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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7617
Experience:  UK solicitor holding an England and Wales practising Certificate.
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I am in the process of buying a property. We have signed

Resolved Question:

I am in the process of buying a property.
We have signed our contract, posted it back to our solicitor. They asked us to pay 10% deposit on account which we did as she said we cannot exchange without this. We have given proposed completion dates. However, it now transpires that my solicitor did not know what position the vendor was in before we paid the deposit. The vendor is still waiting for leasehold details on his proposed purchase. I found this out from the Estate Agent. I am concerned about this. If the vendor changes his mind altogether could we sue for our deposit back? Shouldn't our solicitor have let us know what position the vendor was in before we paid deposit?
Submitted: 2 years ago.
Category: Property Law
Expert:  Thomas replied 2 years ago.
Hi
Thanks for your patience.
Have you actually exchanged contracts or not?
Kind regards
Tom
Customer: replied 2 years ago.

We have not yet. Were hoping it would all take place last week. But my solicitors said they're still waiting for completion dates from vendors solicitors.

Expert:  Thomas replied 2 years ago.
Hi
Thanks for your patience.
You can relax completely.
There is no legally binding contract between you and the seller until your respective solicitors have exchanged the sale contracts between each other. You will know when this is because your solicitor will ask for your authority to exchange contracts.
They cannot exchange contracts without your authority.
The only reason that the solicitor has asked for your deposit money is so that you can exchange when you instruct your solicitor to do so. the seller has absolutely no claim to your deposit at the moment because you have not exchanged contracts.
Your deposit is 100% safe and if they sale were to become abortive then your solicitor would simply return the deposit to you according to your precise instructions.
Kind regards
Tom
Customer: replied 2 years ago.

Thank you. That is such a weight off my mind!

Kind regards

Sam

Expert:  Thomas replied 2 years ago.
Hi
No worries.
Tom
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