Couple lose deposit after exchange

The sad story of a couple who lost £33,000 after exchange when their buyers mortgage offer was withdrawn by the lender, has been widely reported. What is less understood is that this is the risk that buyers in conveyancing chains face every day.
Stu and Lorraine chat about this and the implications for conveyancers in this conveyancingmatters chat.
Remember, this is just a chat and our opinions, not advice!
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[@michaelosei2847]

This is scary for someone who is buying a home myself and due to exchange contracts and putting 50k down as a deposit. How can a buyer protect his interest in not losing his deposit i think the most logical think is to exchange and complete on the same day but can anything else be done?

[@zahrahaullybocus5131]

Thanks guys, interesting discussion!

[@munirudeenbello9456]

Interesting discussion, my question is who's got the 33k? The conveyancer or Santander?

[@cynthiapierre2336]

I think it would be the seller for losses incurred by not completing the deal.

[@cynthiapierre2336]

Very interesting video. My question is, do conveyancers contact their client's employer for enquiries?

[@cathy__wilson4930]

who's got the 33k? The conveyancer or Santander?

[@TruthSpeaker94]

The seller