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Stuart J
Stuart J, Solicitor
Category: UK Law
Satisfied Customers: 20185
Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street practice
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A few weeks ago we exchanged contracts on a house sale. We

Resolved Question:

A few weeks ago we exchanged contracts on a house sale. We were selling a shared equity property (35% share) at £45K and buying a property at £210K. At no point were we advised that should a party pull out we would be liable for the difference between their deposit £4,500 and ours £21,000. To top this off when we were sent contracts to sign the deposit part was left blank for completion by the solicitor after we signed and sent it back.

Since then our buyers pulled out and left us up the creek. Do I have any case to not pay the remaining £16,500
Submitted: 1 year ago.
Category: UK Law
Expert:  Stuart J replied 1 year ago.

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

 

Customer: replied 1 year ago.

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

Expert:  Stuart J replied 1 year ago.


Thank you.

For the purposes of this, it is irrelevant that it is shared
ownership.



You are selling a property for £45,000 and the buyer paid a
deposit 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 with
your purchase and you are potentially being pursued for the deposit of 10% on
your purchase of £210,000.



The solicitors should have not agreed to a 10% deposit if you did
not have a 10% deposit.



The deposit you had is £4500 which was coming from your buyer what is known as "the deposit coming down the
chain".



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 the
legal costs.



Your solicitor should have amended the contract for the house
that you were buying and agreed with the sellers of the much reduced deposit.



In the solicitors did not do that, then they are negligent. Of
course, the people selling to you do not have to accept less than 10% in which
case, your sale could not go ahead could not exchange contracts in any event. The
solicitor put in the deposit amount at 10%, you have a claim against the
solicitor for whatever your loss is.



Does that answer the question? Can I help any
further?



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PS. I use voice type, voice recognition typing because I only
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sometimes they slip through. I apologise therefore if anything doesn't make sense.
It is me losing it, not you. Just ask if anything is not clear.

Stuart J, Solicitor
Category: UK Law
Satisfied Customers: 20185
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street practice
Stuart J and 4 other UK Law Specialists are ready to help you
Customer: replied 1 year ago.


so just to confirm if we get sued we should get another solicitor to sue our current solicitors for neglagence?

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