Cost of pulling out after exchange

burnoutbabe

but both the OP and the ex partner could be sued and both lose the deposit so would be best off to carry on with purchase together. Doesn't matter if split up or not.

In terms of costs, i'd assume the DEPOSIT PER THE CONTRACT (ie 5 or 10%) would be forfeit, not just the cash paid over already. they could be 2 very different amounts.

Richard_Webster

OP says he has put up a small deposit - 5%, 10%. How much?

Was this the exchange deposit or just a preliminary deposit.

Have contracts actually been exchanged? Signing isn't enough - the solicitors have to exchange them for them to be binding.

hcb42

Yes, this happened to a relative of mine, someone pulled out after contract exchange, the cost the buyer had to pay was significant.

Have you no other options OP? Speak to lawyer on Monday. And your ex no doubt.

Samsang11

All thats been handed over so far is 1% (which I'd happily lose) but the total is 10% which I couldnt afford to. Proceeding and selling may be the best option. I'll have to confirm with the solictor whether the contracts have been exchanged. Thanks again for all of your insight!!

COOLTRIKERCHICK

if there is no way back, could you let it out until you sell it?

G_M

Samsang11 wrote: »

All thats been handed over so far is 1% (which I'd happily lose) but the total is 10% which I couldnt afford to. Proceeding and selling may be the best option. I'll have to confirm with the solictor whether the contracts have been exchanged. Thanks again for all of your insight!!

It sounds to me like you are OK.

If your solicitor had Exchanged contracts you would have
a) had to authorise/instruct him to do so
b) been informed by him he'd done it and
c) paid the full 10%

Since it appears none of this has happened I deduce you have not Exchanged.

Therefore your only costs will be your own mortgage application fees, survey fees, and legal fees to date.

However you need to answer Richard's questions above.

pleasedelete

Not necessarily. You can negotiate by agreement an amount less than 10 percent to be paid on exchange. In fact this is quite normal if both buying and selling.

G_M

pleasedelete wrote: »

Not necessarily. You can negotiate by agreement an amount less than 10 percent to be paid on exchange. In fact this is quite normal if both buying and selling.

Yes but the OP said:

All thats been handed over so far is 1% (which I'd happily lose) but the total is 10%

This can only mean "the total deposit is 10%".
And if this has not been "handed over" then Exchange of Contracts cannot have occurred.