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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11551
Experience:  30 years as a practising solicitor.
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My husband and I are buying a new build property and have paid

Resolved Question:

My husband and I are buying a new build property and have paid the deposit and are due to finalise next month. We now realise that this is going to be a wrong move . Can we get out of this and if so what penalties
Submitted: 3 years ago.
Category: Scots Law
Expert:  ajlaj01 replied 3 years ago.
Hi

Thank you for your question and welcome.

My name is XXXXX XXXXX I will assist you.

Have you exchanged contracts?

Kind regards

AJ
Customer: replied 3 years ago.
I forgot to say that we live in scotland. And we have not exchanged contracts
Customer: replied 3 years ago.
We are buying with cash. No morgage
Expert:  JGM replied 3 years ago.
Thank you for your question.

I am Scottish lawyer and this has been passed to me to help you.

In Scotland we don't exchange contracts. We enter into and conclude missives. If you have concluded missives you are bound to go ahead with the transaction. If you don't you will open yourself to an action for breach of contract and damages which would include the builders additional costs and his loss on resale. That could be thousands and you really don't want to be in that position.

The other thing you could do is try to sell the house to someone else, however there may be timing issues with that.

If you have not concluded missives you can walk away but will lose anything you have already paid by way of reservation and/or deposit.

Happy to discuss further.

I hope this helps. Please leave a positive response so that I am credited for my time.
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11551
Experience: 30 years as a practising solicitor.
JGM and other Scots Law Specialists are ready to help you