What if?

lozzaj83

Just wondering - what if our sellers pull out prior to exchange, is there any way of claiming back costs we've paid out or covering ourself in anyway?

kitty_kins

Hi

It's my understanding that if either party pull out before exchange, there is nothing you can do despite what costs you have incurred as it is not yet legally binding.

I'm no expert though

AnnieO1234

Presuming England & Wales nothing is binding until exchange. Thereafter either party can seek compensation or performance through the courts.

Xx

PasturesNew

No, nothing you can do about it.

lozzaj83

Thanks both, This would be our second property that would have fallen through in 8 months. I know it hasn't yet - but they have pulled out of their new build and the new house they have put an offer on won't be ready for 9 months. They have said they are looking at renting - but I just have a bad feeling about it all. We already lost £600 on the first vendor pulling out. I just don't want to lose the same with this one!
It was sold to us with 'no onward chain' but it seems they lied about that as well

Pandilex

If you think this is likely to be a recurring issue you can I believe get insurance to cover them pulling out.

ethank

Some solicitors offer it as part of their package. We had it with ours.