Question
Can I recover any fees that I have paid as a buyer if seller pulls out of residential property sale in the UK?
Hi All, I would appreciate any help on this topic. We got a phone call informing us that the sale of the residential property we wanted to buy has fallen through, due to some 'personal circumstances' facing the seller. The bottom line is that we have paid £700 pounds upfront already for valuation fees, solicitors, so we are out of pocket! Please can anybody explain if we have any grounds to recover some of part of this money from the seller as I am unclear about the 'sold subject to contract' terms and conditions that apply with estate agents. Many thanks, Sqm.
4 months ago - 4 answers
Best Answer
Chosen by Asker
Until the contract has been exchanged there is no binding agreement, so either side can pull out without penalty. Its harsh, but thats the way it is. Anything you have paid already is lost.
by SimonC
4 months ago
Asker's Rating: 
Other Answers
If you are in England then the simple answer is no...exchange of contracts is the point at which you and the vendors become legally bound to continue to completion. Hence why gazumping still occurs. If you are in Scotland, you are protected as the law there protects buyers from unscrupulous vendors. You could always ask your solicitors to contact the vendor's solicitor to ask the vendors if they would be willing to recompense you but it is unlikely that they will. Sorry you have been so unlucky!
by ella- 4 months ago
Sorry but no, its a risk we all take when buying a house.
by Kernow Lady- 4 months ago
No, you have no rights until the contract is signed. It's totally wrong! "Sold subject to contract" simple means that a price has been agreed but the contract has not yet been signed.
by Cala B- 4 months ago