How difficult is it to pull out before exchange of contracts?

UnderOffer

Do not buy this house and don’t feel obliged to, just contact your solicitor and stop all work on the transaction, then contact your Landlord and briefly explain that you are not proceeding due to a change in personal circumstances, you don’t have to say why, just be vague and explain you can (if you want to be) as flexible as you can re the sale. 

GDB2222

On the contrary, I would tell the landlord about the neighbours. I can’t see why not to, and it’s reasonable for him to want some explanation. You are under no obligation to explain, but you need to get on with him during the remainder of your tenancy. So, be perfectly frank.

davidmcn

hopeitwill said:

We're a bit scared the lawyers may come up with a bill

The solicitors should have sent you their terms of business at the outset, explaining how their fees would be calculated in those circumstances. Didn't they? As explained, it would be normal for them to expect payment for the work they've actually done so far.

daveyjp

Very easy.  When buying my first house I pulled out of 3 before exchange as issues arose during the process.  Dodgy survey, dodgy legal issues, dodgy seller!

hopeitwill

Thank you everyone, it makes it easier for us to hear these. Again a few hundred pounds is nothing compared to having our mental health in check. It's a shame that the area is a sought after area where the houses are selling like hotcakes.

We're looking at detached houses but unfortunately the ones we can afford are in newly built areas with new families, or in very bad areas. We have been running away from newly built areas like they're the plague but we may have no choices if we want a detached house.

Blue_bell_20

hopeitwill said:

We're looking at detached houses but unfortunately the ones we can afford are in newly built areas with new families, or in very bad areas. We have been running away from newly built areas like they're the plague but we may have no choices if we want a detached house.

Can you look further afield? Have more of a commute if there’s a house just out of your viewing range? We love the area we are renting in, for 1 year we have only looked within a 3mile radius. 3 months ago on a whim I expanded the search area, we’ve found a great house in a small village. Could it be an option to expand your area? 

hopeitwill

Blue_bell_20 said:

hopeitwill said:

We're looking at detached houses but unfortunately the ones we can afford are in newly built areas with new families, or in very bad areas. We have been running away from newly built areas like they're the plague but we may have no choices if we want a detached house.

Can you look further afield? Have more of a commute if there’s a house just out of your viewing range? We love the area we are renting in, for 1 year we have only looked within a 3mile radius. 3 months ago on a whim I expanded the search area, we’ve found a great house in a small village. Could it be an option to expand your area? 

Doing that now actually I can't believe the antisocial behaviour in newly built areas. Been to three of them, and all looked beautiful on the outside but either near horrible areas or with horrible people around with garbage on their front yards!

NameUnavailable

Many solicitors work on a no sale no fee basis apart from 3rd party costs, so if that's the arrangement you have you will only pay for anything they've paid for (searches) and surveys.

Just write an email now, to the solicitor and to the agents advising that you are withdrawing from the purchase. You don't need to add any more detail than that.

hopeitwill

Thanks everyone, my OH is a bit skeptic about the whole pulling out thing.

Just an additional question about surveys. We're also paying over what the survey value for the house was because OH really wanted the house back then. The survey came back at 270k, 30k less than what we agreed to purchase the house for and tbh all the estate agents who came to see the house gave a valuation of more than 300k.

Are the desktop surveys solely based on what a this-number-of-roomed house would sell for in that area? Or does it also account for leasehold/freehold, how big the house is etc?

GDB2222

Estate agents tend to suggest a very high valuation, as this pleases the sellers and is generally good for business.