What happens if the vendor pulls out of the purchase after exchange?

 

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Nick Abell

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18. What happens if the vendor pulls out of the purchase after exchange?

You are entitled to take action for any losses you have suffered. For example, these can include: your legal costs; the costs of finding new premises; any increased price you have to pay for new premises; and any losses caused by disruption to your business. If the specific premises are particularly important to you, you may be able to force the vendor to complete the sale.

The best option is usually to get your solicitor to negotiate a compensation payment from the vendor. Your solicitor will also advise you as to your prospects of forcing the vendor to complete.