Switch Property during Conveyancing?

bendywendy100

Hi there,

My wife and I (and baby) have had an offer for a house accepted and I have been rather rapid on assuring everything is good to go (instructed the solicitors, got a Building Survey arranged (yet to be carried out) and mortgage broker is submitting an application for my mortgage).

However, another property has just come on the market nearby that would need far less work to refurb and would save us a lot of money.

This is not the ideal situation and I do not like the idea of pulling out of the first property but if we did have an offer accepted for the second property and I did pull out of the first, can the solicitors switch my case to the new property? And does anyone know the situation with the mortgage application or survey?

I will not take this decision lightly as morally I do not want to mess our vendor around but if the switch could save us potentially 15-20k then I will consider it.

Any help appreciated.

Many thanks
B

HouseBuyer77

Basically it's a new purchase and things are started from scratch. New mortgage application etc. Obviously you'll need a new survey as it's a different property!

Though presumably you'll use the same mortgage product and the solicitor won't need to redo the initial ID checks so it saves a little work, but not money really.

(I did the same thing, though different reasons, first vendor had been messing me around, stating they'd got an offer accepted somewhere, then suddenly not, changing their mind all the time and not keeping either their EA or me in the loop. A similar, better, property around the corner appeared on the market and I jumped on it).

HouseBuyer77

Morals aside you may find the sellers of the new property may not want to accept your offer anyway. They may worry you'd do the same to them! (When I did this I could, quite honestly, say that I was a serious buyer, I didn't just pull out on a whim because I saw something I liked better, but rather being I had been messed around by the previous vendor and I didn't appreciate it).

AnotherJoe

HouseBuyer77 wrote: »

Morals aside you may find the sellers of the new property may not want to accept your offer anyway. They may worry you'd do the same to them! (When I did this I could, quite honestly, say that I was a serious buyer, I didn't just pull out on a whim because I saw something I liked better, but rather being I had been messed around by the previous vendor and I didn't appreciate it).

How would they know ????

OP go for it.