Need Help re an exit plan for Deposit on house

des-des

Hi,

I have paid a deposit on a new house that is currently being built in a development in the south east but have just accepted a 12 month contract (with a view for an extension) overseas. I can't afford to keep it or try to let it out so rather than risk losing the deposit by pulling out. So, would I be able to sell the house and pay the developer what is owed and keep what is left over as my deposit. This way I don't have to go through with my mortgage if it is possible?

I would appreciate any fact based knowledge re this exit plan, if possible.

Thanks

silvercar

was this a holding deposit of a few hundred ponds are a deposit on exchange (5 or 10% purchase price)?

will all depend on whether the contract you've signed is "assignable".

des-des

Thanks for your quick reply Silvercar,

My wife dealt with this whilst I was abroad so will have check with her. But if it is "assignable" will this mean I'll be able to sell without having to purchase the house of take on the mortgage?

Thanks again.

silvercar

if it is assignable you can effectively pass the purchase contract onto someone else. you are selling it on and they complete the purchase instead of you. If you don't find someone to purchase in the agreed timescale you are then still liable to complete. which is why I asked about the size of the deposit, if it was a holding deposit it may be better to risk losing that rather than actually exchange on the property. if you have actually exchanged then you are liable to complete or incur penalties.

we tried to get someone else to complete on a contract once, but they couldn't move quick enough and backed out.

BTman

I'll purchase your contract.. at 30% less than you paid