Can you get your deposit refunded if you have signed contracts and paid 2nd deposit?

[bobbles]

Hi all,
I have put deposit on a property and was mortgage approved as long as we sell our existing property. We had to sign contracts on new property and give second deposit back in October but our existing property has not been sold and we have had no offers yet.
Does anyone know if there is anyway you can get your deposit back once contracts have been signed??

 

[Vanilla]

I assume you instructed your solicitor to insert a condition into your contract which made the purchase dependant on your own home being sold, or that having informed your solicitor of the circumstances they may well have done this for you. You should immediately make an appt to see your solicitor and discuss the matter. It really depends on your individual contract- any thing else is just guess work.

 

[mf1]

"Does anyone know if there is anyway you can get your deposit back once contracts have been signed??"

Either (A) there was a clause on the contract or (B) you're in difficulty and can only hope to negotiate your way out.


I think we're going to see a lot more situations like this.........

Contracts are serious and binding. If I was acting for a Vendor I would not advise a clause in the contract as Vanilla has suggested precisely because there is no binding contract. However, that assumes the vendor has a line of people waiting to buy...... Which may not be the case.

Talk to your solicitor.

mf