Is there any way a house sale can't go through after exchange?

Alfie1999

I exchanged contracts on the sale of my house last friday and i'm beginning to wory a bit that there might be some way the sale will fall through before we complete (a week thursday).

I've always understood that nothing can stop a sale once the contracts have exchanged but in times like these i'm trying to think of scenarios where things could still go wrong.

TomsMom

Well, looking on the black side, things can always go wrong. The vendor or spouse might die, as happened to us years ago but the sale still went ahead although delayed.

However, it is unlikely that the vendor will change his mind as once contracts are exchanged if one party decides to pull out it is usual for the deposit (usually around 10% of purchase price) to be forfeited by the purchaser or a similar amount forfeited by the vendor, that should be written into the contract somewhere - have you checked?

pawpurrs

Its very rare but it can happen, some one dies, loses their job etc, but they forfit 10%

Alfie1999

So the buyers deposit is usually lodged with the sellers solicitor on exchange?

Trollfever

Good Luck!

Mortgage withdrawn on day of completion...

http://forums.moneysavingexpert.com/showthread.html?t=1165711&highlight=completion

:eek:

Alfie1999

Thanks trollfever.

I'll pretend I haven't just read that thread. :eek:

PasturesNew

there was a poster here last week who had their mortgage withdrawn on the day of completion.

Richard_Webster

In 38 years in the law I've had some involvement with only 3-4 cases where completion has never happened at all.

Very occasionally things get delayed by a day or so for some reason like mortgage lender forgetting to send money.

In practical terms you would never do anything if you sat worrying about whether completion would happen.