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Failed Completion - notice served


Nisty
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I was due to complete and move in to a house on 15/02/2008, but 2 days before completion my buyer had a problem with his mortgage, his lender was not prepared to release his mortgage. This was (I am told) due to him not providing his middle name from the beginning, after the lender doing a new credit search on his full name found some adverse entries and declined the offer. He applied for a new mortgage, but was again declined. It gets a bit complicated. As he was at the bottom of the chain he needed to put down a deposit but as he was borrowing 100% he had no deposit. So to keep the transaction moving (stupidly) I offered to put this (£5k) down for him. Now notice has been served and I stand to lose 10% of the purchase price plus any losses and costs.

Any advice would be appreciated – as I have no idea what to do.

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I take it that you have exchanged with someone to buy their house as well ?

 

if so, You will loose what ever deposit you have put down, plus as you say you can be held responsible for interest on the purchase price at the contract rate untill either a) you complete your purchase or b) your vendor sells that house to someone else. If the house you are buying costs say £200,000 and you have put down say 10% , and the Contract rate is 4% above the base rate , then you would be in the hole for 9.25% on £180,000 , which is approx £46 per day !

 

Your only recourse is to do the same to your buyer. You have the right to reclaim cost form your erant buyer

 

If you still intend to buy this property, speak to directly to the vendors, explain the situation, they dont have to charge you the interest etc and that way you dont loose your deposit because it will still be used to buy your next property. If you are buying a new consturction property its unlikely that the developers will be helpful, they will just charge you the contract interest until completion.

 

Either way you need a new buyer fast!

[sIGPIC][/sIGPIC]....Please don't bother my master 'cos my sister & I might bite you...

 

I DO NOT offer legal advice

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"I just say what I say because everyone is entitled to my opinion!"

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