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

TBG01

Dannydee333 said:

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?)

Not uncommon, but no reason for it to be reduced and it will depend on how quickly you find another property.

For example pulling out of the current purchase today and having an offer accepted on another today. Yes, the Solicitor could recoup their fee on the new purchase.

Pulling out today and promising to come back when you've found something. No chance. Prepare for your abortive bill.

The important thing to do is, ASK YOUR SOLICITOR. No one other than them can answer what their procedures are when it comes to aborted matters.

Dannydee333

So the issue is that the management company are owed a lot of money from the sellers. The sellers have a dispute about who owes what, so, they are ignoring the issue.

The management company say they won't take me on until the arrears are settled. Which, of course, have nothing to do with me.

Meantime, I'm left in limbo.

I'm annoyed with the sellers and the management company now. I'm supposed to have a financial obligation to them and pay them regularly, but they're forcing us to get off on the wrong foot here by punishing me for the previous owners owing them money.

This is beyond antagonising and I'm on the verge of telling everyone to take a run and jump.

I'm even looking at other properties now and might make some spontaneous offers.

annetheman

Dannydee333 said:

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?)

You've already been advised on this. Speak to your solicitor. They might waive conveyancing fees incurred on this purchase if you use them on another house. Or they might not - it is their discretion. Any money spent on searches is gone.

eddddy

Dannydee333 said:

So the issue is that the management company are owed a lot of money from the sellers. The sellers have a dispute about who owes what, so, they are ignoring the issue.

The management company say they won't take me on until the arrears are settled. Which, of course, have nothing to do with me.

Any outstanding service charges would be paid by the solicitor from the funds from the sale.

So you could say it's not really an argument about who pays the service charge, it's just an argument about how the remaining money from the sale is split between the the two sellers.

Sadly, there are often arguments about how the money is split, when a couple separate.

Dannydee333 said:

I'm annoyed with the sellers and the management company now. I'm supposed to have a financial obligation to them and pay them regularly, but they're forcing us to get off on the wrong foot here by punishing me for the previous owners owing them money.

Based on what you say, the management company have done nothing wrong. 

As I say, it's just an argument between a separating couple about how they split the money from the sale.

Dannydee333

Sadly, there are often arguments about how the money is split, when a couple separate.

Based on what you say, the management company have done nothing wrong. 

As I say, it's just an argument between a separating couple about how they split the money from the sale.

Not my issue. Why do I need to be left in limbo suffering from the domestic problems of two people I don't know?

The management company are withholding me from moving in to my new property because of debt that quite clearly has nothing to do with me. You're saying it's something else, but I've been told it's the management company. So yeah, it's their fault and the sellers fault combined.

Something should be done to make the home-buying process simpler because as it stands, it is ridiculous.

TBG01

Dannydee333 said:

Sadly, there are often arguments about how the money is split, when a couple separate.

Based on what you say, the management company have done nothing wrong. 

As I say, it's just an argument between a separating couple about how they split the money from the sale.

Not my issue. Why do I need to be left in limbo suffering from the domestic problems of two people I don't know?

The management company are withholding me from moving in to my new property because of debt that quite clearly has nothing to do with me. You're saying it's something else, but I've been told it's the management company. So yeah, it's their fault and the sellers fault combined.

Something should be done to make the home-buying process simpler because as it stands, it is ridiculous.

Why should one or both sellers be out of pocket to help someone they dont know? That's not their issue. 

You're on here asking how to look after your best interests i.e your money without stopping to think about the other side also looking after their best interests.

Why is your interests acceptable, but theirs isn't?

Yes things could be made simpler. Can start with all parties not feeling entitled and feeling their interests matter more than others.

Dannydee333

Why should one or both sellers be out of pocket to help someone they dont know? That's not their issue. 

You're on here asking how to look after your best interests i.e your money without stopping to think about the other side also looking after their best interests.

Why is your interests acceptable, but theirs isn't?

Yes things could be made simpler. Can start with all parties not feeling entitled and feeling their interests matter more than others.

What on earth are you talking about? What do you mean "Why should they be out of pocket?"

How are they out of pocket by HOLDING UP THE SALE? They apparently won't communicate with each other, so how long should my patience and compassion last? A week? A month? Three months?

They'll sure be out of pocket if I choose to buy a different home.

They should get their finger out, and quick.

EssexHebridean

You have a choice. Your choice is not to buy the property they are selling. However, having got to this stage, you do not have the right to expect them to cover any costs you will incur by pulling out - that’s not the way the process works, unfortunately. 

Dannydee333

EssexHebridean said:

You have a choice. Your choice is not to buy the property they are selling. However, having got to this stage, you do not have the right to expect them to cover any costs you will incur by pulling out - that’s not the way the process works, unfortunately. 

The process needs a serious review. It is absolutely ridiculous. There is simply no need for this to have taken 5 months and counting when both parties were chain-free from the offset.

It seems to be unnecessarily long with, evidently, a lot of people dragging their heels. Imagine how much more efficient and enjoyable the home-buying process would be if everyone involved were more punctual and dependable instead of being so blasé and aloof.

Tiglet2

Sounds to me like one half of the separating couple doesn't want to sell and the other half does.  The half that doesn't want to move is dragging their heels and making it awkward for everyone else involved.

OP, I think you may well be better off buying another property as this may take a long time to resolve.  Trying to buy a property from a separating/divorcing couple is often fraught with acrimony.  None of it your fault but your needs don't feature in their own war against each other.

Bear in mind, however, that leasehold purchases do take longer than freehold and it's not uncommon for it to take upwards of six months, even when you haven't got a fighting couple in the mix.