Pulling out of a house sale

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As you haven't yet exchanged contracts, there is no contract. As there's no contract there's no obligation or liability on either party (i.e. the people selling could just decide they don't want to sell after all and you'd be out of pocket for any costs you have incurred to date).

Once you exchange you then have a legally binding contract and if either party pulls out then, they will be liable for costs and possibly damages (loss of value etc).

You should inform your solicitors (and the vendors agents) asap that you aren't proceeding.

[Deleted User]

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.

If it was an auction purchase then yes because upon winning the auction, you have exchanged.

If you have not exchanged, can back out.