Really not sure after 2nd viewing. What to do?

Mortgage_Moog

I viewed a property weeks ago and loved it so went out and got the mortgage. I went back to view it today and I'm just not sure what to do now.

The first thing I noticed was loud music from next door which is something I just can't stand. There were several other things I discovered such as much more work being needed than previously thought, potentially a roof problem, electrical issue and worst of all it's of non-standard construction.

I really don't what to do. I've only instructed a solicitor as far as signing their terms and sending ID. I haven't paid for any searches and none have been done. I know I'll have lost the valuation and I don't mind that.

I've read many times that you can change your mind at any point but what would happen to the mortgage? I know it still stands for 6 months but is it as simple as just saying I don't want to carry on or will there be problems?

I can't decide If I'm expecting too much for my first home, looking for problems that aren't there or whether I should just carry on buying it.

rtho782

You can pull out. Do you have the actual mortgage offer before you've even instructed solicitors? That seems a strange way to do it, but doesn't stop you pulling out.

I wouldn't buy unless you're sure.

Mortgage_Moog

rtho782 wrote: »

You can pull out. Do you have the actual mortgage offer before you've even instructed solicitors? That seems a strange way to do it, but doesn't stop you pulling out.

I wouldn't buy unless you're sure.

I have been told I have the mortgage and the offer is in the post. I didn't think I needed a solicitor any earlier, there's been nothing for them to do until now when the searches begin. I don't mind losing some money if I do change my mind, I just don't know what to do.

Kynthia

Second viewings are the more practical ones where you look with your head and not your heart. If you hadn't already progressed with the purchase before the second viewing would you have still decided to buy after? It doesn't sound like it, it sounds like you don't quite want to buy it but feel torn now as you've spent money on it. It's better to lose a little than buy the most expensive thing you'll ever own, live there, and have a debt tied to it for decades. It sounds like you should pull out and only offer after you've viewed somewhere a couple of times.

David_White

Pull out, apologize to the vendor for wasting their time and draw a line under it.

It's not the nicest thing to do, but buying a house is too big a commitment to have regrets from day one.

Until you've exchanged contracts you're not bound to anything so the ball is in your court.

More than likely you can just provide the lender with a new property address and they'll re-evaluate your case.

Good luck!

csgohan4

if you regret buying it now, it will only be a lifetime full of regret, buy when you are absolutely sure it's the right thing to do. See the house multiple times and drive by at night to see how it is too.

Mortgage_Moog

Thanks to everyone for their help. Being a first time buyer isn't easy and I've learnt a lot so far, I didn't even know there was such a thing as a concrete house!

I have decided to not go ahead and the mortgage lender said I simply need to find another property. All I've lost is £160 for the valuation but that doesn't bother me at all compared to a lifetime of misery living in a place I could never sell.

My adventure continues...

David_White

Sounds like you've made the right decision, must be a weight off your mind.

I'd suggest enjoying the weekend without thinking about mortgages/houses etc and go again next week.

Mortgage_Moog

David_White wrote: »

Sounds like you've made the right decision, must be a weight off your mind.

I'd suggest enjoying the weekend without thinking about mortgages/houses etc and go again next week.

I have now found a similar property which is of standard build, much higher quality inside and cheaper then the one I changed my mind about :j