laser601

Can anyone please tell me what happens if after an agreed completion date of 31st March 2009, the buyer asks for a contract extension till 30th June and they still cannot raise the balance after paying the deposit??? Does that give me the legal right to cancel the contract and keep the deposit? If they cannot complete at this new extended date is the Contract null and void and do I have to return any deposit? HELP PLEASE I am tearing my hair out as I needed this money back in the UK tobuy a home in April gone............

giuliana

By law if on the "compromeso" there is a date of completion ( when the balance should be paid) and it is not respected by the buyer the seller can keep the initial deposit and sell to another person.
If the seller pulls out of the sale before the completion date he has to give double the deposit already paid back to the buyer.

Read carefully the compromeso and check that in the small print they have not added an extension to the completion date!!!

Get legal advice from a Notaio. Although if they have paid a large amount as deposit morally it would be nasty of you not to give them a couple of months extra to find the cash!
That's my opinion, hope this helps.

TestaRossa

guiliana - I'm guessing your first language is Italian. So, to tell someone they are being "nasty" in Britain is very bad, especially when it relates to something that is not their fault and beyond their control. It would only be nasty if OP had intended to create a situation where the buyer had to default and they could then grab the deposit without selling them the house. I'm just trying to explain, I make many mistakes in Italian, a major one was using "troppo" for "very" as in very good, without realising this is also a major insult and looks like sarcasm! Nasty is like calling an American "ignorant" to me it means uninformed to them it means rude and unintelligent.

Kenny and Moe

Laser,
you are stuck between a rock and a hard place, you needed the money to buy your UK house, you probably have several options. Ditch the buyer and try and put your house back on the market regardless of the amount of deposit, that's the law so you are within your rights. Run with the current buyer, after all you need the money and end of Jun is not that long away. Try and arrange a bridging loan to pay for your UK house, although if you don't sell your Italian house this option can be painfully expensive, particularly as if you get a new buyer you are back into negotiations and paperwork for months (again).
Bottom line is you can take the deposit and start all over again or stay with the buyer albeit you are now behind time and on the back foot with regards to your UK house.
Just a couple of questions - Is this the first Italian property you have sold? and were you not being a bit naive about time scales in relation to depending on the money for a UK property? Thankfully others, including me, will learn from your experience.
I hope it all goes well for you in the end - Good Luck
Regards Kenny

giuliana

Dear Testarossa I am as British as you, and what I mean is that at the moment with the recession etc people might have lost their job or are having difficulty, although the seller is within her right to cancel everything and keep the cash I would not do it !
I would discuss it with them and see what agreement I could make to find a solution.
I sell houses all the time and I would not pull out without a very good cause!
If it is a question of a month or so I'm sure the seller could grin and bear it, if it goes on longer then I would look at other alternatives.
We all work hard for our money and I'm sure the buyer in this case also does.
By the way I am from Manchester, I think you are also?

Change Nasty to Unkind!!!!!

TestaRossa

Yes I am! I think we have spoken before, a long time ago...

I visit another forum where this kind of thing can get blown out of proportion - maybe you think I have! I'll be honest, I am with the seller on this one, I have been messed about too many times, both here and in the UK with both selling a house and renting. I have found that once you give a little leeway it becomes a black hole and never ends. Plus, whether through naivety or not, if the seller was supposed to complete her house in April she could be in danger of losing out too - as a buyer/seller April through to June feels like a million years not a few weeks. I know the market is slow in the UK but, like here, people still put pressure on, especially the more uncertain things get.