I did on my yard, when the first sale fell apart in the '08 financial collapse and the buyers went tits ....
- see you in court (which they were never gonna do ) .. Yeah , same as @V8Druid - took less second time around, 6 months of extra council tax to pay, running costs over winter, extra interest , had to pay estate agents twice as they trigger on exchange not completion, didn’t end up in a loss but no real gain in the end - would of rather it sold first time around and got rid of the place!
But its legit to keep anyway after exchange isn't it? Else whats the point of exchanging contracts?I did on my yard, when the first sale fell apart in the '08 financial collapse and the buyers went tits ....
administrators asked for it back ...
were told to **** right off and then keep going
compensated a bit for the eventual lower price I got for it in '14
statute of limitations expired on it in '10 - was a nice little pull, with 12yrs interest
Yes, but to a point. If you(buyer) has a good lawyer you could claw back some of it , ie if the property re-sells for more than originally etc, all depends on the wording thus why it’s worth going through it with a fine tooth comb !! Oh and don’t believe anyone who says they never fall through after exchange !
It's all the crap that goes with it ,
Had one of them as well ,had the cash ,couldn't get it into my solictor
if it was CASH then he'd have had to prove legitimacy to solicitor before he could accept it ....
It was money deposited in a tax haven ,and getting to me meant declaring it to tax man ,asked me if i could take 1.2 million in cash !if it was CASH then he'd have had to prove legitimacy to solicitor before he could accept it ....
if it was banked funds, a transfer'd take minutes, knowing it was going to happen on a given date ....
or should....
my bloke has told me on a few occasions of how banks have ****ed up and delayed chains of completions, sometimes as much as 3 days -- with removal men sat waiting at several houses
and end up paying tax and maybe doing time for a source like thatAnd the correct answer should have been ‘YES I CAN!!!’
Plus the bank whom held a loan against it might of got a bid odd about it ,bloke was a shyster ,no trustand end up paying tax and maybe doing time for a source like that
alternatively opening an account in the same tax haven and extracting it slowly might've been a good option too
explaining the transfer of title to the land reg. for a fiver might've rung the odd alarm bell though