changing mind to another house but offer accepted?

Rapished

We have had an offer accepted survey done, and we're in that limbo kinda place now, were nothings happening, I went and viewed a similar property that come on to the marked and its the same price but in a far better standard throughout,

Where do I stand with my mortgage if I decide to offer on the other one and its accepted, and I wish to switch, and am I likely to get an ear full off the estate agents that i'd have to inform I no longer want the other house?

I guess i'd loose the survey and mortgage valuation fee's but is that all?

Seabee42

There is nothing in the English property system to stop you pulling out. All you loose is your current expenditure, this may also include some legal costs and as you say survey.

I presume the people selling the house may also have incurred expenses trying to buy as well so be aware that you are likely costing them as well.

Have you considered that you definitely want to pull out or would it be worth trying to get a price reduction on your current property? Using the other house as the reason?

savvy1234

if they're being slow, switch. You're in a good position with two similar places on the market.

But only do it if you're sure! If you keep switching and messing around the agents will soon twig on to this, and if other offers come in from other buyers they will favour the other buyers over you.

Rapished

well that would have been an issue I would have stayed put, but the chap has had the house on for 9 months and now decides to slow things, he's not even in a chain he's off to rented so with us on our second mortgage, there is no chain, but

The new property on the market has been fully refurbished and is the same price and also no chain so doubt there would be any issues there, I don't want to chop and change, but when on ehas fresh carpets, walls fixtures, bathrooms, boiler etc and the other needs that doing,

I cant help thinking its like paying full whack for some dirty trainers, when I could buy new for the same price, but on the other hand, the older ones would be worn in.

Excited13

It surprises me that people have their property on the market for so long and then drag their heels when they finally get an offer.

I was in a similar position where I was chain free and found a property I liked in January. The vendors were looking for another property and found one which was chain free. They seemed very relaxed about everything and by the end of April I started getting itchy feet (I'd been ready to exchange since the middle of Feb). I kept chasing and found out they hadn't even had a survey done on the new place. I advised the EA I was getting annoyed and asked to be put back on the mailing list and requested viewings thinking they may feed back to the vendor and it might give them a kick up the backside. Everything continued to plod on but still no mention of exchange dates. 2nd week of June I pulled our as it was going no where.

In the end it looks like the right decision as I've found a new place which is cheaper and I can really put my own stamp on it. I've lost out financially but feel much better about my position now.

Good luck and do what is right for you.

Rapished

yeah guess it comes down to looking after no.1 and my family, i'll have a sleep on it and make a decision tomorrow I think.

ruggedtoast

Lose. Lose! Lose!!!

ukmaggie45

ruggedtoast wrote: »

Lose. Lose! Lose!!!

Spelling Police on duty? Give the OP a break why don't you? (so now I'll get the Grammar Police getting at me of course! :eek: )

OP, we pulled out of a house we'd offered on when vendor became unhelpful about us going back to measure rooms (you can never rely on EA's measurements). We'd had the survey done, but also wanted the drains surveyed as a lot of trees close... Vendor unhappy and unreasonable about it, then when drain camera bloke went in found roots growing through drains. Vendor then said "do we have to tell them?" which seeing as we were supposed to be paying I thought a bit off... Surveyor reported back to us on phone, so we knew what was happening with the drains... Idiot then sent the report and DVD of the footage to vendor! He never billed us though (if he had we wouldn't have paid), and we regard it as a lucky escape.

It all got a bit of a mess and wasn't fun, but at the end of it we didn't move to a house that we didn't really like that much. Plus just after we pulled out our dream home came back on the market and we now live in it. Follow your heart! And good luck!

Old_Git

Rapished wrote: »

We have had an offer accepted survey done, and we're in that limbo kinda place now, were nothings happening, I went and viewed a similar property that come on to the marked and its the same price but in a far better standard throughout,

Where do I stand with my mortgage if I decide to offer on the other one and its accepted, and I wish to switch, and am I likely to get an ear full off the estate agents that i'd have to inform I no longer want the other house?

I guess i'd loose the survey and mortgage valuation fee's but is that all?

can you post links to both houses so we can all be nosey and pass comments

JoolzS

You are under absolutely no obligation to buy a property until you have exchanged contracts. You may !!!! some people off by pulling out after surveys, etc, but you are still under no obligation to buy.

I_have_spoken

Sure you can withdraw the offer up to the point of exchange

But you can't be sure others won't like the other property and run the price up or gazump you.