I am probably going to sound a right twat posting this but here goes...our house was for sale and we accepted an offer considerably lower than the asking price and lower than the outstanding balance on the mortgage. We had hoped that our lender would allow us to pay a portion of the negative equity over a term loan but we could not have afforded to pay the full amount outstanding without seriously putting our future homeowner status at risk. We are on a tracker so we (naively) hoped that the lender would take this into consideration and split the difference with us. After 2 months of negotiation by our solicitor with the lender, they have refused us. They will only release the deeds upon payment of the full outstanding balance. The reason being we are not in arrears and don't need help!!
The EA is now seeking the full fee given we went to sale agreed. I am prepared to admit I have been a fool and signed a contract to this effect with the estate agent. I think when I read the T&C as 'Sale Agreed' I wrongly thought that this was not binding on any party, vendor or purchaser to complete the deal, but it seems it is binding on the vendor to pay the agency fee. Quite honestly, the sale isn't happening and we don't have the cash to pay the fee plus vat on the sale price. Does anyone have any advice or know of any preceding cases where this has happened to the vendor? In hindsight (which is no sight I realise now) we were rushed into accepting the offer. I was open with the EA from the very beginning that even if we received an offer of the asking price, we may not be in a position to complete the sale as the decision would ultimately lie with the lender, we spoke about this regularly, but then why should they care? They knew that as soon as the booking deposit was received their payday was in sight. I would appreciate if anyone has some insight into this type of situation as I know I am going to lose a lot of sleep over this in the coming weeks. We are now a one income family and that is only a recent development so to say I am stressed right now is an understatement. Thanks in advance
The EA is now seeking the full fee given we went to sale agreed. I am prepared to admit I have been a fool and signed a contract to this effect with the estate agent. I think when I read the T&C as 'Sale Agreed' I wrongly thought that this was not binding on any party, vendor or purchaser to complete the deal, but it seems it is binding on the vendor to pay the agency fee. Quite honestly, the sale isn't happening and we don't have the cash to pay the fee plus vat on the sale price. Does anyone have any advice or know of any preceding cases where this has happened to the vendor? In hindsight (which is no sight I realise now) we were rushed into accepting the offer. I was open with the EA from the very beginning that even if we received an offer of the asking price, we may not be in a position to complete the sale as the decision would ultimately lie with the lender, we spoke about this regularly, but then why should they care? They knew that as soon as the booking deposit was received their payday was in sight. I would appreciate if anyone has some insight into this type of situation as I know I am going to lose a lot of sleep over this in the coming weeks. We are now a one income family and that is only a recent development so to say I am stressed right now is an understatement. Thanks in advance