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Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7509
Experience:  BA (Hons), PgDip, Practising Solicitor
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thomas, what is happening I sent you a question yesterday

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thomas, what is happening? I sent you a question yesterday regarding clarification of 'contract monies' and have had no reply. Have resent aswell. I need to know your thoughts on this asap since i am about to engage solicitors for this property purchase. See below a cut and paste of this. THanks david.

You repliedMonday, December 13, 2010 6:07 AM EST
thanks tom,



when you say the seller can sue me for contract monies, what does 'contract monies' mean exactly? Is it the difference between sale price agreed and the exchange deposit?



Nice idea on the buy to let now then convert but my finances cannot get me a buy to let mortgage hence why am thinking of a normal residential mortgage lined up for October 2011.



david

Hi David,

 

Sorry I think because yours was an old question I did not receive notification of your reply.

 

He would be able to sue you for breach of contract, it's a bit more complicated than just the difference between the deposit and the purchase price. He would be able to sue you for all losses flowing naturally from the loss (ie. all fees he had to pay etc) but he would be under a duty to mitigate his loss which may be arranging another sale possibly at a different price - so he would be able to sue you for the difference in price and all the expenses he had to incur in effecting the resale.

 

If this is useful please click accept so that I may be rewarded for my time. You will be free to ask follow up questions.

 

Kind regards,


Tom

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