As I may have mentioned previously we are sellin Chateau March and moving to a smaller establishment. We eventually found a buyer and we found a place to suit our needs. The due processes have taken some time but at last contracts were to be exchaned today or Monday. Last night our estate agent rang to say that our vendor's deal had collapsed and she couldn't move into the property she was buyin. This came as a shock for two reasons:
1. We understood she was to rent a property owned by her employer and it was available as and when.
2. In the Property Information Form she confirmed that the sale was not dependent on her buyin another property, that she had no special requirements about a moving dare, and that she agreed to leave the property prior to completion.
Our buyer's mortae offer expires on the 1st. February and we don't want to lose them, so it looks like we'll have to rent for a while, with our stuff being stored, t
'til either this person eventually moves or we find another place.
The bottom line is: can we claim any financial recompense from the vendor for not informing us of the situation and for giving mis-leadin information. (This mornin our solicitor is 'unavailable!!). Any advice would be gratefully received: Mrs. M is pretty cut up about it all. Cheers & thanks.
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Until the point of exchange legally you are still negotiating i believe.
Up until exchange anybody can pull out, sorry
Almost certainly you can't force her to exchange contracts. Howver, it may be that if she deliberately misled you on the PIF and that information caused you losses, then you could claim against her for those losses. What your chances are and whether it would be worth it or not is hard to say.
Your conveyancing solicitor may not or may not have any real knowledge of this (they generally just do conveyancing).
http://en.wikipedia.org/wiki/Misrepresentation
I thought it applied as a device to void and obtain compensation for contracts actually entered into under, effectively, false pretences but I'm not a lawyer.
Anyway, I wouldn't ecouirage anyone to litigate unless there's a decent sum of money involved, they are sure the other side is able to pay it and they have a very good chance of success. Too often people go to court for understandable emotional reasons but it ends up costing them a fortune in time and money.
Afraid that if you haven't exchanged the contracts then nothing is binding. The contracts act as the validation of the deal, and up until they are exchanged the buyer has the right to pull out unfortunately
Very sorry to hear of your problems, Large: sounds a complicated situation. What is it about property that brings on such pains?
http://www.rightmove.co.uk/property-for-sale/property-36070232.html?premiumA=true
My house was on the market for a year and a half before we finally accepted the offer from our buyer who was herself in rented accommodation having sold her property.
It is costing me an additional £4,200 to rent for 6 months, less the mortgage I will have cashed in, namely £3,000, plus the cost of moving house say £1,500. Net additional cost therefore of £2,700.
Set against this, I should be in a cracking negotiating position in a strong buyers market. Around here (Norfolk) property prices are flat at best and falling at worst. So ultimately I may end up being in a marginally better overall position to purchase a house of choice in six months time than I would now. Put a different way, I may get more bang for my buck. Either way, I did need to move for financial reasons and reduce my borrowings. I couldn't afford to lose my buyer.
What hacked me off were the absolute a*seholes of Letting Agents that I had to deal with.
I offered to pay the whole six months rent in advance, plus a security deposit of one to two months, yet all of them wanted credit references, and some wanted guarantors or employment references. Why? I am taking away the initial risk by paying all the rental upfront. They are in a better position than they could possibly be by relying upon credit and other references, yet every single one wanted them regardless.
The challenge was that I needed a property in the current school catchment area, I didn't want to commit to renting anywhere until I had exchanged contracts, and I didn't want to exchange contracts until I had a cast iron rental agreement in place. In the end I negotiated a last minute agreement with one agent that I knew personally who persuaded the Landlord to agree to skip all the checks and a exchange window via my solicitor of 5 hours so that I could sign the lease knowing that exchange could go ahead. Still bloody stressful. We move out on 30th January.
I wish you best of luck in getting this all wrapped up.
It's a flipping load of hassle the lot of it. Still fingers crossed for everyone.
try and get hold of todays Metro, there's an article in there about `gazanging', apparently it's rife at the moment. The average loss to the buyer is £5000.
www.In-Deed.net
Assuming your vendor thinks they are going to get a green light, then the only issue for them starting it early is having to out the vetting costs before exchange without any guarantee its going to go through. What about if you offer to pay half their vetting fee upfront (usually half of £200) and if the deal goes through, you adjust the price you are paying them down by £100? That way you are both on the hook until the sale goes through and then they will have to pay all the vetting fee as you would normally expect but the sale goes through without any hinderence with you doing all you can to facilitate exchange and them doing everything to get the rental property sorted out?
Just a thought?
http://www.guardian.co.uk/money/2011/sep/19/gazanging-menace-homebuyers-property-market