Sorry - no more progress on my case. I'll take solicitor's advice nearer the time and stay tuned to this thread in case any news comes through. In the meantime my understanding is the same as you detailed. The availability of mortgage is worrying - my contract has a clause stating that the sale is NOT conditional on mortgage offer.

Again, many thanks - this has been most useful. No more sleepless nights!

Ok - many thanks for all the advice. I'll chase it up with my solicitor but you have offered some hope!

Many thanks for the replies. Exchange of contracts HAS taken place. As I recall we paid an initial booking fee then had 4 weeks to sign contracts and pay the full 10% deposit. This all happened a year ago. Where does this leave us legally? And with regard to the other reply, is there room to try to 'renegotiate'? Thanks again

Hi. I reserved a property at the peak of the 'property boom' in July 07. The property is due to be competed in April 2009. It was agreed at £160k and a 10% deposit paid. In the current climate it is probably worth around £120k. and this could get worse! From memory, the contracts detailed that the sale was not subject to ...