Docklands Solicitor
Latest legal news from Docklands Solicitors, Kaslers Solicitors LLP.
Tuesday 1 September 2009
Deposit Forfeiture
A buyer usually forfeits his deposit if he fails to complete a land purchase – this is not regarded as an unenforceable penalty
The court does have power to order the repayment but it will only do so in exceptional circumstances
The amount of money does not make a case exceptional - a recent case involved a 400k pounds deposit on a 4m pounds transaction
The fact that the seller later sells at a better price is irrelevant
Failing to get or renew a mortgage offer is not sufficient.
Contact: Simon M. Scott (Solicitor, Partner) Mobile: 07979 916619
email: ss@kaslers.co.uk
The court does have power to order the repayment but it will only do so in exceptional circumstances
The amount of money does not make a case exceptional - a recent case involved a 400k pounds deposit on a 4m pounds transaction
The fact that the seller later sells at a better price is irrelevant
Failing to get or renew a mortgage offer is not sufficient.
Contact: Simon M. Scott (Solicitor, Partner) Mobile: 07979 916619
email: ss@kaslers.co.uk
# posted by michael @ 08:00 
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