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Selling your home but want to back out?

Monday, 22 February 2016

Selling your home can be a difficult decision to make and you may have some doubts about whether you are making the right choice. In previous articles we have discussed the process of buying and selling property and this article will focus on what you should do if you want to retract the sale of your home. 

There are many reasons that you may wish to stop the sale of your property but it’s important that you make this decision as early in the selling process as possible. If you decide to pull out before the contracts are exchanged you will only have to pay your solicitor or your licensed conveyancers fees and the expenses of your estate agent. Estate agents will usually take their fee once the sale is complete but make sure you check their terms and conditions because you may still have to cover their advertising, ‘for sale’ board fees and any other costs they may incur. If you have instructed a solicitor or a licensed conveyancer to start the conveyancing process you will probably have to pay them for the work they have completed to date or you may have to pay an agreed fee dependent on the arrangements you make with these firms.

Regardless of these costs, it is strongly advisable that you make sure you definitely do or do not want to sell your property before the contracts are exchanged. Once the contracts are exchanged you are legally bound to sell your property and the buyer is legally bound to buy your property. However, it is still possible to pull out after the contracts are exchanged but it is likely to come at a hefty price. If you do wish to pull out at this stage you will likely be required to pay your estate agent’s fees and your conveyancer’s fees while compensating your buyer for any costs incurred which may include their conveyancer’s fees, their estate agents fees and their surveyor’s fees. At the very least you would be expected to return their deposit.

Therefore, it is advisable that you ensure that you are fully committed to selling your property from the start of the selling process. Buying and selling a home is likely to be your biggest financial undertaking and the conveyancing solicitors at Rollingsons are experienced lawyers who understand how important this transaction is to you. For more information or to arrange an initial consultation, please contact us on 0207 7611 4848.

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