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Original poster

Costs pulling out after exchange if you are the seller?

36 replies

Wuwvdk · 21/10/2023 23:59

We exchanged on our house two weeks ago but since then my partner has received a cancer diagnosis and I cannot see us being able to move. Plan was to move area but will have to stay put due to our support system. Yes, we can complete and try to buy again in this same area, we will have to as we have no choice but to stay put now. Can we as seller still pull out after exchange? If anyone has done it - how much did it cost you? My head is all over the place right now so just trying to figure out our options.

OP posts:

burnoutbabe · 22/10/2023 11:09

I think the court rules for specific performance is more about the house.

Is this some odd unique house that would be hard to replicate.

Or a 3 bed semi on an estate of similar ones. If this, then unlikely the seller would be forced to sell.

Needanewnamebeingwatched · 22/10/2023 11:19

Could you use some of the money you might have to pay them to help you pack up and move now?

If you move into rental as your were going to and then reevaluate from there.

Electro79 · 22/10/2023 12:17

burnoutbabe · 22/10/2023 11:09

I think the court rules for specific performance is more about the house.

Is this some odd unique house that would be hard to replicate.

Or a 3 bed semi on an estate of similar ones. If this, then unlikely the seller would be forced to sell.

You are right the court could make an order of specific performance, ie: forcing the sale regardless to proceed, but that is generally when the property cannot be replicated.

I think that realistically the OP can expect some legal comeback (ie the matter going forward to court) the buyer may have no option to sue as they themselves may be sued by their buyer etc.

The cancer diagnosis (whist awful) won't be accepted as a reasonable excuse if the OPs partner could reasonably have forseen it prior to exchange, ie if they had cancer tests scans and were unwell prior to exchange but were awaiting results, then I can see a judge making the point they should have delayed exchange until the result was in etc..

Freshstart78 · 22/10/2023 13:50

I am so sorry that is awful OP! I would try not to worry about this until you speak to your solicitor. This is all just speculation here. Correct as some of it may be it’s going to be so linked to your unique circumstance of the sale, the buyer and your contract that there’s no point worrying until you speak to someone who knows the facts.

namefornow88 · 22/10/2023 16:01

So much nonsense information on this thread. Op there is no set formula/amount that this will cost. You have signed a legally binding contract to sell your house. Pulling out after exchange happens very rarely due to the massive costs involved but I know of one instance where the seller pulled out and it ended up costing them over £200,000. You can head to money saving expert and ask on the forum there for better advice than you'll get here from a bunch of people "doing a quick Google". The case I mentioned was actually covered in the forum there and you may be able to find it. If there's a chain then everyone in the chain can sue you for all their losses. That is everyone's 10% + all legal, estate agent, survey etc fees. They can also sue you for the difference between your agreed sale price and any price difference for the subsequent property they buy. It could very easily bankrupt you. Honestly this could be the costliest thing you ever do. I'm sorry that your family is going through a difficult time but your best option is to suck it up and go through with the sale. The stress and expense of pulling out will not help your situation

Roselilly36 · 22/10/2023 16:20

Your solicitor is best placed to advise you, have you also exchanged on your onward purchase? So sorry you are in this situation

TheGooseDrankWine · 22/10/2023 18:01

So sorry, OP, what a shock.

Have you exchanged on your onward purchase as well? Or just the sale?

When was completion set for?

Original poster

Wuwvdk · 22/10/2023 21:08

Sorry only just getting back to the thread. It's been a crazy weekend. We are meant to be completing in a week, end of Oct. There is no chain, just our buyer and ourselves. But I would be terrified if it would end up as high as 200,000. Anything up to 20,000 would be fine but anymore and we don't have the money. Dp is totally unable to think about any of this, makes sense but I feel like am floating in a fog and would just like everything to stop spinning around.

OP posts:

Electro79 · 22/10/2023 21:24

Well, thats better than a chain, talk to your solicitor and get them to approach the buyer.
As there are only the two parties involved, and due to the circumstances the buyer can, at their discretion agree to the contract being torn up, effectively ending the deal. They don't have to do this so I would at the very least expect to cover their costs (legal, surveys, removals/storage cancellations etc..)
If they don't agree and insist on pressing ahead then you are better off pressing on and moving, financially speaking at least.

I think the other poster who has been a cancer patient gives sage advice, its a long haul, and life goes on, the initial polaxing shock will pass - if you can visualise being at that point, would it actually be better to move?

Best of luck OP

Electro79 · 22/10/2023 21:36

Worth mentioning the dreaded estate agents fees are payable on exchange being achieved, so you will have to pay your agents fees.

Ts1979 · 24/02/2025 19:29

Wuwvdk · 21/10/2023 23:59

Just out of interest how did it all go with the house sale. Did you pull out? Hopefully your husband is better.

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