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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Can I pull out of a unconditional mortgage contract? I signed

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Can I pull out of a unconditional mortgage contract?
I signed the contact 8 weeks ago to move into a house in Jan with my wife but we have split up and being told we will loose our money we paid when we exchanged.
Hello my name is ***** ***** I will help you.
Have contracts been exchanged yet? I am not clear?
Customer: replied 2 years ago.
Yes we have exchanged contracts
Then its bad news, I am sorry to say you can't break the contract. If you do then you can be sued for breach of contract. The vendors can sue for loss and damage, they can even get a Court order to make you complete.
If you had not exchanged then either party can pull out at any time, but once exchange has happened this is a binding contract.
I am sorry if this is not the answer you are after and certainly not the one I want to give you, but I have a duty to be honest.
Can I clarify anything for you about this today please?
Customer: replied 2 years ago.
they said they are unconditional contracts and we have paid out deposit of around £15000. they said we loose all of this is we decide not to proceed with the purchase which nether of our can afford alone and this came from the legal team at Redrow
See my above answer.
If they are saying you will only lose the deposit, that is a good deal. In law they can MAKE you complete the sale.
Can I clarify anything for you about this today please?
Ash and other Law Specialists are ready to help you
Customer: replied 2 years ago.
I just remember something about the sale of goods act where they can onyl charge you reasonable cost if you cancel, but then again i'm not a solicitor. So if you think there is no other option then will just have to plan from there.
Sadly its a contract. They can only charge you a reasonable cost under the Sale of Goods if the price is not in the contract. I know the section you mean but sadly it does not apply here.
I am very sorry.
Customer: replied 2 years ago.
sorry didn't see the top anwer, just read it all now, so thanks for you time. Much appreciated.
I am sorry.