second thoughts...is it too late?

The_Palmist

Second thoughts could just be the nerves. You need to calm down and weigh up your options. Sometimes you just have to take the plunge, you can not just keep pulling out of things. Not everything will be your way every-time so accept the compromise. Since your parents are already in Medway, it might not be that bad after all even if you do have to move to London later on. You can rent, resell etc.

On the other hand, if its really bugging you ....Pull Out Now.

Errata

It really doesn't matter to you if the vendors and EA are upset and annoyed. They're not your new best friends.

DVardysShadow

GDB2222 wrote: »

Pull out now, and say sorry to the vendors. If you really feel bad about the vendors send them a cheque for £200 as a contribution towards their wasted costs. At least that shows them that you really mean it when you say that you are sorry. But, above all, do not proceed if it is not right for you.

I appreciate the sentiment, but under no circumstances do this. It is quite clear that if you put an offer in on a property, you can pull out up to exchange of contracts. But if you send the vendors £200, you will send the message that you feel guilty or that you are in the wrong and that they could screw more out of you in court - not that they could, but it is not a message you would want to send.

ajsdoc

I agree with the sentiment that the purchase should be right for you. I would implore you to act more properly in future however. I still think manners are an important part of life and business/personal transactions.

It is bad manners to act as you have. You should really have done the stages of careful deliberation before you made your offer and subjected other people to expense. Just because you are able to pull out and just because you should not proceed with such a purchase unless you are sure does not remove the fact that behaving in this way is not the way many people would choose to conduct themselves.

Niowrtt

Just to put another point of view, and to agree with pretty much everything else others have said:

I was buying a couple of years back and had a similar dilemma. Larger house or a 1 bed flat in town. I decided to take the cheapest option which gave me enough to live with and put me right in the middle of where I wanted to be: I bought the flat.

It was a proper disaster and I put it back on the market after a couple of months. You must make absolutely sure that you would be happy in a 1 bed flat. Have you lived in a 1 bed flat in the area you want? Even if you have and it was okay, I guarantee your circumstances will change.

It took a year and a half to sell the flat and I lost the equivalent of two years of saving, of the four years it took to save the deposit. On top of that I also lost the money it cost to sell, money for renting and the lost opportunity of the first time buyer's stamp duty discount. I am now buying a three bed semi a few miles out.

chopper78

As others have said, the choice between a three bed house and a one bed flat is like the choice between a life jacket or an anvil when jumping into the sea. These forums are awash with people lumbered with one bed flats that they simply cannot shift for anything like the money they paid for them. Ultimately, more people want three bed houses compared to one bed flats.

In a few years, when there is a relationship, children or simply growing up, your one bedroom flat will seem like a silly idea and you'll either take a big hit when selling it or will just end up stuck with it.

GDB2222

DVardysShadow wrote: »

I appreciate the sentiment, but under no circumstances do this. It is quite clear that if you put an offer in on a property, you can pull out up to exchange of contracts. But if you send the vendors £200, you will send the message that you feel guilty or that you are in the wrong and that they could screw more out of you in court - not that they could, but it is not a message you would want to send.

Okay then send a bunch of flowers. I am sure that the OP does feel guilty and does feel in the wrong morally. I really don't see why this act of kindness would precipitate a totally unfounded court action, though.