Securing a house purchase.

[Olf]

If you're buying a house and you want to lock in the seller to the deal agreed then the first thing to do is to bring forward exchange of contracts to the earliest possible date. However, what can you do after exchange of contracts as the main risk stays with the buyer i.e. you lose your deposit if you pull out but what happens if they pull out?

Cheers in advance...

[outlaw biker]

You don't get pregnant.

[25 JET]

I sold a house back in 1998 for an agreed fee and a 10% deposit on this house which sold for £155,000, I could see the house market rising rapidly in the time it took to complete the build of the house, So I phoned my solicitor and said to give this lady her money back I want to hang onto it for another 6 months and see how the market goes. He told me that if I backed out and handed the money back they were then able to take liable action for alot more than just the deposit money but if they backed out I keep the deposit but advised me to go ahead with the sale, I made £55,000 on that sale she made £145,000 in just one year! If I were you leave atleast 10 or 20% deposit & exchange asap and if the deals good on the day youve done ok!

Edited by 25 JET on Wednesday 5th November 20:42