Pulling out of a house purchase in Scotland

crob83

What would happen if we pulled out of a house sale a week beofre we are due to collect the keys?

I have not signed the missives and no money has been transferred.

Any info would be greatly appreciated.

googler

I assume you're making a purchase that you want to pull out of, as you talk about collecting the keys (for the house you're purchasing....?)

Legally, you can withdraw at any point prior to final exchange of missives between the buying and selling solicitors, but once they exchange their final missives, that's effectively the deal done, and you're committed to the purchase. You may not have signed yet, but the solicitor acting on your behalf may have 'concluded the bargain' on your behalf. That's what you instructed him to do, after all.

With a week to go, what do you imagine the seller's plans are? Do you think they'll have arranged, at this stage, - a removal firm to move them out - utility and phone changes - various change of address notifications - etc etc

If you were in their shoes, how would you feel if your buyer pulled out?

However, can we ask - why on earth do you want to pull out at this stage?

skintscotslass

I bought my house last year and didnt sign the missives. I think you'll find that solicitors conclude them on your behalf now. Check out the Law Society of Scotlands website. They introduced this to put an end to the kind of situation that you are looking at putting the sellers in.

Kev09

No point in asking us you need to speak to your solicitor as googler says if they have concluded the missives on your behalf you could find it extremely costly to pull out now!

Joyful

If you pull out now you may have to pay all costs including reselling costs and any possible shortfall.

Hector-The-Inspector_2

I have not signed the missives and no money has been transferred

That wouldn't matter in Scotland , If the 'qualified acceptance' has been concluded by a lawyer on your behalf, you've effectively bought the property, potentially it could be very costly for you.

crob83

Thanks for your replies. It is fine... we are not pulling out, I just wanted to know what would have happened. I was unsure whether concluding the missives was indeed a legally binding agreement between the solicitors.