Is taking a deposit legally binding or can I cancel the deal?

gamblep

Hi, I have taken a £100 deposit as I am selling my car. However, I have changed my mind and no longer want to sell it. Can I legally just withdraw from the sale and give the buyer his deposit back? Please answer ASAP. Many thanks.

iolanthe07

As long as you haven't signed a contract I think you'll be in the clear. You'll probably pi$$ him off, though.

Wig

Al_Mac wrote: »

He's probably legally entitled to any costs he has incurred. But would have to go through small claims to get.

And arguably loss of bargain on his subsequent car purchase.

I think as you are not selling, it is better than if you had decided to sell to someone else. You should refund him any monies he has spent on doing a search on your car, or if he has already insured it - any cancellation charges he might incur.

If however the deposit was to be fully refundable (if he changed his mind) you can back out of your side of the bargain if you want to without owing him anything.

jonathon

if it was the other way around you would keep his deposit. I would be really hacked off if you did this to me. try offering some for his inconveniance.

anewman

I can't undertstand why anyone would try selling a car then agree on a deal, and even take a deposit when they never really wanted to sell it (just think of all the effort to advertise it, answer calls, let people look at it): unless for example they had just lost a job, were selling it, then had just found a job.

I would try give him his £100 back plus more (at least £100) and the biggest apology you have ever made ever would probably help.

Imagine if you agreed to buy a car and paid a deposit, and as a result you sold your car, then the seller later turned back and said no sorry. You wouldn't just be annoyed!

maniac886

anewman wrote: »

I can't undertstand why anyone would try selling a car then agree on a deal, and even take a deposit when they never really wanted to sell it (just think of all the effort to advertise it, answer calls, let people look at it): unless for example they had just lost a job, were selling it, then had just found a job.

I would try give him his £100 back plus more (at least £100) and the biggest apology you have ever made ever would probably help.

Imagine if you agreed to buy a car and paid a deposit, and as a result you sold your car, then the seller later turned back and said no sorry. You wouldn't just be annoyed!

I wouldn't just be annoyed if this happened to me I'd be p*ssed off! :rotfl:

Seriously though Id try and find out what he has done after the sale.... you may have to cover expenses for transport there and back to get his refund, he might have already sold his old car and the costs to cancel his insurance

photome

I think the seller is out of order. The only reason I can think of the seller having a change of mind after advertising etc is

the seller has a better offer.

Whatever the reason I think the OP should at least double the deposit and offer that with sincere apologies.

If it happened to me I would be well !!!!ed off. I may have sold my car arranged insurance etc etc.

If it was the other way round I bet the seller would be keeping the deposit

anewman

Suppose if they didn't inspect the car heavily you could hide the car for when he comes back and say i's been crash damaged and will cost £x to repair and you're happy to give them their deposit back doubled. Might lighten the blow - but would they press to keep a broken car and repair it?

No excusing not going through with the sale though.

photome

Is this another of those help me posts, that dont return with any outcome?????

Does make me wonder why any of us reply to these posts

harveybobbles

The fact they have "gamble" in their user name makes me laugh...

anewman

harveybobbles wrote: »

The fact they have "gamble" in their user name makes me laugh...

I did wonder a little lol