Can you please explain the mechanics of what you were doing it again?
Had the buyer exchanged contracts with you ?
You appear to be selling a shared ownership property and then buying another property but I don't know what what basis you were buying ,
I am therefore wondering exactly what went wrong here?
perhaps I'm just being stupid .
I have managed the property department of the firm of solicitors for 20 years and therefore I have come across most things but I think perhaps the facts may be a bit mixed up. Thank you
hi apologies if unclear
we are selling a shared equity property for £45k. Our buyers pulled out after exchange of contracts sacrificing their 10% deposit. We were buying a property for £210k which we now cannot complete on. We were never advised by our solicitors that this could happen. Legally we are being told that we could be sued for the 10% deposit. When we signed the contract however in sure that the deposit value was left blank and the solicitors must have completed it themselves post signature.
what i am trying to determine is whether my solicitors have done something illegal in doing that which could null and void the contract
For the purposes of this, it is irrelevant that it is sharedownership.
You are selling a property for £45,000 and the buyer paid adeposit of 10%, £4,500 which you now have and your buyer, who pulled out, has lost.
As a result of losing your buyer you can no longer proceed withyour purchase and you are potentially being pursued for the deposit of 10% onyour purchase of £210,000.
The solicitors should have not agreed to a 10% deposit if you didnot have a 10% deposit.
The deposit you had is £4500 which was coming from your buyer what is known as "the deposit coming down thechain".
So you get the £4500 from your buyer and you pay it to the seller.You make no money but you don't lose anything although you obviously lose thelegal costs.
Your solicitor should have amended the contract for the housethat you were buying and agreed with the sellers of the much reduced deposit.
In the solicitors did not do that, then they are negligent. Ofcourse, the people selling to you do not have to accept less than 10% in whichcase, your sale could not go ahead could not exchange contracts in any event. Thesolicitor put in the deposit amount at 10%, you have a claim against thesolicitor for whatever your loss is.
Does that answer the question? Can I help anyfurther?
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so just to confirm if we get sued we should get another solicitor to sue our current solicitors for neglagence?
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