Homeless after Trading Up Purchase Falls Through

  • Thread starter Wouldbeguru
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Wouldbeguru

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We had signed contracts for a new house and had completed all the signings for the sale of our own home.

It now transpires that the vendors of the property we were buying had delayed in sign their contracts and now it turns out that they haven't.

Our solicitor now says that as we signed contracts for our current home, that the buyer will be able to force through the sale.

We are really annoyed and not looking forward to becoming homeless in a few weeks...

Any comments
 
the buyer of your house will serve a 28 day notice on you to get out. i don't think there's anything you can do - friends of mine had to move back in with their parents, i'm sure this type of thing happens all the time.
 
Has your purchase definitely fallen through?
Are you definitely legally bound to sell yours regardless?
Is there any chance that you can convince/incentivise your buyer to pull out if necessary?
If not then I guess you need to start looking for an alternative purchase yourselves and maybe prepare for having to rent (or share with relatives/friends etc. if possible) in the near future while you sort yourselves out.

Update: oh - I see that you are already looking.
 
Thanks Clubman- The guy buying is an investor, so we may try to rent it back!
 
Wouldbeguru said:
Thanks Clubman- The guy buying is an investor, so we may try to rent it back!
Click to expand...

I bought a property as an investment a few years ago and that's exactly what the sellers asked me. I was delighted to oblige and was very flexible about when they could leave - they simply explained their predicament to me. I'm sure the buyer would be happy to be flexible with you if you explain the situation.
 
Thanks Theo

That sounds great and hope our purchaser might agree to same. Plus less stressful than having to move temporarily etc.

How did it work? We complete the sale, then get a tenacy agreement drawn up?

Many thanks
 
Usually a solicitor would ensure that where there is a back to back transaction that both contracts are signed at the same time. This is on the face of it, similar to closing a contract without the bank facilities agreed.

Someone either agreed this or solicitor fouled up.
 
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