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Pulling out after exchange

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  • Pulling out after exchange

    We have exchanged contracts on our house, but wish to pull out of the sale. We were coherst by our estate to sell at a low price as the house had been on the market for over a year. The market then, 6 months ago, was very stagnant here, & we agree to lower the price. Within a week, we had an offer & we carried on with the sale. However, within a couple of months, it was clear the market was turning & prices were starting to creep up.
    We shared our concerns with the estate agent, but they dismissed the idea. They proceeded to, what felt like bullying us into exchanging as quickly as possible & letting us stay for two months until we had somewhere to rent. (Our completion date is January 2nd).
    A few weeks later, we noticed a cottage, next door but one in the same row of cottages, came up for sale with our estate agent, for £45,000 more than ours, with one extra bedroom. When my partner rang them, they said it had been over-valued by one of their inexperienced agents! When I rang a day or so later, they denied this & said it was worth this, & our house was worth what we had been offered.
    Since exchanging, we have been viewing local properties & realise we have sold at a real low, & cannot buy anything the same size for the same money, we have been pushed out of the local market within the last 3 or 4 months! We feel we were constantly being harassed by the agents & pushed to exchange too early, whilst still unsure.
    What will our costs be & do most cases go to court?

  • #2
    Re: Pulling out after exchange

    Post exchange there will certainly be financial penalties to be paid to the buyer of your house. Not only that, but you will also need to pay for addition solicitor time involved in going through this process.
    Best bet is to discuss with your solicitor asap what the financial penalty will be (and their fee for sorting it out) and weighing that up against the additional money you believe you could get by listing the property again.

    Sorry to hear of your trouble.
    Amie Gramlick
    www.howtohomebuy.co.uk
    HowToHomeBuy.co.uk
    Providing free, independent advice for home buyers

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    • #3
      Re: Pulling out after exchange

      As mentioned above......I think the best thing is to discuss with your solicitor asap what the financial penalty will be (and their fee for sorting it out) and weighing that up against the additional money you believe you could get by listing the property again.

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