Pull out after paying deposit. Legal implications.

[sk280]

Hello All,

We paid a deposit on a property and signed a contract on a Saturday. However we soon changed our mind (for various reasons) and decided to pull out. We informed the agent few hours later who says Vendor has already signed on the contract. We request refund of our 0.25% deposit.

Monday morning, agent calls to confirm that vendor has agreed to refund our deposit.

1. Should we insist on getting back the original contract that we signed on?
2. If not, what are the legal implications after the cooling off period ends? (given that we have got our 0.25% back).
3. If the agent refuses to return the original contract that we signed, what options do we have?

Please reply ASAP as we are still in the cooling off period. Many Thanks in advance.

 

[BoatBoy]

Here you go, all the info you need

http://tinyurl.com/d69art

Dave

 

[The Y-man]

...our 0.25% deposit.
.

Wow.... that is one small deposit......

Cheers,

The Y-man

 

[Strannik]

seems normal to me
when i bought my IP couple of years ago i only had to put 1000 as a deposit, which made it 0.35460992907801418439716312056738 percent

 

[Petal]

Here you go, all the info you need

http://tinyurl.com/d69art

Dave

How the hell did you do that??????

 

[Collector]

The agent won't give you back the contract if you ask IMO, the agent must retain it for his records..... he is able to to give you a copy though.


You have signed the contract - vendor has signed the contract - but the contracts have not been exchanged - cooling off starts when contracts exchanged - you notified agent prior to exchange so you should get deposit back.

You are concerned that the agent may exchange contracts anyway.......

1. Once you get your deposit returned then this is proof if needed that the contract is cancelled.

2. The contracts need to be exchanged within 48 hours of you signing - if the contract isnt the contract not valid.



What else can you do.....


To recind a contract under cooling off you need to advice the Vendor or Vendors Agent or Vendors Solicitor in writing prior to 5pm on the 5th working day. - you have only recinded verbally.

I would ask for a letter from the Agent to say the the contracts were not exchanged and the the deposit is refunded.

 

[Collector]

Here you go, all the info you need

http://tinyurl.com/d69art

Dave

This link refers to the cooling off right of a vendor with the agent when signing a Sales agreement - not for purchasers cooling off.


Here is the corect link

 

[auror]

How the hell did you do that??????

I want to know too!

 

[BoatBoy]

How the hell did you do that??????

This site

http://lmgtfy.com/

or if you'd prefer http://tinyurl.com/5kk4ou

Dave

 

[sk280]

Collector: What you say seems most logical. I'll try to get a letter from the agent.

Yes, I've got the holding deposit back. So am only worried about the legal implications. Thanks so much Collector, for your prompt (and sensible) reply

UPDATE: I've received a letter from the RE office stating that the sale was canceled and deposit refunded.