Pulling out house purchase

happy35

If you are prepared to move out of your house on the date agreed then the sale of your house will proceed as normal, if you are now wanting to stay in the house longer to find a new house then it is up to your buyer to decide whether they are prepared to wait.

If this not the house for you then you are making the right decision to walk away, the estate agent will probably ask why etc but I wouldn’t be pressured at all.My son has just changed his mind on a house in a very similar situation and it was fine, he was asked why etc and told them the reasons, they did give the usual it is a fantastic house etc and the area sells well but he didn’t change his mind and is now buying a different house - the solicitor wasn’t bothered at all.

warby68

It might not be comfortable with several frustrated parties expressing their feelings, but if you no longer wish to buy the house you are entitled not to.

The agents won't jeopardise your sale (its their business) but do make sure they are aware that your sale and this purchase do not need to happen together so they don't give the wrong messages to the people in that deal.

AnotherJoe

Moneysaver8989 wrote: »

I’m so anxious of the fall out tomorrow. I’m selling house with same estate agents could they cancel that. It’s a separate sale and purchase so won’t cause chain to crash

No they won't "cancel it" , they aren't buying it are they ! Your buyer is buying it. And why would they even if they could (which they can't) , they'd lose two lots of commissions instead of one.
Just make sure that they understand your sale is proceeding separately you are investing the EA with much more power than they have.

Your main priority is first thing tomorrow to ring the solicitors and get an assurance that they confirm you are withdrawing from the sale. Get them to email you confirmation they have received your instruction as well.then send them a letter confirming this, hand delivered if possible. If they are local solicitors I'd go round and tell them face to face with a short letter confirming.

Moneysaver8989

Do I have to tell estate agents separately or will solicitor inform them?

warby68

Moneysaver8989 wrote: »

Do I have to tell estate agents separately or will solicitor inform them?

It would be polite to do so and probably also wise to immediately re-clarify the position with regard to your other sale. It might seem obvious to you that the 2 deals are unrelated but possibly not to all the staff in the agent's office.

AnotherJoe

Moneysaver8989 wrote: »

Do I have to tell estate agents separately or will solicitor inform them?

Have you contacted your solicitor now? And confirm your purchase is off? And sale still on?
It's not their job to contact the EAs. Give them a call and let them know the position especially your buyers. I presume you have somewhere else to move to?

Moneysaver8989

Yes I could move back with parents in the meantime.

I have informed solicitors of my intentions and they had no problems with my decision but said to make sure I’m 100%

pinkteapot

Do phone the estate agents too. Even if you weren't selling through them, it's just common courtesy as the message will then get to the vendor quicker.

Estate agents are professionals - they might be a little shirty but they're not going to rant and rave at you!

Moneysaver8989

I think I’m going to commit and pull out the purchase. Estate agents will go nuts

jimbog

Moneysaver8989 wrote: »

I think I’m going to commit and pull out the purchase. Estate agents will go nuts

Email them instead?