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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 70197
Experience:  Over 5 years in practice
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I have signed an agreement to purchase a car on Monday

Resolved Question:

I have signed an agreement to purchase a car on Monday this week.
A £1000.00 deposit has been handed over. The purchase was for £26,000. I am now faced with a dilemma insofar as one of my siblings has now informed me they require a loan to purchase a property.
How do I stand by walking away from the purchase?
Submitted: 2 years ago.
Category: Law
Expert:  Jo C. replied 2 years ago.
Jo C. :

. Thank you question. My name is ***** ***** I will try to help with this.

Jo C. :

Did you agree cooling off rights?

Customer:

Not knowingly

Jo C. :

Do you have the paperwork?

Customer:

Not with me

Jo C. :

I presume you were in store when you agreed?

Customer:

yes and we shook on the deal. i have read the paperwork and cannot find the clause that would normally assume a 14 day cooling off period and wondered whether this cooling off period was a prerequisite?

Jo C. :

Not in store.

Jo C. :

If you do a deal in store then you are locked in immediately. You do have automatic rights to cancel. You can agree cancellation rights under the contract which would be enforceable but commonly they have not been agreed because it wouldn’t be in the store’s interest.



It would be different if you had done the deal by distance. Then the distance selling regulations would give you unconditional rights to cancel.

Jo C. :

Of course, you may have agreed a cooling off period.

Jo C. :

But unless we know that we should probably presume you do not.

Customer:

Are you suggesting that I may have some difficulty breaking this agreement?

Jo C. :


If you cancel then you will be in breach of contract. However, they can still only claim the sum of their loss. They still have the car to sell and therefore have provided no consideration contract. The most they could claim here is some administration costs and maybe the cost of readvertising. That is very unlikely to be the sum of your deposit or anything close.

Jo C. :


If you ask deposit back then its likely that you would get it all back. If they do refuse then you can always sue them at the small claims court here

www.moneyclaim.gov.uk

While they do have a right to be compensated administration costs its very unlikely that they would bother to contest such a claim on this basis as it just plain wouldn’t be worth the manpower.

Customer:

Excellent I will approach it on that basis. Thank you

Jo C. :

No problem and all the best.

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