Rescind

To rescind means to restore the parties to their former position, ie, before they entered into the contract. Rescission is an ‘equitable remedy.’
Under the Standard Conditions of Sale the right to rescind the contract is available in the following situations:

• Where the risk in the property remains with the seller and the property is rendered unusable between exchange and completion
• For misrepresentation
• Where a Licence to Assign has not been provided
• Where either party fails to complete with a Notice to complete.