Seller Protections After Exchange

Summary

Once contracts are exchanged in a flat sale in England, the buyer is legally bound to the agreed price. The seller can retain the deposit if the buyer fails to complete the purchase or attempts to renegotiate the price. Legal action can be taken for breach of contract. If the buyer delays, the seller can enforce the original terms.

Full Conversation

What if the buyer tries to change the price after exchange?
Once contracts have been exchanged, the buyer cannot unilaterally change the price. Here’s what you need to know:
- The agreed price is legally binding.
- If the buyer tries to renegotiate, the seller is under no obligation to agree.
- The seller can enforce the original terms through legal action if necessary.
Is there a specific issue or concern you’re facing with your buyer?
We're worried she may try to renegotiate the price after exchange
It sounds like you're concerned about the possibility of the buyer trying to renegotiate the price after the exchange of contracts.
Here are your protections:
- The agreed price is legally binding.
- The buyer cannot unilaterally change the price.
- The seller can enforce the original terms through legal action.
Is there anything specific the buyer has done to make you worried?
She has dragged things out for several months and we are now paying a mortgage on an empty flat
Case Rating: *
It sounds like a frustrating situation. Here are a few points to consider:
- The buyer is legally obligated to complete the purchase at the agreed price.
- You can retain the deposit if they fail to do so.
- Legal action can be taken for breach of contract.
Have you received any communication from the buyer indicating their intent to renegotiate or delay further?
What circumstances can we keep the sellers deposit in?
Case Rating: *
You can retain the buyer's deposit under the following circumstances:
- If the buyer fails to complete the purchase by the agreed completion date.
- When the buyer attempts to renegotiate the price after exchanging contracts.
- In case of any breach of contract by the buyer.
Have you received any specific communication indicating the buyer's intent to delay or renegotiate?