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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7473
Experience:  UK solicitor holding an England and Wales practising Certificate.
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Property Law

I am due to complete on a house purchase on Monday (on a new

build with Bellways). I exchanged... Show More
build with Bellways). I exchanged in March and paid £15000 deposit. I saw the property for the first time yesterday with the view of completing on Monday and I do not wish to proceed. I have transferred the funds to my solicitor however, these have not been transferred over at this stage to the other parties solicitors. How can I get get of this purchase and ensure I minimise the impact?
Submitted: 1 year ago.
Category: Property Law
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Thomas, Solicitor
Satisfied Customers: 7473
Experience: UK solicitor holding an England and Wales practising Certificate.
replied 1 year ago.
Hi,
Thanks for your question.
The first thing you need to do is advise your solicitor that you do not wish to complete and advise them that your instructions are to not transfer the completion monies in order to complete.
If you can email your solicitor over the weekend then you should do so and follow it up as early as you can with a telephone call to re-confirm in the morning.
Your solicitor will know the contract and so will be best able to let you know the extent of your liability.
Unless you are able to point to some defect with the property which is sufficiently serious so as to enable you to argue that the Seller has committed a repudiatory breach then it will be a breach of contract by you. A repudiatory breach is a breach which is so serious that it goes to the root of the contract so as to deny you the substantial whole of the benefit of the contract. Effectively, you would have to show that the property is not habitable.
Presuming that you cannot show repudiatory breach, they will serve a notice to complete on you. You would have to pay the legal fees of the solicitor for this, which are likely to be in the region of £100-250 + VAT. The notice will require you to complete within 10 days and if you don't then the sellers will retain the deposit and possibly also sue you for damages for the direct losses resulting from not completing, which are likely to be the costs of remarketing and additional legal fees incurred in selling the property to another buyer.
I am sorry that I could not have better news for you, but the fact is that you have a legally binding contract to complete the purchase and if you do not then there are inevitably legal consequence of this.
Kind regards,
Tom
Customer reply replied 1 year ago.
Should I advise the developers today of my position in advance of my solicitor?
What do you think will be the potential costs of pulling out and will I loose my deposit and have to pay additional fees?
Thank you.
Thomas, Solicitor replied 1 year ago.
Hi,
I would stay quiet for now and take the advice of your solicitor before you disclose your plans.
If the house is habitable then, yes, you will lose your deposit and also have to pay additional fees though unfortunately. This is the purpose of the contract, from the seller's perspective. If it did not allow them do this then it would be negligently drafted.
Kind regards,
Tom
Thomas, Solicitor replied 1 year ago.
Is there any further information you require?
I just want to ensure that you are satisfied, so please let me know if you have any further queries on the information I have provided.
Kind regards,
Tom

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