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propertylawyer
propertylawyer, Solicitor
Category: Property Law
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Experience:  Property solicitor with expertise in commercial and residential property transactions.
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I agree to sell a small plot of land, the usual sale

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I agree to sell a small plot of land, the usual sale contracts were drawn up and signed. Unfortunately the purchaser is unable to complete. I have sympathy with the purchaser, who has agreed to meet my costs and other parities are interested.
Would it suffice for me to simply write to the purchaser saying that I am agreeable to the contract for sale dated xxxx being cancelled immediately on receipt of £xxxx to cover my legal costs. If not can you suggest wording?
Submitted: 10 months ago.
Category: Property Law
Expert:  propertylawyer replied 10 months ago.

Hi

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?

Customer: replied 10 months ago.
Contracts were exchanged, a 10% deposit was paid, the completion date was set at 1st September 2016 . in view of the low sale price of £42,000 I used an online conyancing company.
I know the purchaser and am quite happy not to enforce the contract and return the deposit as I said there are others who are interested, at a higher price. Just need to know what steps to take to cancel.
Expert:  propertylawyer replied 10 months ago.

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.

propertylawyer, Solicitor
Category: Property Law
Satisfied Customers: 270
Experience: Property solicitor with expertise in commercial and residential property transactions.
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