• I Have Exchanged Contracts On A Property That Is Now Being Repossessed

    By Guest on 25th Mar 2019

    How do I get my deposit monies back

  • 2 Answers

    By Guest on 26/03/2019

    Ask for it back

  • By Guest on 26/03/2019

    Normally the seller's lawyer will return the deposit to your lawyer as the seller's lawyer will be unable to give the required undertakings to discharge the mortgage on completion and the seller would therefore be in breach of contract due to not being ready, willing and able to complete.

    You may wish to explore whether the lender re-possessing the property would be willing to accept the purchase price you are offering to complete the purchase and remove their charge.

    www.notaryexpress.co.uk

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