can banks back out of a property sale?
Posted: Mon Feb 06, 2017 12:21 pm
hi, I was purchasing a property, from a bank, via an agent, assisted by a lawyer whose name is listed on gov.uk website, deposit paid, contract signed by both sides, power of attorney signed, money transferred to Spanish bank account, proof of earnings all done, just waiting for NIE appointment, on the ball throughout, etc... then approx. 3 weeks down the line, the bank just sent an email saying they now decline my offer thank you good bye. no reason, no explanation, and leaving me with about a £1000 loss in euro exchange rate transfers, plus notary fees, plus whatever the lawyer wants!
i've been told that each side pays a security deposit, if one backs out the other side gets it, and this is to stop gazumping. yet I'm NOW told the bank can do what they like, no penalty what so ever! is gazumping illegal?, but banks CAN do it?? incredible.
after viewing around 40 properties now, until I decided on this one in Quesada, I had heard an endless range of info and supposed required processes that have to be followed, in order to buy a property in Spain. each agent tells me a slightly different version. how the heck do people like me who know nothing about spain property purchases, get to follow the correct path if everyone official insists on their own route. there must be thousands of successful purchasers in spain, yet all I have ended up with is a lawyer and an agent who are blaming each other for not giving me the right information, and a financial loss for nothing.
I have total respect for everyone out there who is successfully owning a property. and it looks so easy on TV. what a nightmare though. good luck to all those yet to embark on this mission, based on my experience, make sure you have a reserve cash amount you are prepared to lose. any tips or advice appreciated.
i've been told that each side pays a security deposit, if one backs out the other side gets it, and this is to stop gazumping. yet I'm NOW told the bank can do what they like, no penalty what so ever! is gazumping illegal?, but banks CAN do it?? incredible.
after viewing around 40 properties now, until I decided on this one in Quesada, I had heard an endless range of info and supposed required processes that have to be followed, in order to buy a property in Spain. each agent tells me a slightly different version. how the heck do people like me who know nothing about spain property purchases, get to follow the correct path if everyone official insists on their own route. there must be thousands of successful purchasers in spain, yet all I have ended up with is a lawyer and an agent who are blaming each other for not giving me the right information, and a financial loss for nothing.
I have total respect for everyone out there who is successfully owning a property. and it looks so easy on TV. what a nightmare though. good luck to all those yet to embark on this mission, based on my experience, make sure you have a reserve cash amount you are prepared to lose. any tips or advice appreciated.