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Pulling out house purchase
Moneysaver8989
Posts: 16 Forumite
Hi
I am new to this and need some very important advice
I have agreed a purchase of a property and all has been agreed with mortgage company etc!
I have signed my contract with solicitor but the contract has yet to be exchanged. Is it possible I could pull out of this purchase?
I am new to this and need some very important advice
I have agreed a purchase of a property and all has been agreed with mortgage company etc!
I have signed my contract with solicitor but the contract has yet to be exchanged. Is it possible I could pull out of this purchase?
0
Comments
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--- Yes. ---For Democracy to work, the losers have to accept defeat.0
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Are you sure? This is making me very anxious to be honest as a huge decision but 1 I’m willing to do if allowed0
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Until contracts are actually exchanged, either side can walk away.For Democracy to work, the losers have to accept defeat.0
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Would they have to tell me when exchanged?0
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The other side has not yet received your signed contract so the contract is not yet in force.
That only happens when each side 'Exchanges' the contract. Your solicitor is simply holding it at present on your behalf. Instruct your solicitor, in writing, not to Exchange.
If you pull out, you will (probably) have to pay your solicitor at their hourly rate for the time they have so far spent on the conveyance, capped at whatever fixed fee was originally quoted to you.0 -
Yes, your solicitor would tell you if you had exchanged. So if you have no idea whether that might be imminent, you should contact them ASAP (which probably means Monday now).Moneysaver8989 wrote: »Would they have to tell me when exchanged?0 -
I will do
I already paid searches etc! I will maybe have to pay more but been warned about extremely bad neighbours off somebody in street so backing out.
Will estate agents go mad at me too?0 -
Moneysaver8989 wrote: »I will do
I already paid searches etc! I will maybe have to pay more but been warned about extremely bad neighbours off somebody in street so backing out.
Will estate agents go mad at me too?
Not sure I'd worry about what EA think.. I'd say you have found out before you made a terrible mistake ..call it due diligence0 -
You are of course entitled to walk away if you have not yet exchanged.
Send your conveyancer/solicitor an email now to instruct them not to exchange contracts.
Follow that up with a phone call first thing Monday morning to ensure they got the message.
The EA will be upset, but there is nothing they can do.0 -
We did the same (for different reasons) if it's not right and you can still back out. Do it.
Now in a much better house and feel much better about the choice we made even if we did have to pay a bit more on solicitor fees because of it!0
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