Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • nadiamaj
    • By nadiamaj 6th Jan 18, 2:31 PM
    • 25Posts
    • 5Thanks
    nadiamaj
    selfish buyer pulls out
    • #1
    • 6th Jan 18, 2:31 PM
    selfish buyer pulls out 6th Jan 18 at 2:31 PM
    2 days before exchange my buyer pulls out because it was taking too long

    we offered to pay her rent....
    were breaking the chain to moving to rented property and putting our stuff into storage
    i mean seriously!!! and now shes starting the whole process again

    im furious
    3 of us in a chain and now houses all gone back on

    i need to sell mine quick as we negotiated hard and borrowed money and cant afford another house it was our perfect house
    Last edited by nadiamaj; 06-01-2018 at 2:42 PM. Reason: more info
Page 2
    • AnotherJoe
    • By AnotherJoe 6th Jan 18, 8:53 PM
    • 9,605 Posts
    • 10,683 Thanks
    AnotherJoe
    I'm talking within 5 days of exchange/completion. All the stuff you mentioned should be covered in the survey/searches well before that and obviously no one has started moving/packing at that point. I'm talking right near the completion date, why should everyone in a long chain suffer because some one pulls out because they have 'cold feet'? They should not be able to do that without consequences.
    Originally posted by TheGame21
    You cannot put exchange /completion as one thing, they are very different.
    And there is no set date for exchange until it happens so to determine what x days before exchange is can only be done retrospectively, which would not achieve your aims, and there are already legal safeguards in place regards completion.

    To summarise your position, !!!8220;hard cases do not make good law!!!8221;
    • troffasky
    • By troffasky 6th Jan 18, 10:16 PM
    • 70 Posts
    • 41 Thanks
    troffasky
    I don't think legally mandated timelines would be a good idea, but a "best current practices" timetable in combination with legally binding up-front disclosure would help.
    • G_M
    • By G_M 6th Jan 18, 10:17 PM
    • 44,415 Posts
    • 52,721 Thanks
    G_M
    Originally Posted by G_M
    So if at a late stage your solicitor told you there was a covenat prohibitting you from building an extension (and you'd planned to do so), or your surveyor told you the roof needed replacing, you would pull out and happily "pay any costs incurred for everyone in the chain e.g mortgage fees, removals etc."
    I'm talking within 5 days of exchange/completion. All the stuff you mentioned should be covered in the survey/searches well before that and obviously no one has started moving/packing at that point. I'm talking right near the completion date, why should everyone in a long chain suffer because some one pulls out because they have 'cold feet'? They should not be able to do that without consequences.
    Originally posted by TheGame21
    So where's the cut-off point at which this penalty can be imposed? Clearly you think "within 5 days" there should be a penalty, though I fail to understand how either side can know Exchange is 5 days away...

    What about a buyer (or seller) who withdraws within 10 days? Or 12? Maybe it should be 2 weeks?

    But since the date of Exchange is never known until the date it happens, I can see the courts being clogged up with claims trying to resolve whether a penalty should, or shouldn't, be paid. Solicitors, of course, would have a field day - pushing up conveyancing fees.....

    And even IF it was set at 5 days, nd it was somehow known exchange was 5 days hence, what if a buyer's mortgage offer was withdrawn at that point, or he went into hospital/dropped dead?

    The whole point of the current system is that until Exchange, neither side is commited. After Exchange, both sides are commited.

    Hence the term 'Exchange of Contracts'!
    • nadiamaj
    • By nadiamaj 7th Jan 18, 10:12 AM
    • 25 Posts
    • 5 Thanks
    nadiamaj
    I agree, it will be something else. Cold feet.

    Blames you, which is cruel, as you sound quite nice. It would have been something in her own head.
    Originally posted by Doozergirl
    i know..moving on nothing else i can do ...
    we did everything for her... but she turned out to be a psycho.. wasted everyones time and money....
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

466Posts Today

4,917Users online

Martin's Twitter