Through our experience of working with developers and house builders, we are aware of the difficulties and financial implications that arise when buyers default. In response we have designed a bespoke procedure for pursuing rescission claims against defaulting purchasers . Cash generation is at the forefront of most developers' minds in the current climate, and in circumstances where a prospective buyer withdraws from a purchase following an exchange of contracts they can be pursued for recovery of the losses resulting from that. Even if the full amount of the loss can't always be recovered, it is often possible to negotiate a settlement.
There is a right to recover all losses including:
- the shortfall in the price on the resale
- associated marketing costs to secure a new buyer
- costs incurred as a result of the property being void
- abortive legal costs
Our package includes a menu of fixed fees in order to limit exposure to legal costs until a claim, and the viability of pursuing the individual (following our enquiry agents investigation into their financial status), can be established.
If you would like to discuss the process and the costs in more detail, please contact Tina George or Luisa Fox, Real Estate Dispute Resolution.
