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Exchanged contracts and have a fixed completion date but worried about Covid-19
cairnsyyy
Posts: 12 Forumite
Hi,
hope everyone is well.
I’m buying my first home and have exchanged contracts with a fixed completion date in April. I’m very worried about my job and the housing market.
If I wanted to pull out what are the penalties? I’m not in a chain and the seller is buying a new build. I understand I lose my deposit to the solicitor that I paid when I exchanged but what else would happen?
Thanks for any help.
hope everyone is well.
I’m buying my first home and have exchanged contracts with a fixed completion date in April. I’m very worried about my job and the housing market.
If I wanted to pull out what are the penalties? I’m not in a chain and the seller is buying a new build. I understand I lose my deposit to the solicitor that I paid when I exchanged but what else would happen?
Thanks for any help.
0
Comments
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You'd be liable for all the costs and penalties that your vendor would incur from not completing, so their 10% deposit, their and their developer's legal costs and the difference between the agreed prices and the final selling prices of both houses if they sell for less.So yeah, definitely not worth pulling out.Everything that is supposed to be in heaven is already here on earth.
4
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