Reneging on signed contract

O

oiseog

Guest
After signing contracts after sale agreed on their house, my sister's husband has died suddenly and she doesn't wish to sell her home understandably. The buyers are looking for compensation due to house price rises in the last 4 months. As one of the signee's is now dead does that not make the contract void? What are her rights and theirs?
 
Says its possible that they can try to mitigate their losses
 
That's presumably the answer so. The contract is not void and the other party may be entitled to some compensation.
 
Are you familiar with similiar situations where for instance the buyers have backed out and the vendors have looked for losses?
 
No. But in such circumstances it's prudent to be guided by the advice of one's own solicitor.
 
oiseog said:
After signing contracts after sale agreed on their house, my sister's husband has died suddenly and she doesn't wish to sell her home understandably. The buyers are looking for compensation due to house price rises in the last 4 months.
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Wow that's pretty damn heartless :(

As for the 'house price rises in the last 4 months' perhaps point them towards the Daft Q3 report of 0% increase in house prices..?
 
IMHO the purchasers have an enforcable contract and would appear to have allowed the delay of closing of that contract due to the tragic circumstances. For them it has probably been a difficult decision to not pursue what is potentially their dream home based on the circumstances.

They have obviously incurred legal costs and potentially rent etc. due to the situation. I believe that the best course of action would be to reach a financial settlement. The most important thing is that they are not pursuing the closure of the contract which would be a far more disturbing prospect.
 
For your information my sister has agreed compensation with the buyers for which she will take a loan out so she can stay in her home. Many thanks for your comments and compassion.
 
Are you at liberty to indicate what the settlement was (e.g. what percentage) relative to the other party's legally enforceable penalty payment just so others can learn from this experience? Feel free to decline.
 
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