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Ask Aston Lawyer Your Own Question
Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10459
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My son and partner have today signed a contract for the purchase

Customer Question

My son and partner have today signed a contract for the purchase of a house. They were told verbally by their solicitor that there had been some underpinning of the extension part of the house but no subsidence. However on returning home they looked closely at the documents and their had been subsidence that resulted in underpinning that had only taken place less then 10 months ago. As a result they cannot get house insurance and the mortgage lenders will not lend against the house. They only signed their contract at 4.30 pm today and the solicitor said they had to tie up loose ends ie funds etc before exchanging. Can they now withdraw from the sale as they cannot possible get funds to purchase the property
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.
Hello and thanks for using Just Answer.

My name is Al and am happy to assist you with your enquiry.

I'm sorry to hear that this issue appears only to have been discussed with your Son at this late stage, but the good news is that they are free to pull out of the purchase. Just because they have signed the Contract does not mean that they are legally bound to proceed with the Purchase- their Solicitor is still required to obtain their authorisation before exchanging Contracts, and only once Contracts have been exchanged is there any legally binding agreement between a Seller and a Buyer.

I'm afraid all the costs your Son has spent on the purchase are lost, but looking on the bright side, it is best in the long run that this problem was revealed now, albeit late, rather than after they had completed their Purchase.

I hope this answers your question, but please let me know if you require any further clarification.

Kind Regards
AL