Having second thoughts pre-exchange - WWYD

ele_91

Long story short. 

We are ready to exchange on house purchase. The vendor is buying another property and has been slow and giving us mixed information. Getting concerned about how flaky they are, we booked a second viewing at a house we saw earlier this year which is still on. 

We viewed the house in the dark last time and now we’ve seen it in the light, we love it, possibly more than the one we are buying. It is slightly more expensive (around £50 extra per month mortgage payment) but bigger and more rural.

We have already had one vendor pull out on us, and pulled out of another house due to lack of building regs/lender pulling their offer. 

What would you do in this situation? Stick with current or pull out? Would we lose all credibility with the conveyancer/broker?

MovingForwards

Go with the one you like more. No, you won't lose credibility, it's just business to them.

GDB2222

I would certainly buy the house that is right for you, and the conveyancers' and brokers' views are of no importance. If necessary, you can always hire replacements. 

I’m surprised that people don’t do this more often, to be frank. 

ChocolateBunny

Of course you can change your mind, it’s a considerable purchase.  However, being a vendor myself who has had 4 sales fall through, all I would suggest is that you are honest with the EA/vendor and let them know as soon as possible.  There’s nothing worse than hearing nothing for weeks on end or being fobbed off with feeble excuses when in reality the buyer is already pursuing another property.

Redwino222

Do what you need to do, but please be sensitive to the impact you are having on others.  The people whose house you are buying have been in this for weeks, maybe months with you.  They may lose their dream home, and will probably now have to pay stamp duty as a result of the delay.

its nothing to do with the vendor, so you need to be honest.  It’s about you wanting a different house.

take your decision quickly and communicate it clearly and honestly, acknowledging the inconvenience and upset you are causing.

this is you home and it needs to be right for you.  You certainly shouldn’t go through with the house purchase to keep people happy, but accept pulling out at this stage is pretty awful for the vendor.

maisie_cat

I've only once had misgivings about a property and although I went through with the purchase I should have listened to my "gut" because I did regret it. I would go with the one you love, you may regret it otherwise, it's your home after all.

SMR710

Do you have a house to sell? Will your buyers (and any chain below) wait for you to go through the process with a new house? Have the vendors of the new house you're interested in found somewhere to buy?

I dont think you should buy any house just to appease people or keep them happy, considering their feelings etc - house buying is business not friendship!! But just consider what you might need to manage around you that's all to help your own situation.

ele_91

I have a house to sell but we can move in with family, due to the delays caused by other houses we were probably going to do this anyway and have half our stuff in storage. The vendor is a divorcing couple. 

kormacurry

I also had misgivings about a property I bought years ago but went ahead with the purchase. I guess I was worried how 'things would look' to others if I pulled out.  For years I regretted the purchase. Thankfully, I finally sold the property last year and am very glad to be rid of it.  It's a decision you might be stuck with for years (who knows - the property market may cool off later and you'll be stuck living in a house you dislike).  I would also advise going for the property you prefer.

LAD917

ele_91 said:

The vendor is a divorcing couple. 

This adds complication and is another factor in favour of pulling out -- as quickly and respectfully as you can, as others have said.

I walked away from a "dream flat" being sold by a divorcing couple. The vendors were not on the same page about anything, and the vibe I got was that the party living in the flat was looking for any reason to delay or torpedo the sale. There were warning signs during negotiations - couple communicating only via their respective solicitors; responses taking a very long time; negotiations seemingly not in good faith, e.g., one party counter-offering above the ask price on a property that had been on the market for months.  Technically, they never accepted my offer because they came back several days after I gave them an "exploding offer" deadline following weeks of negotiations.  By the time they came back to accept, I said thanks but no thanks - not interested at any price.

Hopefully your vendors' divorce is not as acrimonious, but if it's already a shaky situation, this is likely to make it even shakier.

moneysavinghero

Walk away. Buy the house you prefer (hopefully not from a divorcing couple). Broker and conveyancer don't care about your credibility..