PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Vendor / developer has pulled out after exchange

1356

Comments

  • mrschaucer
    mrschaucer Posts: 953 Forumite
    First Anniversary Name Dropper First Post
    stuco36 wrote: »
    It says the contract can only be cancelled by whom? in the event that notice to complete is not served by 27th October 2017. The developers solicitors have provided a new anticipated completion date of the 29th September 2017 ( originally February 2017). Under the terms of the new agreement, the latest date at which completion can take place is 10th November 2017.

    Well then, notice to complete was NOT served by 27th October 2017. Who has this right to cancel - both you and the developer?
    Anticipated completion dates are neither here nor there; it depends on who has the right to cancel and when according to the contract.

    Sorry, cross posted!
  • Ultra64
    Ultra64 Posts: 24 Forumite
    I'm sure it said both have the right to cancel. That is just a brief letter letter from the solicitors letter in my paperwork. They never sent me a copy I signed and had to send back. I have requested it from my solicitors early this morning. They still haven't sent it to me.

    I probably don't have much to stand on legally. But leaving me hanging for a year a half is not right. I've lost money on solicitors fees, mortgage fees and I am just not going to accept this.
  • Richard_Webster
    Richard_Webster Posts: 7,646 Forumite
    First Anniversary First Post Combo Breaker
    2 Things -

    1 Did your solicitors advise you that it was possible that the developer could get out of the contract? If not complain and threaten to sue them. If you have to buy something else they may have toi pay the extra cost.

    2. If they are still marketing houses on the development set up camp inside/immediately outside the sales office and tell any prospective buyers what has happened to you and suggest that they might not want to deal with this developer.
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Name Dropper First Anniversary Photogenic First Post
    moneyistooshorttomention wrote: »
    CORRECTION; Priced out of the market they are actually already safely in - until the developer did the dirty on them.
    It makes no difference whether its governments, bankers or private companies who are to blame, there is no such thing as 'safe' in relation to the housing market.

    OP needs to buy a home. We don't know yet, but they may well have to alter course now. Some of us have had something similar happen, so we've an idea of what it feels like, but the general message is that they'll get over this set-back.
  • Ultra64
    Ultra64 Posts: 24 Forumite
    I've calmed down a lot now. But I will be heading to my solicitors first thing in the morning to get answers. They don't answer the phone much. I'll get hold of all the paperwork and contracts and get them to contact the developers solicitors for answers. I want to know why and I want to be compensated for my solicitors fees, mortgage fees, I've had to get 3 as this process has gone on for too long. How can they do this to someone, on the week of completion after a year and half. I will 100% take them to court though as I know they won't want to pay the loses I've had due to this process.
  • steampowered
    steampowered Posts: 6,176 Forumite
    First Anniversary Name Dropper First Post
    Sorry to hear about this stressful situation.

    You haven't actually told us what your contract says about termination rights. It would be very helpful for people to offer an opinion if you are able to copy and paste the exact wording of the clause labelled "termination".

    I would also be on the phone constantly to your solicitor - and emailing them asking for their urgent attention - and asking for the responsible partner if you don't get anywhere. This is where your solicitor really needs to pick up the ball.
  • steampowered
    steampowered Posts: 6,176 Forumite
    First Anniversary Name Dropper First Post
    Davesnave wrote: »
    OP needs to buy a home. We don't know yet, but they may well have to alter course now. Some of us have had something similar happen, so we've an idea of what it feels like, but the general message is that they'll get over this set-back.
    If it turns out the developer is in breach of contract, and the Op is forced to buy another property, the developer will be liable to pay the Op cash damages to compensate him/her for the value he/she was required to pay under the contract and the current market value of the property.

    This could be quite a valuable monetary claim. And would be of sufficient value to use a proper litigation solicitor - since for claims above £10k the winning party in litigation can claim their legal costs.

    All a big IF though. As it depends whether the developer was entitled to terminate the contract or not.
  • comeandgo
    comeandgo Posts: 5,742 Forumite
    First Anniversary Name Dropper First Post
    OP, it's usual for developers to have a different ltd company for every development they do, it's usually named as Comeandgo (Highlands) Ltd, and on another development it would be Comeandgo (East Yorkshire) Ltd. This is to stop a disastrous development taking down the whole Comeandgo Ltd company, so maybe that is what you are seeing on Companies House.
  • ScorpiondeRooftrouser
    ScorpiondeRooftrouser Posts: 2,851 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    steampowered wrote: »
    If it turns out the developer is in breach of contract, and the Op is forced to buy another property, the developer will be liable to pay the Op cash damages to compensate him/her for the value he/she was required to pay under the contract and the current market value of the property.

    This could be quite a valuable monetary claim. And would be of sufficient value to use a proper litigation solicitor - since for claims above £10k the winning party in litigation can claim their legal costs.

    All a big IF though. As it depends whether the developer was entitled to terminate the contract or not.

    I would say from what we have heard they were, and to be honest the chances of them doing so, if they weren't, are vanishingly small.
  • Ultra64
    Ultra64 Posts: 24 Forumite
    steampowered wrote: »
    Sorry to hear about this stressful situation.

    You haven't actually told us what your contract says about termination rights. It would be very helpful for people to offer an opinion if you are able to copy and paste the exact wording of the clause labelled "termination".

    I would also be on the phone constantly to your solicitor - and emailing them asking for their urgent attention - and asking for the responsible partner if you don't get anywhere. This is where your solicitor really needs to pick up the ball.

    What I wrote earlier was the only thing in the paper work I had:

    'In the contract it says anticipated completion date: 31st March 2017 (it was previously February 2017) So well over a year behind schedule (when I could have been buying a different property).

    It says 'Termination Date June 2017 (11 months ago). I would rather they would have done it then rather that waiting to the week everyone else was moving in to tell me they are stopping the contract.

    They even sent me the lease to sign last week.'

    But, this is why I am going straight to my solicitors tomorrow morning to see them face to face and to get a copy of the proper exchange contract that I signed. I have asked for urgency from them, but I get nothing back...I will sit in their office all day if need be as so far they haven't done much throughout this whole ordeal. I just find it very odd that 15 months late and everyone apart from me and completing and they are trying to get rid of just me....and the very last possible minute.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.6K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.8K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards