Have you exchanged? If so, what deposit was paid in % of the purchase price, I.e did buyer pay 10%? When is the contractual completion date?
I assume you have a solicitor acting, have you discussed this and what advice was given?
Thanks for the additional information.
You can both agree in writing that the buyer is unable to complete the purchase scheduled for xxxxxxx and accordingly the seller and the buyer wish by mutual agreement to terminate the contract which was exchanged on [date]. As part of your mutual agreement you will return the deposit, less legal fees and disbursements, to [the buyer] and as a result of this termination both parties are immediately released from all rights, claims, liabilities and obligations under the contract. The both of you would need to sign and date the letter of agreement.
You will need to inform the online conveyancer.
I hope this helps.
Any further questions or queries in relation to my reply?
Please can I ask you to accept / rate my reply, many thanks.