Jules Posted August 1, 2007 Share Posted August 1, 2007 In June this year we signed are contacts with are Notaire and returned to England.On arriving home we found the chain we are in has broken and whats worse my buyers have not signed contracts .What will happen if we don't complete on are completion date of 30/09/07 And is it to late to extend are completetion date. Jules Link to comment Share on other sites More sharing options...
Iceni Posted August 1, 2007 Share Posted August 1, 2007 Probably depends on the seller - if twere me I would claim your 10% deposit for breach of contract for wasting my time then suggest that you reapply when you are in a position to meet your contractual obligations.Why did you do something in France that you would not have done in England ?Johnnot Link to comment Share on other sites More sharing options...
jc Posted August 1, 2007 Share Posted August 1, 2007 Don't put it off;speak to the seller and the notaire as soon as possible. Link to comment Share on other sites More sharing options...
Mr Coeur de Lion Posted August 1, 2007 Share Posted August 1, 2007 Didn't you sign subject to the sale of your house in England? Link to comment Share on other sites More sharing options...
Anton Redman Posted August 1, 2007 Share Posted August 1, 2007 Given you may be looking at loosing the 10% and depending on your circumstances I would think about increasing my UK Mortgauge to cover the French purchase. Negotiate it as a loan to buy a French house secured on your UK property not a bridging loan Obviously depends on having enough equity in property to cover pruchase but if you are confodent of a sales within five months seems better than loosing the 10 % Link to comment Share on other sites More sharing options...
Benjamin Posted August 1, 2007 Share Posted August 1, 2007 Sorry it hasn't turned out as planned Jules.If you bought through an Estate Agent you may also find that they try to claim their lost commission off you as well. Link to comment Share on other sites More sharing options...
PaulT Posted August 1, 2007 Share Posted August 1, 2007 If increasing / remortgaging make sure they will not charge a fortune in early redemption charges. Somewhere like moneysupermarket.com will give comparison and show the charges.Paul Link to comment Share on other sites More sharing options...
Pickles Posted August 1, 2007 Share Posted August 1, 2007 [quote user="LyndaandRichard"]Didn't you sign subject to the sale of your house in England?[/quote]They may have tried, but I suspect that most sellers would not accept that as a clause suspensive - especially for a foreign property - and might expect the buyer to take on a bridging loan - pret relais. If a clause suspensive had been inserted to make the offer conditional on being accepted for a loan or pret relais, then that would have been something that the French are more used to, I suppose.RegardsPickles Link to comment Share on other sites More sharing options...
Iceni Posted August 1, 2007 Share Posted August 1, 2007 I have just received an e-mail from Jules with particularly relevant info regarding closish relationship to seller, such that he is unlikely to enforce the sale if completion does not take place on the due date. When people ask for advice why oh why do they expect assistance when they so reluctant to tell the whole truth ?Johnnot Link to comment Share on other sites More sharing options...
maureen Posted August 9, 2007 Share Posted August 9, 2007 If you have a 'clause suspensive" in your acte de vente, this has to be respected by law. Approach your seller and ask him privately if he would be willing to extend the signing date, and if he says 'yes', then this can be done. We lost our sale twice to Brits in the same position as you. We gave them both an extension, but even so they couldn't meet the new dates as their houses were not sold. One lost his deposit as he didn't have a 'clause', the second one got his deposit back as he did. It's not a case of enforcing the sale. It's a case of deposit.Oh, if only us brits would not sign draft contracts here in France, until we had the money safely in our pockets from our UK houses. It would save so much heartache - and inconvenience to the sellers. Been there, but third time lucky when we sold to French!I think that should read SUBSTANTIF !!! Sorry.So, where has the original poster gone? Not come back to say thank-you or to make comments !!! Link to comment Share on other sites More sharing options...
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