‘Contracts for the sale of land can fail to complete for many reasons. The Standard Conditions and Standard Commercial Conditions require a 10% deposit to be paid on exchange of contracts. This can amount to a substantial sum of money. Purchasers will know that where they fail to complete it is commonplace for the vendor to retain that deposit. In the current market, with property prices soaring ever higher, the out-of-pocket purchaser may be justified in feeling that the vendor has obtained a windfall in keeping the deposit and selling the property on to a third party at a higher price.’
Tanfield Chambers, 6th July 2016
Source: www.tanfieldchambers.co.uk
