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London house buying

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  • London house buying

    Hi guys,
    I am a bit perplexed as what should I do.
    Before the covid 19 and lockdown hit us, we were scheduled to exchange contracts in first week of April. I was informed by my solicitor that the seller is residing outside of the UK and due to lock down in their country, wouldn't be able to make it to the UK for signing the deed. Thus, everything was put on hold.
    This morning, the estate agent rings me and says we can exchange the contract now since one of the family member of the seller lives in the UK.
    My situation is that if I do exchange the contracts, I would not be able to move in the new property and will not be able to rent out my current property. Effectively, paying two mortgages. Plus, the uncertainty of the market where we might see a drop in price.
    The agent is now saying that the seller will put it on rent if the contract is not exchanged.
    Any advise as what should I do?

  • #2
    Hi marvelsferb7,

    What does your lawyer say? You're not alone - there will be hundreds, probably thousands in the exact situation so you need to get legal advice on your options.


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