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    • Stolljj
    • By Stolljj 21st Jul 18, 11:16 PM
    • 1Posts
    • 0Thanks
    Compensation for pulling out of house purchase
    • #1
    • 21st Jul 18, 11:16 PM
    Compensation for pulling out of house purchase 21st Jul 18 at 11:16 PM
    Long shot I know, but wondering if I have any case to claim back expenses from a buyer that pulled out from the purchase of a property I own. I negotiated a sale with a first time buyer, price agreed, agent verified funding (cash deposit and mortgage agreed in principal) conveyancing went without any issues, on the day of the survey I was informed by the agent that the buyer had resigned from his job to become a director of a company meaning his mortgage lender had understandably refused the loan due to the change in circumstances. Iím out of pocket to the tune of £1000 in legal fees, 3 months mortgage payment and council tax, and of course landing me back at square one. Iím a property landlord and developer so am used to sales falling through over typical issues that come up via surveys, leases etc, but this was entirely the fault of the buyer. If anybodyís had any similar experience or can point me in the right direction for advice Iíd be very grateful. Many thanks
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    • cloo
    • By cloo 10th Aug 18, 4:52 PM
    • 1,140 Posts
    • 1,183 Thanks
    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!
    • westernpromise
    • By westernpromise 14th Aug 18, 6:16 PM
    • 4,263 Posts
    • 5,555 Thanks
    Well, it's the hot weather, see. It's making more people parachute from snake's bottoms because house price crash.
    Buying a house, if you believe the market has a way to fall, or if you are paying sill asking prices ( like some sheeple ) or if you are buying in London, is now a massive financial gamble!!!!! - June 8, 2012 by TheCountOfNowhere
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