Pulling out of a purchase?

Adly812

I am in the very early stages. I made an offer which was accepted. We have instructed our solicitors, and I've returned my purchase paperwork. Just the initial ID checks, address details etc. We have not come close to exchange. However I've seen another property I prefer. I really want to proceed with this new place. I feel very sad to disappoint the vendor of my original property purchase. But am I allowed to retract my initial offer and buy the other place I prefer and suits me a lot better?

dinkylink

If you're in England, yes of course.

Adly812

Yes I'm in England. Would it just be as simple as advising my solicitor and changing the address details of my prospective property ? Then most likely getting a rude comment from the estate agent of the last place, whom hounded me from the start?

jlaw4

Yes it's what we did. Just be as quick as you can in letting the original vendor know but be sure you will get the other property or you may end up losing out completely.

glasgowdan

In Scotland too, yes. As long as you've not completed missives.

Look out for yourself first and foremost when trying to find a home... It's all stressful enough.

Have you made an offer and had it accepted on this new place? Also, it sounds like your heart's not really into the first house so may be wise to pull out anyway.

Adly812

Yes, I'm happy but not over the moon with the first place. To be honest, the market is over priced ATM and for what my budget is, 2 years ago I'd have got what I'm 'looking" for now. But besides the fact of realism I can't change. I think this new place is much better for me. I'm awaiting to hear if my offer is accepted. So I guess I'll await for confirmation before pulling out of the first property. Or as you state, I'll have none.

illusionek

Just advise your solicitor to wait so you do not pay for unnecessary searches.

robatwork

Yes - there is no contract formed until you have exchanged.

I'm afraid you'll have to feel sad. It's better than regretting where you live every day.

Thrugelmir

Smb3088 wrote: »

YSo I guess I'll await for confirmation before pulling out of the first property. Or as you state, I'll have none.

Doesn't sound as if you are keen on the first property. Best to pull out now.

Adly812

I understand most solicitors have different terms of business. If they haven't started processing my file, as my paperwork was only sent to them a few days ago, do you think they'll accept just a change in literature with the new property details?

It says on their terms of business ," If you intend to purchase another property within the next 6 months, we will retain your deposit and act on the purchase for the fee quoted."

Crashy_Time

Smb3088 wrote: »

Yes, I'm happy but not over the moon with the first place. To be honest, the market is over priced ATM and for what my budget is, 2 years ago I'd have got what I'm 'looking" for now. But besides the fact of realism I can't change. I think this new place is much better for me. I'm awaiting to hear if my offer is accepted. So I guess I'll await for confirmation before pulling out of the first property. Or as you state, I'll have none.

It`s all about sentiment. I wouldn`t sweat it too much about pulling out TBH.


http://www.yorkshirepost.co.uk/news/billions-wiped-off-value-of-homes-1-8494169