Owning your own home

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Hovis in reply to @Lebowski

There already will be a penalty if the seller pulls out prior to completion. It should be the amount of your deposit, but could vary.

From what I could find on the internet, the penalty for a buyer pulling out is usually the value of the deposit, 5-10% of the sale price. But for the vendor there is no deposit for them to forfeit so it looked to me like unless you have special clauses written up then the seller can walk off after exchange relatively scott free?

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Ramsaye in reply to @Hovis

Once exchanged the seller has sold, if they try and pull out a court can enforce the contract of sale. If the house falls down after exchange, it’s the buyers problem as they have bought at this stage. Completion is simply settlement of the trade.

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