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Termination after exchange

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  • Termination after exchange

    Purchasing a new build property with help to buy equity loan.

    I understand pulling out after exchange of contract is a big no no but our mortgage offer is being reviewed due to change of circumstances (pregnancy).

    Reviewing the contract of there is a condition that states;

    "This contract is conditional upon the buyers original mortgage offer from a Qualifying lender remaining valid (or the buyer obtaining a replacement mortgage for the equivalent amount....if the conditions are not satisfied as at the date of completion the buyer or seller may terminate the contract by serving written notice to that effect on the other (clause50)

    "If this contract is terminated under clause 50 the deposit shall be immediately returned by the seller to the buyer together with interest accrued on the deposit"

    Does this mean IF mortgage offer is withdrawn we haven't breached and would be able to terminate and get our deposit back???
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