I was to co-buy a property with a sibling who abruptly indicated that they wish to back out.
Contracts not yet signed, we had the bank survey done and mortgage offer letter received. Insurance not yet taken out but had the forms ready to go back.
What kind of costs would we expect to be incurred? (Obviously I expect my sibling to pay these in full as it is their decision and not made with good reason.) I would expect the holding deposit to be returned, the bank survey would have to be paid and the solicitors costs for portion of work done. Not pleased, but a little concerned as my name is on this and I would like to know in advance what to expect. We didn't use the usual family solicitor so is it worth me talking to my own solicitor to cover myself?
Contracts not yet signed, we had the bank survey done and mortgage offer letter received. Insurance not yet taken out but had the forms ready to go back.
What kind of costs would we expect to be incurred? (Obviously I expect my sibling to pay these in full as it is their decision and not made with good reason.) I would expect the holding deposit to be returned, the bank survey would have to be paid and the solicitors costs for portion of work done. Not pleased, but a little concerned as my name is on this and I would like to know in advance what to expect. We didn't use the usual family solicitor so is it worth me talking to my own solicitor to cover myself?
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