Alex Watts : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return.
Alex Watts : The reason for cancellation is the difference in price, is that right?
Alex Watts : How did you initially get a value on the house, was it through an estate agent please?
The reason for cancellation would be based on price. Alternatively, I would accept £225,000 as a compromise. The initial valuation was done by the estate agent.
Alex Watts : It's bad news I am afraid. If you had not exchanged contracts then either party can pull out at any time.
Alex Watts : As you have exchanged contracts this means that you can not pull out. If you try do or fail to complete the buyer can sue you fr breach of contract and claim losses as a result.
Alex Watts : He could sue you for interest, moving costs, legal fees and seek a court order making you sell. If you refused to sell and there was a court order you could be sent to prison for contempt of court.
Alex Watts : There as you have exchanged you have no choice but to sell.
Alex Watts : T
Alex Watts : However you may have a claim against the estate agent.
Alex Watts : This is because the agent is a professional and should know the market for your area.
Alex Watts : If they were negligent in that the property was undervalued then you could have a claim.
Alex Watts : They could also be in breach if section 13 of the sale and supply of goods and services act 1982 for failing to act with all reasonable skill and care.
Alex Watts : But I am sorry to say you are legally bound to complete this sale.
Alex Watts : I am sorry that this will not be the answer you want and it is certainly not the one I want to give, but I have a duty to be honest.
Alex Watts : Can I clarify anything for you about this today please?