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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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, We are in the process of selling our property

Resolved Question:

Dear Sir,
We are in the process of selling our property in UK. The buyer, after over 3 months since the offer, is now claiming that the house is worth less as the mortgage survey states there are some repairs.
At this point, can we not accept their offer? Can we claim a to retain the deposit as they have wasted over 3 months of possible buying opportunities?
Please advice
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts : Hello my name is ***** ***** I will help you with this.
Alex Watts : For now please let me know whether contracts have been exchanged ?
Customer:

No,

Customer:

an offer letter has been given and we were waiting for the buyers to get the morgage ready

Alex Watts : Ok. It's bad news I am afraid.
Customer:

why?

Alex Watts : Unless contracts have been exchanged either party can pull out at any time for whatever reason.
Alex Watts : This means that they or you could pull out.
Alex Watts : A contract for purchase is only binding once contracts have been exchanged.
Customer:

and what about the deposit?

Alex Watts : That is why on for sale boards you sometimes see subject to contract
Alex Watts : Sadly you have no right to the deposit
Alex Watts : Either party can pull out at any time before exchange
Alex Watts : They do not even need a reason
Customer:

oh, ok...

Alex Watts : This is called gazzumping, which you may have heard of.
Alex Watts : But unless there was any agreement to the contrary you can't keep the deposit
Alex Watts : I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest
Alex Watts : Can I clarify anything for you about this today please?
Customer:

and can they do an offer way lower?

Customer:

If they do so... we dont have to accept it then...righ?

Alex Watts : If they withdraw the previous one yes.
Alex Watts : Correct
Alex Watts : You can say no
Customer:

nd on our side we are not due to give them or compensate them for anything right?

Alex Watts : correct
Alex Watts : Not binding until exchange
Customer:

OK. thank you

Alex Watts : it works both ways
Alex Watts : Can I clarify anything else for you?
Customer:

No. that's fine. thank you

Alex Watts : great, if I could ask you to rate my answer before you go today, the button should be at the bottom of the screen
Alex Watts : If you need more help please click reply
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