• Exchange

    By Guest on 02nd Jun 2015

    We asked the lawyers to exchange on 27th May based on an initial completion date that has now been put back by 10 weeks. We have not agreed on a completion date yet. Can we renege on the exchange process (we paid part of the deposit) or is it too late?

  • 1 Answers

    By Guest on 03/06/2015


    Until contracts are actually exchanged you are free to withdraw without penalty unless you have paid a reservation deposit (normally applicable if you are buying a new build) in which case you can withdraw but you'll lose it or you have entered into a lock out agreement with the seller and paid a deposit at the outset of the transaction - again you could lose that deposit. Lock out agreements are rare in residential conveyancing and you would know if you'd signed one

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