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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10736
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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What is the procedure and penalties for pulling out of a residential

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What is the procedure and penalties for pulling out of a residential property sale and purchase?

Hi there,

Thanks for your enquiry.

So that I can answer you fully, could you please confirm how far you have got. I take it that you have already instructed Solicitors but have not exchanged Contracts yet? Have you paid search fees?

I look forward to hearing from you.

Kind Regards
Customer: replied 4 years ago.

Search fees paid; solicitors instructed - no contracts yet.

Hi again,

Thanks for your reply.

Well, you should call your Solicitor tomorrow to tell him/her that you are no longer proceeding.

Hopefully, he won't have put in hand the Searches on your Purchase, because as soon as searches are applied for, they need to be paid and hence you would have lost this money in this situation.
He will then return the Contract papers to the Sellers Solicitors and may or may not charge you a small fee for the work already undertaken by him. You should also notify the Estate Agent.

On your Sale, it is good practice to notify your Estate Agent and Solicitor. They will then amend their records accordingly and your Solicitor will write to your Buyers Solicitors notifying them that the matter is no longer proceeding. Again, your Solicitor may charge you for any work he has already carried out.
You will not receive any Bill from your Estate Agents unless you have not already paid for the Energy Performance Certificate (approx. £80) and any extra advertising you may have asked for.

You are not liable to pay for any fees incurred by either your Seller or Buyer.

I hope this assists but please let me know if you require any further clarification.

Kind Regards
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