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19 weeks into a purchase and deciding to pull out

13

Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Part of the Furniture 1,000 Posts Name Dropper
    edited 1 October 2021 at 11:39AM
    delete 123
  • ProDave
    ProDave Posts: 3,785 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper Combo Breaker
    My take:

    The vendor plays awkward and won't help the buyer, so should not be surprised when after a long delay the buyer pulls out.
  • deannagone
    deannagone Posts: 1,114 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    The EA recommended the solicitor because they were paid a commission.  No other reason.  Obviously the EA didn't know the solicitor and how they operated at all so you can't infer that it was because they knew them. Far better to go for an independent solicitor.
  • themainman84
    themainman84 Posts: 42 Forumite
    Third Anniversary 10 Posts Name Dropper
    Forgive me if I misunderstood, but you mentioned that you had to take a few indemnity policies out. I would usually expect the vendor to cover these costs, especially if it's due to them not getting proper permissions and sign offs. We have just purchased a property and our solicitor asked the vendors to provide indemnity for x,y and z.

    it does seem like your heart is no longer in it, which is absolutely fine, better to have a change of heart now rather than after exchange. As many have said, I would withdraw, regroup and be ready for bigger abs better things in 2022. 

    Best of luck 
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    themainman84 said:
    Forgive me if I misunderstood, but you mentioned that you had to take a few indemnity policies out. I would usually expect the vendor to cover these costs, especially if it's due to them not getting proper permissions and sign offs. We have just purchased a property and our solicitor asked the vendors to provide indemnity for x,y and z.
    Most indemnities are pretty pointless, anyway - the conveyancing equivalent of a hug and a "It'll be OK, promise."

    It doesn't really matter who pays for them at the end of the day, since they're cheap enough. If they reassure the purchaser, they're doing their job.
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 5 July 2021 at 8:17AM
    Late to the party, but when I was a very young man, my somewhat naive mate found out equally late in the day that his betrothed was the village bicycle. Panicked, he weighed-up his options and decided that as his family would be mortified and embarrassed, cancelling the many arrangements that had been made, he would go through with the ceremony.
    He was a brave but foolish chap. The marriage was never consummated and no one came out of it well.
    If your heart's not in it, your brain should follow. It's a step too far to give weight to what might go on in others' brains with something major like this.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Davesnave said:
    Late to the party, but when I was a very young man, my somewhat naive mate found out equally late in the day that his betrothed was the village bicycle. Panicked, he weighed-up his options and decided that as his family would be mortified and embarrassed, cancelling the many arrangements that had been made, he would go through with the ceremony.
    He was a brave but foolish chap. The marriage was never consummated and no one came out of it well.
    If your heart's not in it, your brain should follow. It's a step too far to give weight to what might go on in others' brains with something major like this.
    There is a contradiction in there , but it probably takes the thread off topic to explore it.
  • hackneylou
    hackneylou Posts: 29 Forumite
    Second Anniversary 10 Posts
    Bolognese said:
    TL:DR It has been 19 weeks since our offer was accepted. The vendors solicitiors are challenging. We are unsure if neighbours will agree to our extension plans as they have previously refused consent for work. Also, our personal and professional circumstances have changed meaning by early next year we would be able to afford a much larger and more longer-term property. Also, we would be available to assist elderly relatives in the meantime. 
    You need to pull out if the flat is no longer perfect for your needs - simple. We had to do a similar thing and felt terrible at the time but in the end we realised you have to put yourself first in this situation. You can ask your solicitor what costs you have already incurred and that will be in the hundreds. But better waste a few hundred than buy the wrong property and have all the costs and hassle of trying to sell it fairly soon. 
    In your case it sounds as though the vendors could have pushed to get the property sold quicker and obviously they should have done so. It all dragged on way too long and for many first time buyers, thier situations will change over several months. This will be a lesson for the vendors for next time when I expect they will be as keen as the buyer to rush the sale through.     
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    hackneylou said:
    Bolognese said:
    TL:DR It has been 19 weeks since our offer was accepted. The vendors solicitiors are challenging. We are unsure if neighbours will agree to our extension plans as they have previously refused consent for work. Also, our personal and professional circumstances have changed meaning by early next year we would be able to afford a much larger and more longer-term property. Also, we would be available to assist elderly relatives in the meantime. 
    You need to pull out if the flat is no longer perfect for your needs - simple. We had to do a similar thing and felt terrible at the time but in the end we realised you have to put yourself first in this situation. You can ask your solicitor what costs you have already incurred and that will be in the hundreds. But better waste a few hundred than buy the wrong property and have all the costs and hassle of trying to sell it fairly soon. 
    In your case it sounds as though the vendors could have pushed to get the property sold quicker and obviously they should have done so. It all dragged on way too long and for many first time buyers, thier situations will change over several months. This will be a lesson for the vendors for next time when I expect they will be as keen as the buyer to rush the sale through.     
    Yep      
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Crashy_Time said:
    Davesnave said:
    Late to the party, but when I was a very young man, my somewhat naive mate found out equally late in the day that his betrothed was the village bicycle. Panicked, he weighed-up his options and decided that as his family would be mortified and embarrassed, cancelling the many arrangements that had been made, he would go through with the ceremony.
    He was a brave but foolish chap. The marriage was never consummated and no one came out of it well.
    If your heart's not in it, your brain should follow. It's a step too far to give weight to what might go on in others' brains with something major like this.
    There is a contradiction in there , but it probably takes the thread off topic to explore it.
    It doesn't matter if it's heart or head; if it's not right any more, pulling out is the only sensible option.
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