Mortgage approved, contracts ready 2 exchange but want to pull out ?

silverdog

Hi having a bad weekend.We are mortgage approved, 3 months in to buying a house, and contracts are ready to exchange BUT the seller Has changed their mind to not include some furniture in the sale we had pre agreed would be.
In the grand scheme of things if we really want the house I guess we should carry on but the principle that we had pre agreed to pay the asking price as long as it included these things has upset us A LOT.
We have been messed around by the seller already on various things and this seems to be the final straw!
I know we will loose our legal fees and mortgage application fees if we pull out now, but wondered if the mortgage we were approved for could go towards another house or if we need to start all over again? Any thoughts? It's a real shame as we like the house but things seem to be turning sour from the sellers side...or they decided they need more money?

Mrs_Z

Why not reduce your offer accordingly? (ie, minus the furniture)

welshwizard1927

If you agreed the asking price on a certain basis, and the sellers have decided not to accept that after exchange, they may be in breach of contract. Speak to your solicitor for your options.

silverdog

Thanks all, We will speak to the solicitor.
All the hassle in getting the mortgage so far, legal fees etc, I'm not sure We want to go through another 3 months of this on a new house, if we can find 1, but at the same time we don't want to be taken advantage of!

kingstreet

It's normally easy to change the property on a mortgage application. You simply inform the lender of the new details, purchase price and mortgage amount and pay the valuation fee.

JSR

What is the seller's situation? Finding a new buyer is no small task either, especially when a bit of furniture can seal the deal. Call their bluff!

amnblog

Welcome to the English legal system.

Any party can change their mind on anything before exchange without worrying about the other party. It sticks.

JSR is right, call their bluff and be prepared to walk away.

Incidentially, every time we have a client who has a sale fall through they always find a better deal that they are happier with the second time.