• Exchange Of Contract

    By Guest on 04th Jul 2017

    We were purchasing a new build and selling our current home and last Tuesday (27th June) found out that the builders wanted to exhange of contracts on the Friday (30th June)as this was their year end and our new property was included on their figures. We received the contract, TR1 and lease to sign by recorded delivery on the Wednesday. The solicitor said she wanted it back by Thursday but my partner was away on business until Thursday evening so it wasn't possible, he did however hand deliver it on the Friday a.m. The buyers of our property however said they could exchange contracts on the Friday as they had a 'help to buy' isa they had to cash in and couldn't do that until the Saturday, they had made arranagemnts to see their solicitors today (4th July). On Friday 30th we were inundated with calls and emails from our solicitor, the builders and a company called 'moving made easy' who were responsible for co-ordinating the move, they wanted us to contact the buyer direct to emphasise the importance that exchange had to take place that day and even asked us to threaten our buyer to say we would pull out if we didn't! Also, at the 11th hour our buyer had asked us to reduce our property by £5k and we had said no, so the builder offered him a cheque for £5k on completion if he exchanged that day. He couldn't exchange so it didn't take place but we thought it would just all happen today. However on Sunday we were asked to go to the development and see the sale officer and he told us that the sale director had withdrawn or reservation on the plot and put it back up for sale £10k above the price we were paying for it. We have invested over £4k in design requirements, solicitors fees, mortgage valuation etc along with spending another £5k on new furniture and fittings. Can you please offer me some advice on how we stand with this situation?

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