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Posts: 1 Newbie
If you wrote a textbook on worst cases of buying a house I’m convinced ours would be up there.
We first offered and were accepted back in December 2017 - HORRAY!
Come January the process moved to an unexpected crawl as we waited weeks and weeks and weeks for the management pack to be created - this may have been an excuse but we waited.
When It all eventually arrived, we turned around paperwork - searches, management pack, fittings and contents, etc - in one night, ONE NIGHT. And expected an exchange date to follow not long later.
Further weeks passed before we decided to push for an exchange date and identified a preferred date with our solicitor. The response to this? That the seller wanted to put the sales process on hold with no indication of when we’d have an update. Couple of 000’s of pounds spent and just put on hold...!!
We chased for an update weekly. A week became 2 and then 3 and then 4 and then as the 6th week of waiting arrived we had news - the seller had decided to proceed with the sale - HORRAY, our patience had been rewarded!
Another week passed with no confirmation of an exchange date. We pushed again and made it clear we wouldn’t wait any longer. Finally - a date for exchange was established!! Late-April 2018.
We were happy to be flexible when the seller asked for a month between exchange and completion and have/had set a date for mid-May 2018.
2 weeks into exchange and with just a week until completion - BOOM - news that the seller wanted to withdraw from the sale AGAIN.
And that’s where we are up to - infuriated, confused, horrified, shocked, perplexed, and with no clear alternative other than to accept the relatively measly figure proposed to settle and cancel the purchase.
Our understanding is that if we, as a buyer, had pulled out after exchange, we would have lost our entire 10% exchange deposit AND further 000’s on the seller’s damages.
But if the seller pulls out after exchange - all we have a right to is our deposit returned (with the minimal interest) and conveyancing costs covered. No compensation, nothing for stress and anguish we’ve been put through, nothing compared to what the seller would receive if the shoe was on the other foot.
This just seems so unfair and to a pair of first time buyers we are at a total loss!!
Has anyone been through or know of anything like this? And if so, have any advice on what we should do?
We first offered and were accepted back in December 2017 - HORRAY!
Come January the process moved to an unexpected crawl as we waited weeks and weeks and weeks for the management pack to be created - this may have been an excuse but we waited.
When It all eventually arrived, we turned around paperwork - searches, management pack, fittings and contents, etc - in one night, ONE NIGHT. And expected an exchange date to follow not long later.
Further weeks passed before we decided to push for an exchange date and identified a preferred date with our solicitor. The response to this? That the seller wanted to put the sales process on hold with no indication of when we’d have an update. Couple of 000’s of pounds spent and just put on hold...!!
We chased for an update weekly. A week became 2 and then 3 and then 4 and then as the 6th week of waiting arrived we had news - the seller had decided to proceed with the sale - HORRAY, our patience had been rewarded!
Another week passed with no confirmation of an exchange date. We pushed again and made it clear we wouldn’t wait any longer. Finally - a date for exchange was established!! Late-April 2018.
We were happy to be flexible when the seller asked for a month between exchange and completion and have/had set a date for mid-May 2018.
2 weeks into exchange and with just a week until completion - BOOM - news that the seller wanted to withdraw from the sale AGAIN.
And that’s where we are up to - infuriated, confused, horrified, shocked, perplexed, and with no clear alternative other than to accept the relatively measly figure proposed to settle and cancel the purchase.
Our understanding is that if we, as a buyer, had pulled out after exchange, we would have lost our entire 10% exchange deposit AND further 000’s on the seller’s damages.
But if the seller pulls out after exchange - all we have a right to is our deposit returned (with the minimal interest) and conveyancing costs covered. No compensation, nothing for stress and anguish we’ve been put through, nothing compared to what the seller would receive if the shoe was on the other foot.
This just seems so unfair and to a pair of first time buyers we are at a total loss!!
Has anyone been through or know of anything like this? And if so, have any advice on what we should do?
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Comments
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Get onto your solicitor, once exchange has happened, there is no backing out that easily without penalty!0
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There was a very good thread about this situation a long time ago but I can't find it. I'm sure a more experienced member will be able to post a link (think the OP had a sheep avatar?? Were they called woolly or something similar?)
I seem to remember they got a very good settlement. Sounds like you might need to give your solicitor a kick up the backside.
Why do they want to pull out of the sale?
What settlement figure has been offered?
Where are they moving? Were they supposed to be buying another property?
Sorry to hear about your situation OP, must be so frustrating!0 -
There is a really good thread on here from a few years ago where this happened to someone. If you can find it have a read. They got a decent amount of compensation. That house is yours so press them for decent payoutAn answer isn't spam just because you don't like it......0
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There was a very good thread about this situation a long time ago but I can't find it. I'm sure a more experienced member will be able to post a link (think the OP had a sheep avatar?? Were they called woolly or something similar?)
https://forums.moneysavingexpert.com/showthread.php?t=18061230 -
There was a very good thread about this situation a long time ago but I can't find it. I'm sure a more experienced member will be able to post a link (think the OP had a sheep avatar?? Were they called woolly or something similar?)
I seem to remember they got a very good settlement.
Why do they want to pull out if the sale?
What figure has been offered?
Sorry to hear about your situation OP, must be so frustrating!
Great minds think alikeAn answer isn't spam just because you don't like it......0 -
:T that's it. Must have thought they were called woolly because of the sheep avatar lol.
Diggingdude - agree! :beer:0 -
Has your solicitor actually confirmed that exchange happened?0
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Did exchange actually happen?
You should have received a confirmation from your solicitor confirming exchange has happened and the date of completion as that!!!8217;s set at the same time.
Your post isn!!!8217;t clear on this as this is critical.0 -
There was a very good thread about this situation a long time ago but I can't find it. I'm sure a more experienced member will be able to post a link (think the OP had a sheep avatar?? Were they called woolly or something similar?)
To save you reading the whole thread.... the outcome was mentioned in post #799
https://forums.moneysavingexpert.com/showpost.php?p=24724055&postcount=799
Ultimately, the seller agreed to pay the buyer over £30k in damages.0 -
2 weeks into exchange and with just a week until completion - BOOM - news that the seller wanted to withdraw from the sale AGAIN.
So you've exchanged contracts.
Is this just hot air, or do you think the seller really might try to back out?
If it does happen, you'll probably need the services of a property litigation solicitor.0
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