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Cooling off period after contract exchange?

Does this exist? We've exchanged contracts, but now I'm not so sure about moving so far away.

Is it too late to stop proceedings?
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Comments

  • jimbog
    jimbog Posts: 2,208 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Yes, too late I'm afraid
    Gather ye rosebuds while ye may
  • eddddy
    eddddy Posts: 17,535 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Just to make sure...
    • If you really have exchanged contracts - it's now to late to back out.
    • But if, for example, you have signed the contract, returned it to your solicitor, but your solicitor has not yet exchanged contracts - you can still back out.
  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 19 February 2019 pm28 8:16PM
    sanyo5000 wrote: »
    Is it too late to stop proceedings?
    Even if you've actually exchanged it's still not too late.

    As long as you have enough spare cash to forfeit your 10% deposit and pay everyone's costs both up and down the chain for failing to complete that is....
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Don't worry, once you've moved you won't be far away any more.
  • 00ec25
    00ec25 Posts: 9,123 Forumite
    1,000 Posts Combo Breaker
    there is no "cooling off" period for such contracts.

    such a concept applies only to: If you entered into the contract over the phone, online or on your doorstep, you have 14 calendar days to cancel the contract under the Consumer Contracts Regulations.
  • D_M_E
    D_M_E Posts: 3,008 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Phone your solicitor and specifically ask the question: Have contracts been exchanged?

    If the answer is YES then it's too late, you are stuck.

    If the answer is NO then you can either instruct your solicitor to wait for further instruction while you make you mind up, or tell solicitor to carry on and exchange.
  • Cooling off period is the (usually) long period between offer and exchange. After that you're stuck unless you've lots of money to throw away.
  • macman
    macman Posts: 53,128 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Why do you think you had to pay a 10% deposit? If you really wanted to break the contract after exchange, wouldn't your first call be to your conveyancer, not to an internet forum?
    No free lunch, and no free laptop ;)
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    There's no cooling-off period (or many other consumer rights), on the basis that you've (generally) had a solicitor advising and negotiating on your behalf.

    Plus it's hardly an impulse buy - how many more weeks do you need to mull it over?
  • Um a bit late now as very few would like to forfeit your deposit and all the others who it affects

    I moved away from my hometown and it does get easier as time goes by, try and make the best of a bad situation and if it really isn't for you do all that is necessary in the next 12 months with a view to selling next year.

    Go through your surveyors report and get all jobs that really need doing and check all the others and so you are well prepared for marketing ...

    Don't add any big ticket items as you probably won't get your money back and maybe after 12 months you could be loving it .

    I came back home after 4 years and although never once regretted moving where I did but it did make me realise that having the most beautiful house never made up for lack of contact with close family

    Hope it works for you long term
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