part exchange offer lowered and solicitors fee's

(7 Posts)
PooFlower Fri 05-Jun-15 20:31:23

Hi, I wonder if anyone can advise. My brother is part exchanging for a new build. He already accepted a lowish offer but wants to sell quickly without hassle.
The survey has thrown up problems that don't exist such as damp and house needs pointing. (My brother is a bricklayer so he knows this isn't true) they have reduced their part ex offer by £5000.
He isn't happy and is going to tell them he will walk away. However he is concerned he will be liable for solicitors fee's if he does this.
David Wilson homes are currently paying the fee's. Does anyone know where he stands with this. Thanks

Crikeyblimey Fri 05-Jun-15 20:58:03

I can't imagine any solicitors fees have been incurred yet. They won't instruct till the offer has been accepted. Maybe a survey fee but not solicitors!

PooFlower Fri 05-Jun-15 21:36:55

Offers were accepted, on his house and the new build. He even had a letter a few days ago from DW homes asking him to ask his solicitor hurry things so completion could be before the end of June.
I'm pretty sure they are paying his solicitor's fee's.
Think he is worried that if he walks away they will bill him for all the fee's accumulated.

Rangirl Fri 05-Jun-15 21:43:37

It wil depend on the small print of his deal with DW He should check that I think it is probable he will have to pay as it is likely that the contract will say he is liable if he does nothing ahead But fees are unlikely to be very high given the relatively early stage Certainly a lot less than £5k Suggest he finds out what the fees are Bear in mind you don't get the full value on a part exc

Crikeyblimey Fri 05-Jun-15 21:52:48

True rangirl but pretty sure we got the full value of ours in part ex. We paid full price for most of the extras though, so swings and roundabouts and all that.

PooFlower Fri 05-Jun-15 22:04:31

Thank you both. He accepted about ten grand less than he would of liked and what he paid for three years ago. The market has risen slightly since. He did this to avoid the hassle of selling his self and being in a chain. They also knocked about five grand off the price of the new build. He is prepared to walk away tomorrow but doesn't want a big bill for nothing when they are lowering their offer.

specialsubject Sat 06-Jun-15 18:53:17

solicitor fees should be a few hundred at most. If he gets charged lots more, tell them to take a running jump.

a part exchange will mean he gets a poor deal, which he already knows. Selling and moving is hassle but is it £10k plus worth of his time?

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