Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
I am slightly unsure what position you ar ein- when you exchanged Contracts, wasn't the price fixed at that stage?
I look forward to hearing from you.
yes, i purchased the property through an estate agent for 285k and exchanged at the price and passed over 5% deposit which was released to the vendor as we had a delayed completion.
Now the property is worth 375k.
The delayed completion was to give the purchaser time to get the council tenant out.
Thanks for your reply.
Unless I am missing something, provided you exchanged at the price 285K, you can legally complete on this Price, and as they have breached the Contract, due to their Tenant still being in possession, you can claim damages off them!
Just because the market value of the property has increased since you exchanged Contracts does not give the Seller the right to demand a higher price from you- they are legally bound to complete on the price agreed at the date you echanged Contracts.
Please let me have your comments.