Where do the OFSOs go ?

[OFSO]

Once contracts exchanged we have to move out of present flat. Where do we go ? Anyone with a few rooms available in, say, a stately home or castle ? In exchange can offer six month a year in a large villa in Spain, once restrictions removed.

Both talented, I'm an electrical/electronics engineer, Mrs OFSO superb cook, used to own an hotel/restaurant.

[Pontius Navigator]

Tried Windsor Great Park? Recently renovated cottage, soubdproofed, unexpected journey overseas leave vacant possession.

[CremeEgg]

PN - that's exactly what I was thinking - if you've a private jet maybe an exclusive AirBnB near Vancouver?

[4mastacker]

The occupant of the big house at the end of The Mall has moved out for a short while. Central London location and very much in keeping with your life-style.

[Pontius Navigator]

Or a country house in Norfolk. Traffic driving by should not be too bad these days.

Seriously, how about a 2-bed Manor House rental in Dorset?

[barkingmad]

Are the OFSOs prepared to venture into the savage UK badlands north of Potters Bar or is that a bridge too far?

[ian16th]

Reading of the disastrous state of the 'Hospitality Business', you should be able to negotiate a good monthly deal with an 'Apartment hotel'.

[OFSO]

OFSOs are going nowhere until the state of emergency or whatever it is is lifted. Then a swift exchange of contracts and we will vacate and depart mucho swifto back to the south to enjoy the remainder of the year as tourists. If in the meanwhile the purchaser is no longer there, so be it. Can't say at my age with my diminishing expectancy I'm going to worry.

Why is there a fox sitting outside the gate looking up at the living room window ?

[Pontius Navigator]

Food? Like Hyenas

[OFSO]

I think it was an omen.

[OFSO]

For those interested in the OFSO Saga, i.e. nobody at all other than us, solicitors and parties have agreed paperwork, house move and everything else is frozen until the Great Lockdown is lifted. This was of course a legal requirement, but is now solidified, substantiated, and writ in granite by m'learned friends. A pleasing state of affairs.

[PHXPhlyer]

I'm sure that is a weight off of your minds.
Now to just survive the Lockdown.

PP

[Rwy in Sight]

A rational decision by HMS not something that happens often

[G-CPTN]

Is now solidified, substantiated, and writ in granite by m'learned friends. A pleasing state of affairs.

Does this mean that the sale is agreed and will go ahead unless the buyer defaults?

AIUI, once the deposit is paid, and contracts exchanged, the sale is sealed with only completion (at an agreed date and payment of the balance) before the keys are released.
Withdrawal by the buyer incurs significant penalties.

[unifoxos]

I'll be interested to see what happens with this situation. In my case the sale is agreed and the contract was sent to the buyers solicitors before lockdown, presumable meaning it wouldn't have had any specific clause regarding delaying completion, unless there is a "Force Majeure" clause. I haven't seen this contract but received notice yesterday that the buyers solicitor has approved it, with a few minor queries. I am moving to an empty house and expect to be out before completion, therefore the buyers will be moving into an empty house. I understand that this is allowed, but wouldn't know where to find out if this is true or just a rumour. Maybe I'll find out when I get the contract to sign.

[OFSO]

Sticking to the contracts is one thing. Enforcing them is another, not to mention is it worth it financially. We are relying on one vital component of any contract, good will, rarely mentioned by those who think that a signed document is everything.

[G-CPTN]

Sticking to the contracts is one thing. Enforcing them is another, not to mention is it worth it financially. We are relying on one vital component of any contract, good will, rarely mentioned by those who think that a signed document is everything.

If a buyer fails to complete a purchase.

[ian16th]

Yep.

I accepted an offer to sell my Joburg house.

It turned out the 'buyer' was an idiot and had no money!

I could have taken him to court to enforce the contract, but its worth nowt to sue a 'man of straw'.

[G-CPTN]

Yep.

I accepted an offer to sell my Joburg house.
It turned out the 'buyer' was an idiot and had no money!
I could have taken him to court to enforce the contract, but its worth nowt to sue a 'man of straw'.

But surely a 'contract' to buy a house can only exist after 'exchange of contracts' following payment of a deposit? (at least in England - Scotland is different)

When I sold my last house, the buyer paid a deposit 'up front' which he said would be 'non returnable' in the event that the sale didn't proceed (it did).

[Woody]

Yep.

I accepted an offer to sell my Joburg house.

It turned out the 'buyer' was an idiot and had no money!

I could have taken him to court to enforce the contract, but its worth nowt to sue a 'man of straw'.

I thought in ZA all payments were paid to a separate Solicitors account, certainly was when we bought our place.