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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.Compensation for pulling out of house purchase
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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..."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
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)0
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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!0 -
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.0 -
I would imagine this sort of thing will be becoming much more common in the coming months.0
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Crashy_Time wrote: »I would imagine this sort of thing will be becoming much more common in the coming months.
Unfortunately, in my case, Scarlett Johannson has other plans for the coming months.
But, as you know, doesn't prevent us dreaming......;)0 -
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.0 -
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?0 -
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!0
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