MOVING HOUSE

[littlefeathers]

:mad: :mad: :mad: Boy am I mad. My partner and I both have a house each, recently we decided to sell mine, let his out and and buy one between us. I received an offer on my house 8 weeks ago and with my partners house let we foolishly began to visualize living in our new home, we were due to exchange contracts this week, excited was an under statement .

THEN .. we get THE letter in the post on Monday saying my buyer has pulled out giving no reason.

Here's just a few internet friendly words describing some of the feelings that we felt when we opened that letter..........

mad, sad, fuming, tearful, angry, more mad, bloody fuming, and so, so bloody angry.

Now all we can hope is that I get a buyer pretty dammmmn quick and that we dont lose the house we've set our hearts on.

From one very angry littlefeathers, ready to kick some A**

[Elton]

It's about time this country got rid of whatever rule it is that says that people can do that. :mad:

 

In any other contract, the 'purchaser' would be duty bound once three criteria have been met, as I understand it - offer, acceptance and consideration (money).

 

I've never understood why property is different - perhaps a legal bod could enlighten us?

[little onions]

I think the laws are due to change by '04. Too late for Little Feathers, but I agree it's high time smething changed.

[little onions]

Don't fret, Little Feathers, and be very careful where you direct all that anger. You have each other. It'll all work out o.k. soon.

[Vagabond]

Elton:

 

In any other contract, the 'purchaser' would be duty bound once three criteria have been met, as I understand it - offer, acceptance and consideration (money).

But in the case of property, that third criterion is not met until contracts have been exchanged and a deposit paid.

 

We have a family business, building and selling new houses, and people pulling out of agreements at the last minute is an occupational hazard. A common trick is for the buyer's solicitors to sit on the deposit and delay exchanging contracts as long as possible - thus giving the client the option to pull out as late as possible - as late as the informally agreed completion date in extreme cases.

 

This acts against the interests of genuine buyers, who have a completion date arranged with everyone (removals, time off work, carpet fitters, etc etc) except us, the vendors. We have often been in the position of having a buyer ringing us up and wondering what the delay is - usually because an agreed customised feature such as special tiling, upgraded kitchen, etc is not yet fitted.

 

"We are waiting for the signed contract" we say, because obviously we don't want to install an expensive special feature, have the client pull out, and then find nobody else wants it.

 

"But I went into my solicitors and signed that AND paid the deposit four weeks ago!" is a common answer. Usually we believe them, and go ahead with the customising - but its a risk we would prefer not to take.

 

When the sale does go through, we have often exchanged contracts and completed the sale on the same day.

 

That's quite stressful for the genuine buyer, and a real pain for anyone involved in a "chain" of purchases and sales.

 

There is another reason why this trick is not in the interests of genuine buyers. If the buyer's solicitor sits on the contract his client has signed, there is a downside in that the VENDOR can pull out before the exchange of contracts - like if a higher offer appears from elsewhere (called gazumping). We don't do that, but there are plenty as do.

 

Any change in the law should make an exchange of contracts compulsory as soon as offer, acceptance, and appropriate searches are completed and a mortgage (if required) is agreed. That would be in the interests of genuine buyers and sellers alike.

 

Sorry to hear your hopes were dashed, Little Feathers - lets hope a genuine buyer appears soon, but remember nothing is definite and binding about property purchase unless contracts have been exchanged and money has changed hands.

 

There are proposed changes to the law which are alleged to "improve" things, but don't hold your breath!

 

[ 17. April 2003, 04:09 PM: Message edited by: Vagabond ]

[Eddie]

littlefeathers:

:mad: :mad: :mad: My partner and I both have a house each, recently we decided to sell mine, let his out and and buy one between us.

Don,t take this the wrong way but are you having your name added to the ownership of his house? Can think of three occasions that this has been done, after a few years relationship has gone down pan and the shared house has had to be sold.

One involved a death and an old will, messy.

[corydoras]

Yet another situation where the Frogs are way ahead of us. I am in the middle of a transaction to buy a flat in France. So far it has gone like this.

 

Beginning of March I find a flat that I like. I make an offer 4000 euros short of asking price.

 

A couple of days later I receive a call from the estate agent to say that the vendor will accept 3000 euros short. I say done deal.

 

A few days later both parties sign a document called a 'comprimis de vent' commonly called the compromis, and the buyer pays a 5% deposit. Signing the compromis commits the buyer to buying and the vendor to selling. Once it is signed the estate agent will no longer market the property or take any other prospective buyers to visit the property. I have a clause in my compromis that says that I can pull out if I cannot find finance for the balance remaining after I paid the rest of the capital. Both parties then have a seven day 'cooling off' period where they can withdraw without penalty.

 

After the 7 day cooling off period if EITHER party withdraws from the sale they have to pay the other party 10% of the purchase price.

 

I have until the 25 April to find my loan (Finance is dead cheap in france. I am borrowing approximately £10k, 5 years repayment at about 4.2% fixed for the term and it is NOT a mortgage so if I default on the payments the finance company can sue me, but cannot re-posess the property)

 

Another nice thing in France is it is the buyer who decides on the date the vendor leaves. Once this date has been agreed then the vendor has to quit. If there is a problem then the vendor has to go and rent something, put up a tent in the park, whatever but they cannot just stay in the property. I have agreed that she can stay until 1 July. I am not in a hurry and she cannot move out before then because she is having a new house built and this is the earliest she can get the keys.

 

So the Froggies can chalk up one more thing that they do better than us. Education, Health, Transport and Property.

 

Vive la France!

[chesters1]

what about keep yours sell his ,then incase of trouble you have a roof over your head

[Jim Roper]

chesters1:

what about keep yours sell his ,then incase of trouble you have a roof over your head

Well said Dave!!

Sounds to me like Littlefeathers is just about to give away half her house equity!

 

[ 17. April 2003, 08:09 PM: Message edited by: Jim Roper ]

[chesters1]

probably the only solid thing she will have , if its too small get him to get rid of HIS kids (if he has some) if he doesnt then he really DOESNT love you and he`s only after your body ,at the first droop of a bosom he`l be gone