Withdrawing from sale - Solicitors fees

PSFarrell

Hi All

I am currently in the process of purchasing a dwelling. It has began to drag on far longer than I had initially expected. The property went sale agreed in July and there were multiple issues with the vendor not having their ducks in a row. I signed contracts for exchange in late October and agreed to the sellers request of a closing date before xmas.My solicitor sent the deposit andcontract to the vendors solicitor. It is now Jan and they are still dragging their feet. My question is would I be liable for the full amount owed to my solicitor if I were to pull out at this stage as I have reached the limits of my patience.

Advice is appreciated

regards

P S Farrell

mad m

I remember years ago we pulled out of a deal in similar situation like yourself. Solicitor hit us with full fees as they did what was required.

Talk to your solicitor and see what the situation is, tell them the reasons as I’m sure they will already know. Only bargaining tool you have is that you can say you will be using them for any future buying of a houses you do eventually get.

Good luck with it.

catrionanic

The solicitor has done a lot of work on this, and in good faith. It’s entirely reasonable that they should expect to be paid for their time.

myshirt

catrionanic wrote: »

The solicitor has done a lot of work on this, and in good faith. It’s entirely reasonable that they should expect to be paid for their time.

+1

I can't understand on what basis the op thinks they shouldn't pay the full professional fee. Am I missing something here? I've read the post a couple of times and I don't get it.

Graham

myshirt wrote: »

I can't understand on what basis the op thinks they shouldn't pay the full professional fee.

OP didn't say he shouldn't pay the legal fees,

Muahahaha

myshirt wrote: »

+1

I can't understand on what basis the op thinks they shouldn't pay the full professional fee. Am I missing something here? I've read the post a couple of times and I don't get it.

If the OP pulls out now then the solicitor will not have to do any of the work around closing the transaction, paying the Stamp Duty to Revenue registering the property with the PRA and (if a mortgage is in play) scheduling the deeds and lodging them with the bank. At this point in the transaction the solicitors work is still far from over so there is an argument there for the OP to pay an agreed percentage of fees. The solicitor will know that the OP is likely to buy a different house soon so would get a full fee there in any case.

OP by the sounds of things both you and the vendor have signed the contracts? If that is the case then the other side are now legally bound to sell you the house and you are legally bound to buy it. You can get your solicitor to force the sale through by issuing the other side with a 28 day completion notice. General Condition 40 of the Contract should specify this so read the contract before you make any decisions.

PSFarrell

Thanks Muahahaha.

That was my line of thinking as there will be work that does not need to be done factored into the fees invoice received. My plan would be to use the same solicitor again.

The issue is that the vendor has still not signed contracts even though we have agreed a timeline on multiple occasions. I believe they are holding out due to issues on a property they are purchasing. This has dragged on for months without any sign of a resolution. What is most galling is the vendors solicitor ignoring requests for a status update.

davo10

PSFarrell wrote: »

Thanks Muahahaha.

That was my line of thinking as there will be work that does not need to be done factored into the fees invoice received. My plan would be to use the same solicitor again.

The issue is that the vendor has still not signed contracts even though we have agreed a timeline on multiple occasions. I believe they are holding out due to issues on a property they are purchasing. This has dragged on for months without any sign of a resolution. What is most galling is the vendors solicitor ignoring requests for a status update.

I remember reading something about this on the legal forum, the bulk of the legal work is done prior to signing contract as your solicitor would not allow you to sign unless everything is in order, so on a pro rata calculation of fees, you will will be liable for most of what you were initially quoted for the sale.

Just bare in mind op, you will be dropping back into the scatter mix that is property buying at the moment and house prices are likely to have gone up, so this could cost you a lot of money, not to mention more solicitors and surveyors fees on a new property. The vendor may be quite happy for you to pull out as they may get a higher price now.

KNS

I was at the opposite end. Was selling and the buyer was dragging their heals. I withdrew after they tried to pull a fast one and renegotiate the price.

When settling up with the solicitor after the subsequent successful sale I was charged 50% for the original sale that fell through on top of the full fee for the successful sale. Understandable really.

Victor

Check which of the solicitors expenses have actually been incurred.