Jonathan answers a question emailed in regarding pulling out of a property sale and if it’s possible.
Can you pull out of a property sale if you have already made an offer?
In England and Wales it’s perfectly possible to pull out of a property sale, whether you’re a buyer or a seller. About a third of sales do fall through during the point the property is under offer.
When you’ve exchanged contracts you will have paid a deposit, you will have signed a contract and you will have agreed to complete the purchase. In other words, pay the remaining amount of money on a particular day.
If you pull out after exchange of contracts, and that’s very, very rare – I’ve only known it once in my working lifetime – you will lose your deposit and you’ll be responsible all kinds of fees. So you certainly don’t want to do that.
But certainly up until the time contracts are exchanged the transaction is subject to contract and you are perfectly entitled to pull out without any consequence.