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19 weeks into a purchase and deciding to pull out
Comments
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I do understand your points here. We must look like the challenging ones in several ways.AdrianC said:I'm not sure it's the vendor and their solicitors that are being "challenging".
You're insisting that the way the property's been apportioned before is not acceptable to you, then refusing to pay for the legals to accommodate your insistance.
But, it's not us insisting anything. It's our solicitor who was recommended to us by the estate agent selling the property. So you would assume they recommend someone to us who would make the sale easier, as that benefits the EA and their client. However, I think the EA now regrets their recommendation.
Also, we know nothing of property law, so we're not going to argue the toss with our solicitor for a quick sale if they genuinely think there are issues. It would be remiss to pay for legal advice and then ignore it.
And I will be frank, this issue was brought up at the first round of Enquiries in early March with all the others, but the vendors solicitors refused to engage on the topic or even argue why it wasn't a problem. Their reply was simply "It's not a problem as the deed has been acceptable to people for the past 'x' years". But 'well nobody else had a problem with it' isn't the soundest of legal arguments.
catshark88 said:Pull out now (if you are going to) and stop messing the vendors about. You have changed your mind, it happens (but you should have thought about your developing careers earlier).
We aren't messing them about, we have been fully committed to the sale until this very week. Even incurring extra costs for ourselves along the way. We have chased and chased both our and the vendors solicitors but to no real avail. And we absolutely thought about our developing careers, we went into this eyes wide open. It was the right decision to buy it in February. It was still right throughout June. But as time goes on we simply get closer and closer to the time when actually this starts to make less sense.Crashy_Time said:If they can get more than you offered why would they care what you do?
I imagine they would care initially, but then if they put it back on the market for more that might ease the pain. And I am being sincere when I say that I believe they could get a better price. Back in Feb there were lots of similar and/or better properties available in the area which meant we could get a good deal. But now, there isn't anything this good and prices of all the properties in the area have gone up. Whether that's a trend that will continue, who knows.
I do appreciate everyone's feedback whether approving or disapproving. It's always good to hear other people's views on it and I'm sure people here have more experience than us as first time buyers. It's always good to balance your own opinions with other peoples, so thank you.3 -
My advice - Be honest and as quickly as possible so the vendor can move on.
Sounds like you’re comfortable this is no longer the right move for you.April 2020 - £102,222 Loans/CC’s.
Jan 2022 - £0
Cleared - £102,222
Jan 2022 - Now time to build suitable investments and a business!1 -
It’s a shame but things change in 6 months! It’s a long time 👍 you need to do what’s right for you .2
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Pull out guilt free. This will just join one of the thousands of other property transactions that fall through in England every year before exchange. The vendor will survive.2
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If you're able to afford a bigger, freehold, property in 6 months that's brilliant! Definitely pull out, the vendor will just need to find a new buyer, these kinda things happen all the time, don't feel too bad about it. You need to do what's right for you.5
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My advice would be to pull out and wait to buy a bigger place. We didn't wait and it is something we regret now. 6 months is not a long time to wait and buying a house will be much better for you in the end.1
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Pull out, but be honest about it and don’t try to weave long complex stories about your problems with your solicitor.Your circumstances have changed and you now want a different property.1
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Someone I know has lost two buyers and each time has had an offer within days for an increased amount so the sellers will be fine. The personal circumstances sound enough to pull out never mind the awkwardness with solicitors. Just get on with your lives.Decluttering, 20 mins / day Jan 2024 2/22
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Easiest question to ask yourself is will you be totally happy if the sale completes?
If there is any doubt, and the fact you have posted here suggest there is plenty, its time to pull out.
Simply tell the solicitor its due to a significant change in circumstances and leave it at that. The bill at this stage shouldn't be too large.
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If you afford better in 6 months, pull out out of this one, much easier to do.0
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