Pulling out of a house sale

Triq

I would like some advise on my current moving house situation please, whereby myself and my partner are in the process of buying a property. However, I am wanting to end the relationship. Where will we stand in regards to cancelling the sale? We are currently awaiting completion dates for moving, however as I am a first time buyer i'm not entirely sure if there are more documents to sign that will lock us into the sale, or if if we will have already signed documents regarding this. We have not yet sent any money/deposit to the mortgage company. 

Many thanks. 

MorningcoffeeIV

It you haven't exchanged, you can pull out.

If you have, you're committed.

Jonboy_1984

Assuming you are in England, if you have exchanged contracts then you are legally committed to the purchase and will lose any deposit and and be liable for your sellers costs if you pull out. 

If you have not exchanged contracts then you can simply pull out, and pay your solicitors for the work done to date.

It is common to sign the contracts well in advance of the solicitors exchanging them, and they shouldn't exchange them without your final approval once searches and enquiries are complete.

Your deposit is normally paid over as part of exchange so if you haven't sent this to your solicitor it is likely a good sign.

hazyjo

Until exchange, either side can pull out. I'd do this asap! You'll prob incur solicitor costs for work done so far. Obviously any other expenses already paid will be lost.

Exodi

While you will need to confirm if you've exchanged contracts, it sounds like you haven't.

Any money spent on a survey and searches will be lost, and the solicitor will likely require payment for services rendered thus far, but obviously ~£1k is chump change compared to the potential fallout of a breakup after purchase.

As I hope you can appreciate, the seller will be less than impressed at the wasted time/expense,  and while this is not a reason to not stop the purchase, I would probably proactively offer an apology for the significant inconvenience.

sammyjammy

Might your soon to be ex partner want/have the ability to continue with the purchase?

BlueVeranda

sammyjammy said:

Might your soon to be ex partner want/have the ability to continue with the purchase?

If they do, they will need to be able to do so without OP's contribution towards the mortgage. The lender will need to be informed and may decide to pull the existing offer (even if the partner would qualify for a mortgage solo).

It's not going to be easy but better sooner than later.

Triq

Thanks for the replies everyone.

I have sought clarify around contract exchange, and we have not exchanged contracts at this point. 

If there are changes to the housing market, whereby the people who we were buying from would now need to accept a lower offer due to a reduction in the market - would we be liable/sued for this? I have read information about this. 

Thanks.

CSI_Yorkshire

Triq said:

Thanks for the replies everyone.

I have sought clarify around contract exchange, and we have not exchanged contracts at this point. 

If there are changes to the housing market, whereby the people who we were buying from would now need to accept a lower offer due to a reduction in the market - would we be liable/sued for this? I have read information about this. 

Thanks.

Only after exchange and if you don't complete.  Before exchange you have no legal commitment.

babyblade41

No exchange no commitment , only work done by your solicitor 

user1977

Triq said:

Thanks for the replies everyone.

I have sought clarify around contract exchange, and we have not exchanged contracts at this point. 

If there are changes to the housing market, whereby the people who we were buying from would now need to accept a lower offer due to a reduction in the market - would we be liable/sued for this? I have read information about this. 

Where have you read information suggesting you might be sued?