How to pull out of property purchase

TIGASH

I have posted other questions about my property journey. 

I am a sole FTB who is pulling out of a house sale. This is due to issues being found on damp survey. 

I am unsure how I am technically suppose to pull out of sale. Bear in mind no where is open until 4th January. 

So far I have emailed solicitor and asked him to stop any further steps in purchasing the property. I have told them to contact me when they reopen to discuss. Solicitor isn't great at communicating, should I ring them on day they open? 

Do I notify estate agent? Do I tell them the reasons for withdrawing? If sellers request damp survey do I gave them it?

I have asked my mortgage brooker to contact me when reopening. 

Have managed to stop the home buyers survey and hoping the company can transfer to the next property I intend to buy. 

Is there anything else I should be doing or anything I should say?

Any help/comments gratefully received 

Thanks

canaldumidi

Please stick to one thread. You raised this in your other one:

https://forums.moneysavingexpert.com/discussion/6322066/negative-survey#latest

TheJP

TIGASH said:

I have posted other questions about my property journey. 

I am a sole FTB who is pulling out of a house sale. This is due to issues being found on damp survey. 

I am unsure how I am technically suppose to pull out of sale. Bear in mind no where is open until 4th January. 

So far I have emailed solicitor and asked him to stop any further steps in purchasing the property. I have told them to contact me when they reopen to discuss. Solicitor isn't great at communicating, should I ring them on day they open? 

Do I notify estate agent? Do I tell them the reasons for withdrawing? If sellers request damp survey do I gave them it?

I have asked my mortgage brooker to contact me when reopening. 

Have managed to stop the home buyers survey and hoping the company can transfer to the next property I intend to buy. 

Is there anything else I should be doing or anything I should say?

Any help/comments gratefully received 

Thanks

You call the EA and say i withdraw my offer as i had some concerns about damp goodbye.

You don't need to have in depth discussions, an email to the solicitor and broker is fine.

babyblade41

Why are you pulling out? A damp survey sounds like a pretty weak reason, but I'd hate to think you could lose a property over something that is easily solvable 

TheJP

babyblade41 said:

Why are you pulling out? A damp survey sounds like a pretty weak reason, but I'd hate to think you could lose a property over something that is easily solvable 

From the OPs previous post its the things causing the damp, chimney, windows etc. Think its a big and expensive job that as an FTB they don't want to deal with.

TBG01

I have told them to contact me when they reopen to discuss

Discuss what? You've told them you're pulling out, what's there to discuss?

Bare in mind they'll have a weeks worth of emails to go over and shocking I know, but you're not the only client, so I wouldn't go expecting a phone call at 9am to discuss your damp survey.

TIGASH

Thanks everyone for their comments and advice. As stated I'm a first time buyer so all of this is new to me. 

Sounds as if I have done everything I should of done and I will also ring EA when they open and let them know. 

Big learning curve but everyone has to start somewhere and learn as they go. Thanks 

Thrugelmir

I'd ring everyone concerned. Will only take a few minutes even it's just to leave a message. Emails may not be actioned immediately. 

MysteryMe

TIGASH said:

Thanks everyone for their comments and advice. As stated I'm a first time buyer so all of this is new to me. 

Sounds as if I have done everything I should of done and I will also ring EA when they open and let them know. 

Big learning curve but everyone has to start somewhere and learn as they go. Thanks 

You've done the right thing asking for advice if you are not sure on the process.  We were all FTB once and it can be daunting.

charlotteo1988

TIGASH said:

Thanks everyone for their comments and advice. As stated I'm a first time buyer so all of this is new to me. 

Sounds as if I have done everything I should of done and I will also ring EA when they open and let them know. 

Big learning curve but everyone has to start somewhere and learn as they go. Thanks 

We've pulled out of a house buy just over a week ago. I emailed my solicitor with subject on capitals PULLED OUT OF HOUSE FOUND A NEW ONE!! And she literally emailed me back within minutes to say she had received the Memorandum of Sale. Slightly different as I found a new place because I viewed it that day and made an offer. 

I then just emailed the estate agent and basically said sorry but we are pulling out (it was due to a long chain getting longer) I was polite and said it's with a heavy heart we have decided to pull out but he never replied to me and the property went back on Rightmove. 

If you have paid for survey do not give it to the estate agent. If the next buyer wants to buy it off you they could but don't just hand it over. 

Good luck. Buying a house for the first time is scary but your looking like you have it under control. 

I'm desperate for everything to open up again so I can crack on with the new property.

saajan_12

There's no 'technical' way to pull out.. as far as the EA or seller is concerned, you notify them to be polite, and just don't carry on with the next steps of conveyancing / exchange etc. 

Beyond that, there's some things to possibly save money / reduce wasted costs on this property
* instruct solicitor in writing to stop work on this property 
* contact surveyor to cancel any outstanding survey and request they refund / apply charges to another future property (you may not have a right to this, depends on your agreement with them)
* contact broker / lender to stop application