Want to pull out of house purchase ...How ?

harvey1964

After having a structural Survey done and not getting good news I want to pull out of the house purchase......As if i needed underpining done it would be a fortune !!!!
It is with the solicor at present and I am 2 and 1/2 weeks in from having my offer accepted. Do I contact the Solicitor or the Estate Agent to advise them that there is a problem with my survery ?
I dont think the Estate Agents have been totally honest with me about the cracks in the property ( i suppose they are acting for the seller......which is the bank as it's a repo ) I would maybe still be interested if i could get enough knocked off the price to allow for the work to be carried out...but i really have gone off the property thinking that it could require major work done !!!!

BitterAndTwisted

just phone the agents and tell them that you are withdrawing your offer due to the survey results and that you do not wish to negotiate.

If you do wish to negotiate you absolutely need a clear idea of how much this underpinning will cost. Some insurers will not touch underpinned properties and this could have an affect once you wish to sell.

I'd be looking for another property.

KateLiana27

BitterAndTwisted wrote: »

just phone the agents and tell them that you are withdrawing your offer due to the survey results and that you do not wish to negotiate.

Exactly this. Nothing at all wrong with pulling out in this situation so don't feel bad.

WhiteHorse

I have been in exactly this situation. Pulled out without a second thought after a bad survey and finding that the property was uninsurable.

DVardysShadow

Tell the agent you are pulling out. Tell your solicitor to return papers.

G_M

Might be easier, and more formal, to write a short note to both the agent and the solicitor.

Dear Mr X

Having received the result of my structural survey I am withdrawing my offer on the above property. I do not wish to continue the purchase.

Yours sincerely

Remember you may well get a bill from the solicitor for work he's done so far.

Queen_of_the_Hive

Yes i agree - dont worry about pulling after a bad survey. We recently pulled out of a property as it appeared the wall between our property and next door had been knocked down and replaced with plaster board in the loft (no planning permission), bad ivy, damp and concerns about a planning application in a small piece of land at the end of the property (there were other issues on report too, but these were the major ones!). The owners of property were not willing to negotiate on price so it was no brainer. Just had survey done on another property hopefully this is all good!

We just went back to estate agents and told them we didnt want to proceed unless there was renegotiations about the price, the message we got back was that this was a shut door. So we walked away. They had screwed up the chain anyway by pulling from the property they wanted to buy so we were in a longer chain and facing prospect of temporary accomodation anyway. Our buyers are cash buyers so we are exchanging on time and looking for temporary.

ab7167

Just phone up and say so. I've pulled out of 2 house purchases and it was a no brained both times. I felt at sympathy for the vendor in one case as the problem was not of their making, but none the second time as the vendor had lied, obfuscated the truth and generally been a pain. In fact, they had lied on the Seller's Information Form, very stupid especially as it was easy to prove and materially affected the value of the house... (right of way across the garden)

Senior_Paper_Monitor

Unerpinning etc - indeed many major structural items can also impact on subsequent sales and remortgaging - the lenders are getting more and more touhy about this (and many other factors), so even if you could finance it this time there may be problems later on.

property.advert

Avoid like the plague. Just email them as you need a record.