One for the property experts...

[Droptheclutch]

Quick question -

After exchanging contracts on a house purchase, if the seller/vendor pulls out, what's the penalty to him/her?

For the buyer, it's usually a loss (10% of purchase price) of their deposit, yes?

Cheers,

DTC

[davidjpowell]

Could be sued for specific performance I would think or at the very least for the purchasers abortive costs.

[KingRichard]

Simplest way is normally to sue for the abortive costs.

Has this happened to you?

[rah1888]

As far as I know there is no definitive answer to the question as a whole variety of costs could be incurred that the wronged party could claim for.

I have worked as an estate agent for nearly 15 years and have only had this happen once when a buyer was declared bankrupt between exchange and completion.

It is terrifically rare, due to the massive cost implications should it occur.

[Droptheclutch]

KingRichard said:

Simplest way is normally to sue for the abortive costs.

Has this happened to you?

No, not happened to me.

Just wanted to investigate what I may claim for etc, should the worst occur. As it happens, I'm currently buying a property and the vendor is being a bit of a tw@t!

Thanks for the replies :-)

[KingRichard]

Droptheclutch said:

KingRichard said:

Simplest way is normally to sue for the abortive costs.

Has this happened to you?

No, not happened to me.

Just wanted to investigate what I may claim for etc, should the worst occur. As it happens, I'm currently buying a property and the vendor is being a bit of a tw@t!

Thanks for the replies :-)

It won't happen mate. It just won't... Any vendor would be crazy to do that.

Some vendors are just a pain in the arse. What's he doing that's causing the problem?

[Droptheclutch]

KingRichard said:

Droptheclutch said:

KingRichard said:

Simplest way is normally to sue for the abortive costs.

Has this happened to you?

No, not happened to me.

Just wanted to investigate what I may claim for etc, should the worst occur. As it happens, I'm currently buying a property and the vendor is being a bit of a tw@t!

Thanks for the replies :-)

It won't happen mate. It just won't... Any vendor would be crazy to do that.

Some vendors are just a pain in the arse. What's he doing that's causing the problem?

Hi KR,

He's just being a stick-in-the-mud and a forgetful fool, however I fear that he's also the sort to cut his nose off to spite his face. It's all pretty complex, so I won't bore you (also way too much to type!), however it involves a 60 acre smallholding and everything that a smallholding needs/requires etc.

Cheers,

DTC

[KingRichard]

Droptheclutch said:

KingRichard said:

Droptheclutch said:

KingRichard said:

Simplest way is normally to sue for the abortive costs.

Has this happened to you?

No, not happened to me.

Just wanted to investigate what I may claim for etc, should the worst occur. As it happens, I'm currently buying a property and the vendor is being a bit of a tw@t!

Thanks for the replies :-)

It won't happen mate. It just won't... Any vendor would be crazy to do that.

Some vendors are just a pain in the arse. What's he doing that's causing the problem?

Hi KR,

He's just being a stick-in-the-mud and a forgetful fool, however I fear that he's also the sort to cut his nose off to spite his face. It's all pretty complex, so I won't bore you (also way too much to type!), however it involves a 60 acre smallholding and everything that a smallholding needs/requires etc.

Cheers,

DTC

It'll be fine... I take it you have conveyancers each side and an estate agent in the middle?

It'll all get sorted out, or it will fall through prior to exchange. If it exchanges there is really very little chance of it going pete tong

[Droptheclutch]

KingRichard said:

Droptheclutch said:

KingRichard said:

Droptheclutch said:

KingRichard said:

Simplest way is normally to sue for the abortive costs.

Has this happened to you?

No, not happened to me.

Just wanted to investigate what I may claim for etc, should the worst occur. As it happens, I'm currently buying a property and the vendor is being a bit of a tw@t!

Thanks for the replies :-)

It won't happen mate. It just won't... Any vendor would be crazy to do that.

Some vendors are just a pain in the arse. What's he doing that's causing the problem?

Hi KR,

He's just being a stick-in-the-mud and a forgetful fool, however I fear that he's also the sort to cut his nose off to spite his face. It's all pretty complex, so I won't bore you (also way too much to type!), however it involves a 60 acre smallholding and everything that a smallholding needs/requires etc.

Cheers,

DTC

It'll be fine... I take it you have conveyancers each side and an estate agent in the middle?

It'll all get sorted out, or it will fall through prior to exchange. If it exchanges there is really very little chance of it going pete tong

Yes indeed. We are ready to go, it's just their solicitor is as good as a chocolate teapot...