Buyer pulled out after giving authority to exchange

[Themorg]

I do not know where to go from here or who to contact. We were all set to exchange contracts on our new home. Everyone had given verbal authority for the release of funds and then minutes later our buyers changed their minds and pulled out. As contracts hadn’t actually exchanged does that mean we are unable to claim back any expenses already paid even though a verbal authority had been given and we were two minutes from exchange. Our conveyancer said nothing can be done but I want to check if that is true. Has this happened to anyone else?

Assuming you’re in england, your conveyancer is right. You had not actually exchanged contracts, so they have no obligations to you and do not have to meet any of your expenses.

The system in England sucks but that’s just how it is.

If exchange hadn't taken place, unfortunately for you, they were just in time. Risky, but just in time.

Unfortunately it doesn't matter that you were about to exchange, or that they'd given permission, unless the exchange actually took place.

The only possible claim you might have would be against your conveyancer if they caused a delay after the buyer had agreed to exchange. If the buyer and their solicitor was ready, but your conveyancer caused an unreasonable delay and during that delay the buyer pulled out, then in theory you could claim for negligence. But if it was literally a 2 minute gap then there’s no way you’d win that. If it was a 2 day gap then maybe.