Withdraw from Property Sale

[michelle22cat]

We have sign the Contract of Sale and I am waiting to find out if it has been lodged at Land registry. Purchasers have paid deposits. If it hasn't been lodged can we withdraw the property from sale and what penalties would there be? Legal etc.

We accepted an offer but it appears to be too low (private sale offer with no estate agent)

Thanks

[Nigel Howarth]

If it hasn't been lodged can we withdraw the property from sale and what penalties would there be? Legal etc.

I don't know what would happen if you withdrew from the contract before it was deposited; you'll need to take legal advice.

If it has been lodged, you'll need the agreement of the purchaser to cancel.

Regards,

[Pantheman]

We have sign the Contract of Sale and I am waiting to find out if it has been lodged at Land registry. Purchasers have paid deposits. If it hasn't been lodged can we withdraw the property from sale and what penalties would there be? Legal etc.

We accepted an offer but it appears to be too low (private sale offer with no estate agent)

Thanks

In the first instance you should be directing this question to your lawyer dealing with your case.

If it has been deposited with the tax office, then you may have problems as the buyer can sue for damages, depending on the wording of the contract.

Try your lawyer.

[michelle22cat]

Thanks for the advice. Just waiting to hear from the Solicitor who is not the best at responding