AIBU to drop out the day before exchange of contracts?

[Ginandtonics]

House purchase going on for so long we are starting to feel that with prices appearing to fall round here we are paying too much. We just discovered there's very likely to be a lot of nearby building work close by (which didn't show up on the searches) which will create dust and involve the loss of a lot of nearby trees. The house is expensive and maybe not 100% right in many respects but we do like it, although perhaps have some reservations about the area. Afraid we may be making a mistake, in normal circumstances we could just move again in a year or two if we weren't happy but in the current situation, which is increasingly looking like there'll be a significant economic downturn, that might not be so easy. It was advertized as chain free, and we aren't selling until after we move so not a long chain but still feel very uncomfortable dropping out last minute. We are due to exchange in a couple of days time, AIBU walking away?

[OhioOhioOhio]

No. Look after yourself..

[WarshipWarrior]

YANBU

[Starlight456]

It is business but do consider is this last minute panic ?

[Mydogmylife]

Thank god for the Scottish system I say !!

[TheHodgeoftheHedge]

You need to do what’s right for you, but my goodness I’d want to kill you if I was on the other side of the transaction.

[Idontwanttotalk]

Firstly, assuming you have a mortgage, the mortgagor will have made your loan based on their valuation. If it is overvalued they would not loan you the full amount. I would therefore doubt it is too expensive.

Why do you think "it is likely" that there will be a lot of building work nearby if it didn't show up on the searches? If the house sale has "gone on for so long" then won't they have been done again?

Obviously you can pull out at any time you wish but YABU to leave it to the last minute and it has caused unnecessary expense to the vendor.

If you were to try and buy another house through the same Estate Agent don't be surprised if, in the event of an offer from you, they still want the 'For sale' sign left up in case they get any other offers. They might not trust you to follow through once you've pulled out of one sale.

[RedWineAllMine]

You will loose your fees, so will the sellers of the house but you probably already know that. However it's not a done deal until exchange of contracts, so you still have time. Yes it's shitty for the sellers of that house, however that's the risk you take with selling. We all know that. Nothing is finalised until exchange of contracts.
You don't owe them anything, you must think about your happiness as it's a expensive thing to invest in if you're not going to be happy.
I'd be pissed off it it happened to me yes, however you're completely within your rights to pull out.

[NorthernSpirit]

Yes, YABU. You’re having 2nd thoughts and are looking for excuses.

It’s n going on ‘for so long’ but you want to drop out the day before. Rude.

[KitKat1985]

Personally I think it's really poor to drop out now. Bar a bit of building work, it sounds like nothing has changed from when you offered on the property, so your reasons for pulling out now are really flaky.

At the very least if you do drop out now I think you should offer to cover costs for the other party as a goodwill gesture.

[Echobelly]

How long are you planning to live there? Is it a long-term home or somewhere you know you'll outgrow?

If that latter, I can see you might want to back off given that a price drop could see you stuck there, if the former, I might say go for it while you can. Remember, prices may drop, but then there will be much less on the market and it'll be harder to borrow. If that were not the case, price falls wouldn't be an issue, and prices may be back up again by the time you are able to consider buying again.

From my standpoint, you surely knew that prices couldn't keep going up much longer, even if your offer was accepted months and months ago, so it is a bit off to pull out like you only just realised.

[DarklyDreamingDexter]

It's a big financial commitment, so if you're not sure you shouldn't go ahead just to be polite. Yes, the other party will be pissed off, but until exchange of contracts that's the risk both sides take. Don't spend hundreds of thousands of pounds on a place that's wrong for you, just to avoid 'being rude'.

[maryberryslayers]

Don't buy a house you don't want because you don't want to be rude.

You haven't committed to buying it, anything can happen between offer and exchange.

Just walk away and find something you love.

[Knucklehead101]

I think it’s pretty crappy behaviour to be honest and yes YABU. If you drop out at this late stage it’s far more than just being rude, it could affect the lives of everyone in the chain. If the sale has gone on for so long you’ve had plenty of time to think about it so why pull out right at the last minute.

[Lyingonthesofainthedark]

YABU and also the vendors have spent a lot if money by this point. It happened to us the other way round, and we thought it very shitty behaviour-and so did everyone we told.

[Myimaginarycathasfleas]

What is the purpose of this thread, OP? You sound like you're having doubts, are you hoping to have your mind changed?

[maddening]

What has caused it to take so long? If the delay has been your end I think yabu as if you hadn't delayed then you would already be in

[Dieu]

It's a shit thing to do, so YABU.

[RachelEllenR]

Our vendors pulled out the week of exchange. What a lot of money, effort and time down the pan. I hate the English system, there should be a penalty for doing this but you are well within your rights however immoral.

[S0upertrooper]

Are you a first time buyer OP? I doubt this has ever been done to you or you would understand the total chaos this would cause. If you're going to pull out at least give the vendor some notice. What goes around, comes around.

[Duck90]

The economy has been in question for ages, many house buyers/sellers have been considering that. So no surprise really!!

YABU.

You don’t want the house and are making excuses.

[TimeForNewStart]

You are being a twat.

[thecalmorchid]

A friend of mine did this. I found out several months afterwards.

They were feeling that property prices in the area were dropping, the buying process had taken so long that the overpriced property they were buying was now very overpriced.

A few days before exchange they said they wanted a 7% reduction in price to reflect this or they were pulling out.

They got the discount. Saved a reasonable amount. I'd would have pulled out completely. Not sure I'd have had the ability to do what they did.

[morrisseysquif]

YABU and arseholes leaving it this late, has all this come to a head today? Thought not.

[nocoolnamesleft]

Leaving it this late, then pulling out, is pretty selfish. But sadly it is legal.