I did not pay a deposit.
I had to get out of my previous house as I had exchanged contracts with our buyers. So I was homeless!
Can i get compensation?
The house has not sold yet and it was 1 year 3 months ago, I physically lost £5,000 worth of costs.
Someone has put an offer in to purchase the property now, can we get our costs back from the equity of the sale?
I do believe the couple are extremely in debt.
2007-09-28 05:00:54 · 9 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
You can recover your costs from them and any other losses but you have to act fast. See a lawyer.
2007-09-28 05:12:25 · answer #1 · answered by brainstorm 7 · 0⤊ 0⤋
First find out how much you can borrow (based on your earnings) with a good building society and agree a mortgage in principle. (Do not forget that you will need a deposit for the difference) Next, look for a suitable property within your budget. Once you have found what you want, approach the estate agent and express your interest in the property. Apply to the B.S. for a mortgage on the property. They will require a survey and a valuation on the property before giving the mortgage, and can normally arrange for this to be done by their own people for which they will charge. You can reduce costs however by arranging your own surveyor (shop around). Once the mortgage is agreed, you will require a solicitor to handle the legal paperwork, property search etc. These costs can also be dramatically reduced if you shop around for a "conveyancing specialist" (usually another solicitor) that will do the total "conveyancing" for a fixed price. All of the other loose ends like insurance etc. will all fall into place along the way.
2016-04-06 05:12:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Are you sure you actually exchanged contracts, because at that point you are required to pay a mminimum of 10% of the purchase price as a deposit.
If you did and the seller pulled out after exchange you can sue the seller for up to 10% of the value of the house.
Get in touch with the solicitor you used.
2007-09-28 05:10:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, I also agree with what Spook542 says. 'Cos if you have signed the contract you should have taken the deposit. In any case if you have signed and exchanged contracts, as far as I can see there is a binding contract between the two of you. If there is a binding contract only you can sue him for breach of contract and claim damages. However there do not seem to be any consideration that has passed between the twp parties (namely, here the deposit). Better ask your lawyer why he didnt insist on the deposit. Good luck!
2007-09-28 20:56:20 · answer #4 · answered by free1 2 · 0⤊ 0⤋
Sorry dude too brain consuming but at the end of the day they put their hands up and a deal is a deal in my opinion I hat people that do deals and then let peep down go see a solicitor infact thinking bout it if they have a property you may be able to put a charge against their property for the money you lost which mean they will have to srttle with you befor they get money from their property........... "SOLICITOR" is the only word you need to know at the moment.
2007-09-28 05:07:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I agree with spook542; if you actually exchanged contracts with them, they are committed, and so are you. I'm surprised their solicitor didn't insist on a deposit if they did sign contracts, that's the norm precisely for this situation. Do you think, perhaps, that in fact you just made an offer?
The normal sequence is:
You make an offer
They accept your offer
You make a deposit
Both sides exchange contracts
The deal procedes.
2007-09-28 05:19:39 · answer #6 · answered by champer 7 · 0⤊ 0⤋
I am very surprised no deposit was taken when exchanging.
Normally, a deposit of 10% is taken on exchange which compnesates for the deal falling through. Yous hould talk to your solicitor about this as they should ahve dealt with the deposit or explained why you are not covered.
If you did not use a solicitor, then this is the reason why you should!
2007-09-28 05:04:39 · answer #7 · answered by Marky 6 · 0⤊ 0⤋
Normally, a real estate agent will collect what's known as "earnest money" from the seller, but if you didn't use a realtor, you're out of luck there.
However, if you have a signed contract from the seller, you have grounds for litigation. Contact an attorney (solicitor) immediately.
2007-09-28 05:08:44 · answer #8 · answered by Don G 2 · 0⤊ 0⤋
I agree to with that a 10% deposit should have been paid on the exchange of contracts.
You should seek legal advise.
2007-09-28 05:11:40 · answer #9 · answered by Lady 1 · 0⤊ 0⤋