In UK property purchase, the key point is when contracts are exchanged – right up until that point any party in the chain can withdraw with no penalty. This can lead to financial lost, tears, anger and lots of frustration.
Once contracts are exchanged everyone is bound by the terms of the contract – if anyone wants to pull out after that point it will cost them many thousands of pounds, as a starting point it is usually 10 per cent of the purchase price and then any damages that flow from their actions. Because of this, generally the best advice is to buy the property and put it on the market as soon as you can. Depending on the market at that time you may lose a little money, but potentially considerably less than if you’d withdrawn from the sale.
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