Are we mad to proceed?

[waterjungle]

We exchanged contracts before Corona happened. Our move date has been pushed back once due to the practicalities of lockdown. It has now been pushed back again until mid-May.

Our vendors solicitors came back to use with a new document with extra clauses to sign. These included a mutual agreement not to sue if the Coronavirus / lockdown prevented the sale from going through e.g economy crashing, banks withdrawing mortgage offers etc....

The vendors estate agent previously said they were keen to move sooner as they had financial pressures.

Now my husband thinks they want to pull out and it has given him cold feet. Although his income hasn't yet been affected by the lockdown he has started talking of global meltdowns, world recessions and bankruptcy.

It is our first house, we have nothing to sell having moved from the southeast where we spent 20 years in rented. The deposit is our life savings.

Also our son has just had his school place confirmed for the school next to our new house.

Are we crazy to proceed, is my husband right to think about trying to abandon this? What if after all of this the banks aren't giving out mortgages except with higher deposits - we will be in rented forever? Any opinions on our situation or is anyone in a similar position?

I'd be suspicious of this document too. I was recently nearing exchange on a property and my solicitors asked me to choose between exchange and completion on the same day - but if not that, then to accept the risk of being sued if completion dates were missed. They said some conveyancers were issuing clauses such as the one you mention, but they didn't recommend that route.

But if you've exchanged already then surely it's too late for such a clause anyway? If they pull out then they're liable. Don't sign the document

No way I would sign that document.

And I would proceed with the purchase.