Ready, willing, and able to complete?

23 May 2017

As Brexit negotiations begin, how will leaving the EU affect the UK property market? Will we see buyers attempting to escape from contracts they no longer want (or are able) to complete, as we did following the financial crash in 2008/9?

If the last crash is any guide, problems might be expected in cases involving a lengthy gap between exchange and completion, during which the economics of the transaction change, or a mortgage offer lapses and is not renewed. Examples might include off-plan flat sales, or contracts conditional on the grant of planning consent. If the purchaser is reluctant to complete on the completion date, what are the options available to sellers &...

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