Thank you response, I forgot to mention the £50,000 deposit the buyer paid. If the buyer defaulted as you mention re Clause 5.2 should we retain the deposit, or if we respond as you mention i.e.We accept their notice. do we forfeit the deposit? Clause 8 below
My best regards
8. SALE AND PURCHASE OF THE PROPERTY
8. 1 Subject to clause 3 the Seller shall sell and the Buyer shall buy the
Property on the terms of this agreement.
8. 2 The Buyer shall on the date hereof pay the Deposit to the Seller's Solicitors
to be held as stakeholders. The Deposit is to be fully refundable to the
Buyer in accordance with clause 3. 3 but if this agreement is terminated on
account of the default of the Buyer the Deposit shall be paid to and
retained by the Seller absolutely.
8. 3 The residue of the Purchase Price shall be paid on Completion by the Buyer
to the Seller