparkey1 · 22 July 2018 at 9:09PM

No, unless you have exchanged contracts. Thats because property is complicated, by that I mean there are so many parties involved when you purchase and so many things can go wrong. Under contract law, no exchange of money has been made, therefore no contract. (in simplistic terms)

Thrugelmir · 22 July 2018 at 9:20PM

Stolljj wrote: »

I’m out of pocket to the tune of £1000 in legal fees,

Could you return to the forum and explain how you incurred such a sum.

sparkey1 · 22 July 2018 at 9:26PM

Thrugelmir wrote: »

Could you return to the forum and explain how you incurred such a sum.

If he is buying another place and selling one he could easily be up to the £1000 mark. Especially if he has paid out for the additional items such as Chancel Insurance, Lease insurance, extra searches beyond the normal ones. When I bought my current house, it came with a garage that was under a coachhouse. The garage was leasehold so I got stung for a leasehold purchase and a freehold purchase. So much for a budget solicitor!

However would still be interested to know... good for comparison!

westernpromise · 10 August 2018 at 9:58AM

loveka wrote: »

No.

I lost £12k in this way last year. I have moved on, but I'm afraid I bear a grudge. I saw the guy driving round the village in a brand new convertible BMW and I was seething! He and his wife 'changed their mind' on the day of exchange.

Never sell to a BMW or Audi driver. They could parachute from a snake's bottom and still have room to freefall.

Crashy_Time · 10 August 2018 at 11:57AM

I would imagine this sort of thing will be becoming much more common in the coming months.

Davesnave · 10 August 2018 at 1:07PM

Crashy_Time wrote: »

I would imagine this sort of thing will be becoming much more common in the coming months.

We can all imagine stuff, Crashy, and I have to admit it's a cheap MSE activity.

Unfortunately, in my case, Scarlett Johannson has other plans for the coming months.

But, as you know, doesn't prevent us dreaming......;)

Thrugelmir · 10 August 2018 at 1:17PM

sparkey1 wrote: »

If he is buying another place and selling one he could easily be up to the £1000 mark.

Didn't even appear to have had the mortgage in place.

on the day of the survey I was informed by the agent that the buyer had resigned from his job

Unlikely that the legal process had even commenced.

eddddy · 10 August 2018 at 2:02PM

Crashy_Time wrote: »

I would imagine this sort of thing will be becoming much more common in the coming months.

Were you replying to western promises post from today...

westernpromise wrote: »

Never sell to a BMW or Audi driver. They could parachute from a snake's bottom and still have room to freefall.

Or to a post that was 3 weeks old?

Assuming you were replying to today's post... why do you think that parachuting from a snakes bottom will become much more common?

Can you provide a link that supports this view?

cloo · 10 August 2018 at 3:52PM

I'd just say count yourself lucky it was only a grand - we lost £5k in a similar situation, knew there was nothing we could do, and ultimately I also counted myself fairly lucky as I was selling two places and buying one, and we managed it with only one sale and purchase going south whereas some people go through it multiple times!