House sale collapse cost me £90k

David Moroney • Published 2 Apr 2010 14:00

A MUM fears she will be homeless and bankrupt after a court ordered her to pay over £90,000 for pulling out of a house purchase.

Elizabeth Bond has to pay £85,000 plus interest to a homeowner after a prolonged legal wrangle.

The 48-year-old today told the Tele she had to pull out of the deal after failing to sell her own home to complete the purchase.

Despite reducing the cost of her own home five times, she said the credit crunch had started and a buyer was never found.

Now Sheriff John Herald, presiding at Greenock Sheriff Court on Tuesday, has ordered the mum-of-three to pay the whopping sum.

Mrs Bond, who said she has been caught up in the legal wrangle for almost two years, said: "This has been the worst two years of my life and all I tried to do was buy a house.

"We are going to have this hanging over us until I leave this house in a box. It's absolutely devastating. The worst thing for us is thinking that we are going to lose this house and be out in the street."

She added the problems began when she agreed to buy a £316,000 Inverkip home in 2008, with the sale due to be concluded in May that year.

Unable to sell her own home to complete the purchase, the mum said: "We did everything we could to sell. We advertised it for months. We reduced the price five times, but it was the start of the credit crunch.

"I don't know what will happen now. I could become bankrupt and lose my home. If I am made bankrupt, I don't know what good that will do anyone."

Elizabeth's husband, Paul, 45, added that he is 'astonished' at the situation.

He said: "I cannot believe my wife could be put out in the street if she is made bankrupt."

Elizabeth, who has a small carpet fitting business, said: "If nothing else this will be a warning to people of what can happen when buying property. People would be absolutely astonished that this has come this far."

Elizabeth, who has lived in her Wemyss Bay house for 13 years, claims the service from solicitors handling the purchase of the home in question is to blame for her predicament.

She claims that, although she verbally agreed to the house sale, she was not aware she was in a legal contract and claims she didn't sign any papers.

The couple say a further legal challenge against former solicitors may be the only way they can hope to pay the money they owe.

Elizabeth added: "I am not saying we don't owe some money, but not that amount."

The award of £85,000, plus eight per cent interest - totalling nearly £7,000 - also includes mortgage costs and bills incurred by the then owner of the Inverkip property, which has since been sold to another buyer.

Tweet

This article appeared in Greenock Telegraph 02 Apr 10

Return to the main index, get more from this section or browse our News archives.

Follow @greenocktele