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Original poster

Anyone property /legal people about please ? I am at the end of my tether

71 replies

zenasfuck · 05/02/2019 21:38

I'll try and keep this short
We accepted an offer on a house we were selling, house had tenants in

We accepted an offer of 20k under asking price due to buyer being chain free, cash buyer

Buyer planned on keeping tenants in, great !
One week before Xmas buyer tells us he needs to move in himself and the tenants need to go, we give tenants appropriate notice, due to run out 19th this month

Buyer has been gassing our tenants , turning up at property telling them they need to leave

Tenants have moved out early, buyer advised of this and he asks can he come in and decorate - we say no not until sale is final/exchange

Our solicitor says exchange can go ahead Wednesday /Thursday this week

Except it turns out the buyer hasn't sold his property yet so can't complete

Now we have an empty property for which we have to pay a mortgage on and council tax for god knows how long

Is there anything I can do about this ? Do I have a legal claim to take any action ?

OP posts:
tectonicplates · 05/02/2019 21:42

So you accepted because he was a chain-free cash buyer, but now he can't complete because he hasn't sold his property yet?

Lucisky · 05/02/2019 21:42

I am very surprised your solicitor hadn't checked the 'proceedability' of your buyer. What has he/she got to say about this?

Kezzie200 · 05/02/2019 21:44

Did the Estate Agent check out his claims. My clerk at work has just lost a house she wanted to a cash buyer, but she says the Estate Agent got a lot of details from her to.prove her position (in renting, good deposit but still requiring a mortgage)

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SassitudeandSparkle · 05/02/2019 21:45

Are you not using an Estate Agent, they'd normally check buyers have the funds? If it's got this far surely the solicitors have checked the finances, has he just decided to get a mortgage instead of using his ready cash?

InSightMars · 05/02/2019 21:45

Sounds like he saw you coming. How could he be a cash buyer if he had to sell his own house to realise the cash? Did you never ask to see proof of funds when your were accepting his offer of 20k below asking and giving your tenants notice with nothing legally binding in place?
I think you'd be better putting the property back on the market quickly.

Original poster
zenasfuck · 05/02/2019 21:47

We've sold through an agent and have solicitors - I can't understand how this has happened

Apparently our solicitor has ripped into his today but I don't understand how it's been allowed to happen

Apparently he's still paying cash but needs the funds from his property to be able to do that

OP posts:
SassitudeandSparkle · 05/02/2019 21:49

You have to provide such a paper trail for the finances I think he's changed his mind about the funding halfway through, which is such a pain for you. I can't imagine it would have got this far if he was well short of the money required! Is the sale of his property going through now, so stressful for you.

BowBeau · 05/02/2019 21:49

Do you have anything in writing about him being a chain free cash buyer? Your solicitor should have seen evidence of funds before proceeding so if they haven’t picked up on his lies then you may have some recourse against them.

I think you’re crazy for getting rid of your tenants and letting the buyer in to decorate a house he doesn’t yet own though! He doesn’t get access to the house until after completion!

At this point I’d pull the whole deal, get a new tenant and not sell to him because he’s dicking you around and lying.

Original poster
zenasfuck · 05/02/2019 21:50

@BowBeau he was told no access to the property until it's exchanged /completed - basically when he gets the keys

OP posts:
BowBeau · 05/02/2019 21:51

Apparently he's still paying cash but needs the funds from his property to be able to do that

That’s not what being a cash buyer means. And it’s certainly not chain free! I’d see a solicitor if you have any proof that he made those claims. And your solicitor may be at fault for not picking up on his lies about being chain free etc.

MyKingdomForBrie · 05/02/2019 21:52

Basically your solicitor should have advised you not to give notice til you'd exchanges and you need to make a big complaint to your solicitor firm, copy in the managing partner.

MyKingdomForBrie · 05/02/2019 21:53

*Exchanged

InSightMars · 05/02/2019 21:54

I don't think 'cash buyer' and 'chain free' mean what you think they mean. A cash buyer means having the cash in hand not 'cash contingent on selling another property'.

Look, it's fine not to know stuff yourself but surely your estate agent and solicitor know the difference! Honestly, I'd sack the pair of them and start over with some professionals who know what they're doing. It could be months before this guy is ready to proceed, for gods sake don't let them talk you into exchanging contracts!

Singlenotsingle · 05/02/2019 21:54

Looks like he was a total scammer. Thank God you didn't let him in to decorate. Of course, as you know, neither party is bound until contracts have been exchanged. So no breach of contract. The only possible claim I could see might be in negligence against your own solicitors, but personally I wouldn't recommend it. Suggest you take specialist legal advice.

BowBeau · 05/02/2019 21:55

BowBeau he was told no access to the property until it's exchanged /completed

But you’ve given your tenants notice based on the expected completion date, which is now not going ahead. Imo your solicitor is 100% at fault here because he should have checked that the buyer had the funds before setting a completion date. It seems like the solicitor had no idea where the funds were coming from as he’s been surprised to discover that the buyer had a house to sell!

user1471446186 · 05/02/2019 21:55

Surely your asking price just went back up by £20k. That will cover your loss of rent, but you risk losing him as a buyer, which might not be such a bad thing.

tiredscaredmama · 05/02/2019 21:56

It's nothing to do with the lawyer. Your estate agent is supposed to do the due diligence on proof of funds - the lawyer just processes the transaction. Unless you served notice on the advice of the lawyer or agent you don't have any recourse.

The question is what do you want by way of conclusion? Do you want to pull the sale and start from scratch or push the buyer to expedite his sale. You are already down the road.

If it were me I'd say you are re-listing the property and are upping the price - if you get an offer before he is able to complete you'll change to the new buyer.

GeorgeTheFirst · 05/02/2019 21:57

Did you instruct either your Solicitor or your estate agent on a low fixed fee?

Youmadorwhat · 05/02/2019 21:57

Apparently he's still paying cash but needs the funds from his property to be able to do

Then he is NOT a cash buyer....yet!! He is in a clear chain!! Why in the world didn’t the EA and/or solicitors not get proof of funds before proceeding!!?? Has he paid a deposit??

Jimdandy · 05/02/2019 21:58

Unfortunately you have no claim, unless his Solicitors told an absolute lie to yours.

BowBeau · 05/02/2019 21:58

The only possible claim I could see might be in negligence against your own solicitors

This. The solicitor should have verified his claim to have the cash. It shouldn’t have come as a surprise to discover that he doesn’t.

Ditch him, you can’t wait for his house to sell. Put yours back on the market. And complain to your solicitor about their negligence.

eurochick · 05/02/2019 21:58

Cash buyer just means no mortgage, not that they don't have to sell a place to finance the purchase.

hayf · 05/02/2019 22:00

Apparently he's still paying cash but needs the funds from his property to be able to do that

This is BS. Does he just mean there's no mortgage as he's releasing equity from another house? If so he's not a cash buyer, he's in a chain. A cash buyer is someone not in a chain who may or may not have a mortgage.

Could he take out a mortgage to fund your house until he's sold his??!

BowBeau · 05/02/2019 22:00

Fair enough, he might technically be a cash buyer when he sells his house. But he isn’t chain free.

HedgehogsAreVeryPrickly · 05/02/2019 22:02

A claim in negligence against a firm is not that simple as their insurers will most likely defend it or at least delay it. Unless your solicitors advises you to give notice I don't see how they are negligent. Surely the EA checks source of funds before issuing the Sales Particulars?

You could potentially go down the Legal Ombudsman's route for poor service but they have a backlog of several months and awards are generally small.

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