How much would I lose if I pulled out of buying a home?

RelievedSheff

Dannydee333 said:

eddddy said:

Dannydee333 said:

... and the management company decide to do what they are supposed to do (the management company apparently don't know how to execute the very difficult task of sending a file to my solicitor). 

What is it that the management company are "supposed to do"?

Is it really something they are "supposed to do", or something that somebody would like them to do?

What does the management company say when the seller chases them about it?


Essentially, you need to find out if this is an issue that's likely to be resolved, or whether it's a "no hoper" - or whether it's somewhere in between.

Yeah, the solicitors need confirmation of the monthly fees for the building.

Very hard to get, it seems. Even though we know what the fee is, a bit of paper is partly holding this up.

The home-buying process is insanely tedious.

It is the same for everyone unfortunately. Your timescales don't seem to be too bad so far to be honest.

It is annoying but just be patient and it will get there in the end.

ManuelG

Dannydee333 said:

The home-buying process is insanely tedious.

Certainly is. I suspect if you pull out you might find your next go us just as tedious however!

eddddy

Dannydee333 said:

Yeah, the solicitors need confirmation of the monthly fees for the building.

Very hard to get, it seems. Even though we know what the fee is, a bit of paper is partly holding this up.

So your solicitor is waiting for a piece of paper from the management company saying "the monthly direct debit payment for the service charge is £x".

Presumably the seller is repeatedly phoning the management company to ask why they're not sending it.

What is the management company's reply to the seller?


Are you sure there isn't more to this? Who are you getting this info from?

propertyrental

If you pull out, it will cost yoiu

* solicitors fees, probably based on their hourly rate (not the fixed fee agreed at the start) for the time they've spent (unless you have a no completion/no fee agreement which may or may not apply if you withdraw)

* searches your solicitor has paid for

* other 3rd party costs your solicitor may have paid for

* your survey if you had one

* your mortgage application fee if there was one

* any cancellation fees for the contracts you've arranged eg wifi, utilities, purchases eg white goods you have to cancel

* anything else you've paid to date

* your time!

annetheman

Other people have pretty much covered it, so I can contribute my very recent (literally last week) experience with numbers. I pulled out 27th Feb, offer accepted 16th Jan.

£220-ish for local authority searches (these were in progress, due back tomorrow)
£0 for some other searches (they hadn't been processed yet, so solicitor cancelled the requests - hurrah)
£0 for solicitor's conveyancing fee per hours spent on file (negotiated waiving of the costs because I'm using them for another purchase and my sale, and I had used them before for my first purchase (current sale))
£0 for lender's valuation (included in the mortgage package)
£0 for lender's mortgage application fee (just the type of mortgage)

Additionally
£240 for new lender valuation on new property (I pulled out due to timings and found another house same week)

So total for me is around £460. The priceless resource is time -- I have "wasted" 6 weeks, and my mortgage offer expires 14th July - this does not "reset" because I found a new property, they've just changed the address it is for. My buyer has only just come on board so no rush there, but I am pretty sure it'll take my at least 6 months to complete, as it is leasehold shared ownership - everything with an extra party is slower.

If you pull out, be aware you will need to start again so add another 4-6 months on to your overall moving timeframe, after your offer is accepted on a new place.

Will your lettings agent let you roll that long? They are likely to as it will be an absolute faff to try to evict you, but best to keep the communication lines open and update them on your search. That is what I did with mine when it took me a YEAR to complete on my current flat - due to EWS1 issues and lockdown in 2020 etc......



Moral of my story is the process is rarely perfectly linear, so be prepared to stay the course, stay calm and carry on - unless you really don't want the property anymore then fair enough, let it go.

Dannydee333

The estate agent tells me the sellers won't communicate with each other. So as it stands, I am now suffering from their separation. How long must I wait for them to "talk to each other"?

Do I have any rights at this point as a domestic issue is not a recognised reason for delay? (as far as I'm aware) Or would I still have to face financial repercussions if I walked away?

I still want the place of course, but the seeming lack of consideration for someone who is trying to buy their home from them is irritating me to the point I'd walk away now if I would not face financial repercussions (aside from another 6 months of paying rent I did not want to pay).

ritz55

If I was in your position, I would start to look for another house and move forward with that. In the mean time see how the purchase of the first house plays out and you can always pull out last min before exchange on contracts. Although you have signed, the solicitor will not exchange contracts until you have given them permission on the day to proceed with the exchange of contracts. 

This way you get the best of both worlds. I won't wait any longer on this house but at the same time wouldn't pull out until I had something else lined up and confirmed. 

eddddy

Dannydee333 said:

Do I have any rights at this point as a domestic issue is not a recognised reason for delay? (as far as I'm aware) Or would I still have to face financial repercussions if I walked away?

Do you mean any "rights" for compensation?

No - you wouldn't have any rights for compensation for any reason at all - whether it's a domestic issue, a legal issue, a "change of mind" issue, or any other type of issue, unfortunately.

Dannydee333

eddddy said:

Do you mean any "rights" for compensation?

No - you wouldn't have any rights for compensation for any reason at all - whether it's a domestic issue, a legal issue, a "change of mind" issue, or any other type of issue, unfortunately.

Yeah I mean is there a way to walk away without incurring any costs, given that the sellers issue is proving detrimental to me.

Dannydee333

ritz55 said:

If I was in your position, I would start to look for another house and move forward with that. In the mean time see how the purchase of the first house plays out and you can always pull out last min before exchange on contracts. Although you have signed, the solicitor will not exchange contracts until you have given them permission on the day to proceed with the exchange of contracts. 

This way you get the best of both worlds. I won't wait any longer on this house but at the same time wouldn't pull out until I had something else lined up and confirmed. 

If i did something like this, can my conveyancing be negotiated/transferred with the solicitor to the new place? (and hopefully reduced?)