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  • Buy-to-Let

    Seller pulling out

    Hi!

    Our seller is pulling out without warning; we are yet to understand why. We have already incurred expenses on the purchase such as the solicitor's down payment for searches and the mortgage valuation fee (and broker's).

    Our question is, next time, rather than wasting our time on not-so-serious sellers, can we put together a legal letter stating that the seller should be responsible for all non-refundable expenses incurred by the buyer should they pull-out on their own accord (e.g. clearly this is not a mutual disagreement on the contract or anything)?

    And we could request any seller to sign that letter upon accepting our offer. That would give us some protection?

    Be keen to understand what BTL investors do to protect themselves from silly situations like these?

    Inggi

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    Hi Inggi,

    Sorry to hear of your situation.

    Try using Gazeal next time! 

    Gazeal Intro from Gazeal on Vimeo.

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    Gazeal looks interesting.

    We bought Abortive Insurance from our conveyancer for £60 which was well worth it when the sale fell through. Also, we were advised that where ever possible, get costs added to the mortgage loan, that way if the deal falls through, it hasn't cost you anything.  

    If the deal goes ahead, pay off these additional costs within the first month so that you're not paying interest on them for the term.

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    Hi Inggi

    Same thing happened to me yesterday - still don't know why the seller backed out but either way we gave them the £1,000 reservation fee, paid some solicitor fees and a mortgage valuation fee.

    We will recover the £1,000 but the legal and mortgage fee wont be recoverable I understand?

    Thanks

    Tejas


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