Imagine a chain free buyer has transferred a 10% deposit and contracts have been exchanged on a property he/she would like to buy.
If he/she pulls out, this deposit would be forfeited.
In the English market, which seems more geared towards sellers, much reading ignores the opposite situation, the case of the seller pulling out.
In that case it would seem fair if the buyer was compensated in addition to the deposit plus interest, legal fees and possibly housing costs, as for instance house prices could have gone up by thousands or tens of thousands during the 2, 3 or more months it may take to get from non-binding verbal agreement to exchange of contracts.
(I guess nothing prevents people including that in the contract, but also that sellers might balk at the idea as I do not think that is traditionally done.)
- What could the buyer realistically expect in this situation?
Would it depend on whether:
The buyer was not chain free?
There was a chain on the other side of the seller?