Real estate’s new reality
Q What can I do if I’ve just paid a deposit for a home I can no longer afford because the one I am selling has no buyers? Is there any flexibility with the deposit at a time like this?
No, you’re stuck. You have a legally binding contract. You need to get your solicitor to speak to the vendor’s solicitor to see if you can extend the terms of your contract – it may be that both parties are in a similar situation. If you don’t complete the contract and come to the arrangement agreed, the vendor can issue a notice of default and you can lose your deposit and, if they sell and make a loss,
