A North London seller had exchanged contracts on their £5 million property, the point at which most people believe a sale is secure. Their buyer then pulled out with no valid excuse.

The seller kept the £500,000 deposit but they were left with an empty property and needed to start the sale process all over again. The property was then tarnished with failing to sell. It was two years before it resold at £4.2 million, £800,000 less than agreed. The seller was eventually awarded damages for the difference, but the costs and years of uncertainty affected their life and financial stability long afterwards.

A Kent seller exchanged contracts with a developer, who then failed to complete.

The seller kept the £200,000 deposit, but recovering £100,000 in additional interest and legal expenses took a lengthy and costly period of litigation.

Throughout, the seller was under extreme stress and unable to plan for their future, with their life effectively on hold.

A seller exchanged contracts for an agreed £605,000. Shortly before completion, the buyer tried to renegotiate a lower price, then failed to complete altogether.

The seller had no choice but to move back into their empty property which later sold for £495,000, leaving them significantly out of pocket. After lengthy litigation, the buyer was found liable for the £110,000 shortfall plus legal costs and other expenses, but it took months to resolve.

The long-lasting financial and emotional impact on the seller was profound.

A divorcing couple exchanged contracts on the sale of their marital home and husband simultaneously exchanged on a new property. The sellers were then told their buyer could not complete due to a sudden change in his employment circumstances.

The sale collapsed during sensitive divorce proceedings. Husband took out an expensive bridging loan to complete on his onward property, which he then had to sell at a huge loss, including SDLT and related costs in its purchase.

Their divorce settlement and separation of assets were severely delayed for many years, causing uncertainty, heartache and heavy financial challenges as they faced a stressful waiting game, putting immense strain on the family and all their lives on hold until the original property was sold at a substantial loss.

A seller’s property chain had simultaneously exchanged contracts. Mid-transaction, completions could not proceed due to a merger of the buyer’s solicitor firm which in turn removed its access to the lender panel.

Their chain collapsed and two contracts were breached, leaving them distraught. In the words of their solicitor “untold worry and difficulty for all concerned.”

An elderly gentleman, selling to downsize, exchanged contracts on his sale, but his buyer was unable to complete because they had failed to sell their own property. The seller was forced to take out an expensive bridging loan to complete on his onward purchase.

He was deeply concerned that his property would never show or sell as well once the furniture, contents and paintings had been removed and the property was empty.

It was an emotionally distraught and draining time for the entire family.

Notting Hill sellers in their 80s exchanged contracts on their sale, and exchanged at the same time on their new dream property with simultaneous completion dates. After exchange, their buyer tried to delay completion for personal reasons.

The sellers had to take out an expensive bridging finance to complete on their onward purchase. Removal companies had been paid, travel plans arranged, and the stress of the move was already weighing heavily on them.

Completion of their sale was eventually enforced under significant pressure, but only after lengthy, costly delays, anxiety and stress.

A young family exchanged on the sale of their home for £339,000 and, simultaneously, on their dream home they had spent seven years saving for. On completion day, with the removal vans outside, they were told their buyer’s mortgage had been withdrawn and were unable to complete.

Their belongings were already packed in boxes, they were unable to complete on their purchase. They had even sold their fridge and were left with an empty house with no curtains or furniture. The family incurred over £45,000 including deposit, legal fees, estate agent’s fees and removals.

With no recourse available, the financial damage was compounded by emotional devastation and immense upset caused on what should have been the day of completion.

Sellers of a Chelsea property had exchanged contracts for an agreed £2.9 million when the purchaser accused them of misinformation in their pre-contract enquiries, a claim used as a reason not to complete.

The sellers rebuffed the accusation and spent £150,000 on legal fees and endured months of litigation before the buyer was finally made to complete.

By then, they were forced to change their life plans, lost a substantial amount of money and were devastated and distraught.

Son and daughter of aged father selling his Knightsbridge property had exchanged contracts for an agreed £3.9 million after which their purchaser tried to renegotiate the price down by £200,000 and subsequently failed to complete.

Protracted and expensive litigation followed between the parties. Because exchange had already taken place the sellers were legally unable to show or sell their father’s house to any other party.

Finally their property sale completed at the original price some seven months later.

The financial impact on the vendors was massively disruptive and wasn’t just limited to their legal fees, loss of interest and other incidental costs…it extended to the siblings’ inability to be able to fund an important investment and business deal and the lost opportunities and profits therefrom.

A seller of a beachfront property in Sandbanks exchanged contracts, but their purchaser could not complete because of a lack of funding.

The seller issued a Notice to Complete. The buyer’s funding eventually came through.

As a result the seller’s plans were seriously delayed and the stress, disruption and costs were considerable.

A seller of a £3 million flat in Old Chelsea exchanged contracts on its sale, only for their buyer to then fail to complete for personal reasons.

The buyer forfeited a £300,000 deposit, out of which the seller had to pay their estate agent’s and legal fees.

Emotionally drained, the seller had to change their life plans and begin the entire sales process again, losing time and incurring a new set of legal and agency costs.

After Trustees selling a property in South Kensington had exchanged contracts and deposit, their buyer then decided not to proceed and failed to complete.

The buyer forfeited their deposit. The failed completion caused the executors of a trust to be in breach of their responsibilities to the beneficiaries of the trust. The Trustees had to threaten litigation against the buyer.

The Trustees legal positions were put in question as they incurred further substantial costs to the Trust before re-marketing the property.

The vendor’s children were selling on behalf of their mum so she could go into care. Purchaser agreed to buy the property for £1m which took 3–4 months to finally exchange with an agreed 6 month completion. On completion date, the buyer said “the market has moved, we will only complete if you accept £800k”. This was not accepted, so the buyer failed to complete.

Sellers were forced to put property back on the open market which took them another 12 months to complete the sale for £850k, costing them an exorbitant amount of money and untold stress experienced by the whole family as they needed to borrow funds to afford mother’s care.