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Okay, here is the third question, far away. George?
George: Yup, 3rd question is from Russ2209 from Zoopla
Jonathan: Hello, Russ.
George: Can we go out of contract for a new home that we just bought? We have concluded
that missives on the new build home, however, having no success selling with current house
exceeds the funds needed towards the deposit. Can we go out of contract for new home, and
if so, what is involved? Thanks.
Jonathan: Okay, yeah well, yes you can but perhaps with a penalty. So, normally if you
have agreed to buy a new home, you would put down some sort of holding deposit, I'm guessing
maybe £500 at a certain percentage. You do stand to lose that.
Not exactly sure what you are buying or where, but sounds like you might be buying in Scotland.
So, check the rules up there if you are. If you got any specific queries, get us another
call through or another email through. We will try and answer these for you.
But, yeah, I think just read the small prints, speak to your solicitor, find out what you
signed, what money you have sent across, and chances are, you could probably going to lose
any money you have given because that is what it is there for, is to hold you into buying
the property. But, I would say definitely you would want to take legal advice on.
That's it for the day. Any other queries, do let us know. Thank you.