Sale agreed but need to pull out?

[brady72]

i have gone sale agreed on a house, signed contracts and paid deposits, but am now no longer in a position to purchase and live in the house. Does anyone know what penalties i may be liable to, and what other options are open to me? House is now at snagging stage.

 

[MOB]

This question cannot be properly answered without access to the actual documents signed by you, and possibly further extrinsic information.

It is at least possible that you have some 'get-out' options. If you do, it is possible that they are time-sensitive. Consult your solicitor without delay.

 

[brady72]

thanks, Apart from losing the deposits i've paid already, i am also concerned that i may be liable to being sued by the developers for pulling out of the sale - have not heard of anyone this has happened to but believe it may be a possibility......? Am a FTB so proceeding with sale will mean i will not qualify as FTB when i go to purchase my real first time home...so may cost me more in the long run to go through with it.