Legal action threatened over sale of house!

T

Tryingtosell

Guest
Hello, first time poster!

Myself and my partner put up our house for sale earlier this year while we were trying to buy a new home. We quickly secured a purchaser which was good however our bidding fell through so we were back to square 1. To add insult to injury, our deeds were never registered so we had problems there.

However problem is its later in the year (6-7 months) and we havent secured a new property yet. The purchaser has signed the contracts but our solicitor has advised us not to until we secure a new home. (its stipulated in the contract that closing date will be that of our purchase closing date)

We have had a stream of bad luck and feel bad for the purchaser as we have not been able to confirm a closing date.

Trouble is the purchaser has though his solicitor threatened High Court action due to the length of time its taking to close even though we have not signed a contract (remember purchaser has and has paid deposit)!! Its like we are trying to mess them around!! The purchaser could pull out anytime as contracts are not signed by us.

Anyone come across this before? It has left us quite upset. I dont see the purchaser has a foot to stand on but would they really waste everyones time with a court case?
 
It has left us quite upset.
Click to expand...

You are in control of the situation so what are you upset about? If you want to solve the upset, honour the deal, sell and rent for a while. If you want to hang on to your resdential security, then live with the upset associated with the fact that you are upsetting someone else by your actions.
 

Thanks for response. The problem is honouring the deal - we dont have a place secured yet, therefore its going to be another few months minimum. Either way we cant specify a date until we know ourselves. The purchaser has to right to opt out until we sign, its the threat of legal action has us upset and confused to be honest.
 
Tryingtosell said:
Anyone come across this before? It has left us quite upset. I dont see the purchaser has a foot to stand on but would they really waste everyones time with a court case?
Click to expand...


What does your own solicitor say?

It may be inconvenient etc. but surely closing the sale on your own house, putting your stuff in storage and renting for a spell isn't the end of the world?
 
Being in a chain is tough. You have an opportunity to buy a house in the future with the benefit of not being in a chain.

If you are still happy with the selling price of your house, then I think selling, moving into temporary house on a rental basis is a strong option to consider. Beyond the fact that it is not the end of the world as ccovich has pointed out, but it puts you in a very strong buying position when you do manage to find a property you like. I secured my most recent home for that very reason. No chain, could close within a month.
 
The only problem with selling first and renting until you find somewhere else is that while you're looking for somewhere to buy, houses prices are rising all over the place and if it take a few months to find something to buy then you could potentially have made more money on your own place.

I personally wouldn't sell my own place and then rent a few months and wait to buy...I would hold out. They can't sue you for breach of contract as nothing is signed by you. I would get your Solr to explain the situation to them/their Solr and then if they want to walk let them walk. They're probably annoyed as they don't know what is going on and you know yourself if you were interested in something and put a deposit down and then heard nothing yourself, you'd be very annoyed too.
 
Thanks for all the responses. I do mean this in a respectful way but i think the point of my post is being missed. Is the threat of legal action warranted and real? Has anyone had a similar experience?

I shouldnt have to move into rented accommodation, incurring further cost as a result of the unforseen delays. Afterall purchaser can pull out at any time until we sign the contract if hes not happy.

All this property lark is hard and stressful work - for all parties!
 
I don't believe that you have a problem here..... you have not signed a contract with them. You solicitor should advise you on this.

Personally I would not sell my house until I secured my new house. In relation to feeling bad etc etc...get over it (& I mean that in a good way!). You must put your own interests ahead of soemone elses. My 2cent

ninsaga
 
I would feel for the other purchaser to be honest. If you haven't signed the contracts after 6-7 months, then you are messing them about. I wouldn't expect them to go to court, but you could lose them as a buyer (I'm not a legal person). If you sell before you buy, you will also have some savings, either mortgage payments you no longer have to make, or interest on the price of the house (€400,000 at 3.5% - 20% DIRT = about €900 a month)
 
Thanks to everyone for opinions etc. Guess I will just have to wait and see how this pans out. No joy yet for me on a purchase, but viewing 2 more possibilities (one more so than the other) this weekend so fingers crossed.

I guess though no one has come across this scenario before then.
 
You must log in or register to reply here.
Menu
Log in
Register