Could our vendor pull out after exchange?

[bitzermaloney]

Just interested as she is a bit, er, volatile and keeps threatening to pull out unless she gets everything her way. We are first time buyers so obviously have to put down our 10% deposit at exchange. Presumably a lot of people who are selling don't generally have the cash to put down as a deposit on the house they are buying - so is it just us who is exposed after exchange? Or would she also lose a lot? We all want about a month between exchange and completion for various reasons.

We haven't exchanged yet, btw.

Doesn't everyone have to put down a deposit n exchange? We certainly did when we bought our next place!

If she pulls out she'll lose her deposit and (i think) has to pay back yours. So, there's a lot of financial incentive for her not to.

deposit on exchange

It would be very unusual for her to do so and you could claim costs if prepared to pursue it legally. The contract becomes legally enforceable on exchange, including the fixtures and fittings etc. Usually the deposit from the bottom is used by the vendor as part of theirs, so technically there is a deposit if not actual cash changing hands iyswim.

OK great, thank you. One of the things I'm worried about is that she is now saying she wants to complete a week or so before we do. We think she is mad enough to pull out over it but she has been so aggressive we are inclined to try at least to get this one thing our way! Do we have to decide on completion date at exchange, and is it then binding?

Yes, the completion date is set on exchange and is binding.

When we bought our previous house the vendors wanted a quick exchange and an open ended completion .