Hi, Having read this, the advice from CMK and Skywalker is completely wrong. I am a property lawyer and would advise as follows: 1. If you pull out you will lose your 10% deposit 2.You are also liable for damages to the developer, the main one being if they subsequently sell the property at a lower price. You must make up the difference. ...

Hi, This is standard practice for developers to issue the deadline to try and force exchange as soon as possible. If there is a good reason for the delay and they can see you are making progress they will not pull out of the transaction, especially in the current climate were the newbuilds aren't selling like they used to.