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How to cancel house purchase

Mark12389
Mark12389 Posts: 1 Newbie
in House buying, renting & selling
Hi there! 3 months ago I have made an offer on house, it was accepted, it took too long time to make checks and reports, still not all of them finished. And now as I can see nothing was sold during this period in the area and all the prices went down, so I’d like to cancel the purchase, we didn’t exchange contracts yet.

So I need to write a letter to the estate agent who selling the house telling them I no longer wish to buy. Do i simply write that or is there anything else i need to add?

many thanks!
Mark

Comments

  • pinkshoes
    pinkshoes Posts: 20,082 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Mark12389 wrote: »
    Hi there! 3 months ago I have made an offer on house, it was accepted, it took too long time to make checks and reports, still not all of them finished. And now as I can see nothing was sold during this period in the area and all the prices went down, so I’d like to cancel the purchase, we didn’t exchange contracts yet.

    So I need to write a letter to the estate agent who selling the house telling them I no longer wish to buy. Do i simply write that or is there anything else i need to add?

    many thanks!
    Mark

    Just phone the EA and tell them you have changed your mind and no longer want to continue with the purchase as other houses have since been reduced.

    Would you continue at a lower price?
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • Flugelhorn
    Flugelhorn Posts: 5,573 Forumite
    First Anniversary Name Dropper First Post
    tell your solicitor - there will probably be a bill to pay for work done so far
  • pinkteapot
    pinkteapot Posts: 8,040 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Phone both the EA and your solicitor and tell them. Follow up in writing (email or letter) to your solicitor just to confirm.

    Do you plan to buy something else instead? If so, ask your solicitor if their work on this house can be added to the final bill on whatever you buy next. If not, ask your solicitor for the bill for their work.

    If you applied for a mortgage direct to the lender, phone them to let them know. If it was through a broker, phone the broker.

    You could write to the EA but you'll soon get a phone call so you might as well just phone them in the first place.
  • muhandis
    muhandis Posts: 994 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Assuming that you will want to purchase in the same area in the future (and potentially deal with the same EA), I would think of a few clear reasons and call/write to the EA.

    A good EA will try to find out whether you are a no-go or whether you might be willing to negotiate. So think about that as well before you go ahead with telling them.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    muhandis wrote: »
    Assuming that you will want to purchase in the same area in the future (and potentially deal with the same EA), I would think of a few clear reasons and call/write to the EA.

    A good EA will try to find out whether you are a no-go or whether you might be willing to negotiate. So think about that as well before you go ahead with telling them.

    Most EA`s will be selling their Grandmother to makes ends meet as Brexit/Trump Trade War intensifies, don`t worry about them too much, if a house is over-priced run away from the purchase...fast.
  • eddddy
    eddddy Posts: 16,431 Forumite
    First Anniversary First Post Name Dropper
    If you have serious doubts, you should definitely walk away.

    But be prepared for the backlash... if the EA is being paid on completion, it will be almost like taking money out of the EA's pocket.

    The EA is likely to phone you and look for any angle or any strategy to make you change your mind. So it will be best to have clearly thought through your reasons, and be prepared to stand firm.
  • hazyjo
    hazyjo Posts: 15,470 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Nothing? Are you sure?

    It does take 3 months on average. Please be aware that an average is formed by some taking much less, others taking much longer. Most seem to think 3 months is a max figure not an average.
    2023 wins: *must start comping again!*
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