Property investors reneging on deals face court orders

Some property buyers who signed up for city apartments as prices soared are now trying to break their contracts due to drops in value or problems borrowing for a mortgage, reports the BBC. Many are under the impression they will lose only their deposit if they U-turn on a deal after exchanging contracts. But lawyers say this impression is false, and the legal obligation to complete the transaction was clear. "There is a worryingly widespread and entrenched belief among buy-to-let investors that if they decide to withdraw from a purchase for which they have exchanged contracts, that...