Contracts signed but not exchanged-pulling out

H

Housebuyer2015

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hi
We signed contracts to buy a house last week but did not exchange as I had to double check some paperwork on my mortgage. My solicitor has my deposit and is awaiting for my go ahead to exchange contracts. Can I still pull out? If so can I get my deposit including booking deposit back? Thanks
 
Yes. Legally, you can simply tear up the contracts.

It's not a nice thing to do to the vendor and your solicitor should charge you a fee.

Brendan
 
I will pay the solicitor in full...we have the opportunity to buy a family member's home at a really good price. (It is a much bigger house) I will give the solicitor the sale of the new house. I just can't afford to lose my deposit.
 
you are very lucky to escape out of this contract to avail of a much better deal. Terrible situation for the vendor and the uncertainty created. They will also have legal fees to content with and quite possible their move on chain will be jeorpotised.
 
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