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?

I am not advocating you go ahead with the purchase btw. You’ve been very disrespectful to the vendor to let your indecision continue for another 3 weeks. They could potentially have had the house back on the market for at least a fortnight, viewings and maybe even another offer.

Its annoying but if it’s not right don’t buy it! It’s a lot of money to spend when something isn’t correct. Everybody will be angry but sometimes you need to please yourself.

A totally and utterly crap and vile thing to do IMO
But hey - if you can sleep at night - who are we to stop you!

As the vendor, I’d be gutted and want to strangle you.

As the purchaser, I’d pull out at any point up until exchange of contracts, if I had any doubts.

This is the right answer. House buying and selling is dog eat dog. It's not like other areas of life, you look after no 1 and sod everyone else. Buyers and sellers understand this. If they don't, more fool them.

Pull out and don't feel guilty. Don't give it a second thought. You can bet your bottom dollar than if prices had risen hugely in your area since your offer was accepted, the sellers would probably call it off and look to resell it and the new higher price.

After Brexit prices will probably stabalise and go up after a short period where sellers may want to pull out of the market. It’s the uncertainty that’s bringing them down. The UK is an island so space is limited - we will never see the kind of housing crash that the US did, didn’t even see it during the financial crash here, so I think you may struggle to find a decent house after October.

It’s a horrible thing to do OP - used to be a Conveyancer - it will cause your vendor a lot of upset and they’ll be liable for virtually full legal fees as will you.

That said I’m looking at the moment and I’ve seen a lot of houses sstc over the summer that are now back on the market , I don’t think your concerns about the market are unfounded or uncommon.

Do what you have to do - but think about covering a proportion of their fees maybe ? I honestly do think what goes round comes round - although sometimes it takes a long time

If prices do plummet one day your vendor might be glad they didn’t sell too.

It's a terrible thing to do - So glad a live in Scotland!

So many people saying, yes it will be horrendous for the other people, but do it anyway to look after your own interests. Where are your morals!

Everyone else is saying how awful you are. But it's a business transaction. If you don;t want to go through with it and you're not yet legally bound to, don't do it. Yes it's horribly stressful when people do this, but not as stressful as buying the wrong property for the wrong price.

I think it is mean BUT definitely don't go ahead if you have changed your mind, it's that simple.

YANBU. The U.K. system is deeply flawed and I would be pissed off with you if you did this when I was in a chain but you are completely within your rights to drop at at any point before exchange and you don’t have to justify yourself to anyone.

As someone who has had two buyers pull out of buying my property (although not so close to exchange), I of course would be furious that someone would do this. It is really shitty, you know that already.

BUT as a buyer I would put myself first, every single time.

And anyone who says they would do different is a complete fool.

YABU very. It might be legal but it is morally shit

What do you mean by building work? There's a difference between an unexpected big new housing estate / very tall block of flats that will block light, versus a couple of houses, extensions and updated sewer work; in the first cases you would be reasonable to say these didn't show up in the search but trouble you, the latter cases would be pathetic reasons to change your mind over a house. The other reasons you give aren't things that have changed in the last few months, so while it's legal you would be unreasonable to back out just because you didn't think through the purchase and your price seriously in the first place.

If you do back out for the silly reasons, then it would be interesting karma for house prices to go up significantly in your area.

Do you just have cold feet op?

Just wondering what you did in the end OP....🤔

This is a horrible thing to do. Why did you not realise you didn't want it ages ago, before it got to this stage?! Both parties have to cover legal fees and other costs incurred e.g removals fees. I feel sorry for sellers, when the buyer pulls out at the last minute. We ought to bring in a similar house purchasing law as the Scottish.

Don't buy it unless you're absolutely sure, but you should have said sooner; id be livid if I was the seller and had paid legal fees to get to this point. Until the law changes (which it never will, but should unless the seller has been fraudulent and hidden info) then think of yourself and pull out. Think more carefully before making offers and following through next time though, if someone does it to you one day then you'll see why.

my goodness I’d want to kill you if I was on the other side of the transaction

^^^ this.

I guess you have to do what's right for you.

It's dick move to pull out the day before though, like another poster said it might happen to you one day and then you will see how it feels.

That poor seller incurring all those costs which I very much doubt you will offer to reimburse

That aside.....what did you decide to do??

Lots of references to Scottish system here which are inaccurate. Prior to 2008 offers were generally binding however in most cases they are now made subject to conclusion of contracts. This is increasingly being choreographed to match with moving dates ie it is exactly the same as the English system.

Even prior to this the remedy for breach of contract was an interest penalty and not a forced sale.

Op YANBU especially if the seller is not part of a chain. I know people in Scotland still waiting for prices to recover to 2008 levels before they can move. 10 + years is a long time to be stuck where you don't want to be.

I suspect this is either last minute panic, or a ruse to get a discount. We’ve had buyers pull out a few days before unless they were given a discount, based on some nonsense they made up. We told the EA to tell them to fuck off essentially. They obviously realised they’d lose enough money that it wasn’t worth it, and everything went ahead. However, it left such a bad taste that what could have been a friendly and reasonable handover was unfriendly and petty and stressful.

We had this very thing happen to us 5 years ago and it's still screwing us over financially now! We'd already put a deposit on a rented house, arranged a new school for our daughter (including her doing a few acclimatisation days there) my husband was living and working in our new town on the Isle of Wight and he had to live in a tent for a few weeks as he'd given notice in his flat and he had to find another job back here etc. Consequently our dream move to the island is now not financially viable. It's not always as simple as people just losing fees! If you had thoroughly done your homework initially you wouldn't be in this position now, it sounds like you've rushed into things. Unfortunately I'm guessing you're not in Scotland and you'll get away with pulling out with just a solicitors bill of a few hundred pounds and possibly leaving a horrible mess for the sellers

*I of course would be furious that someone would do this. It is really shitty, you know that already.

BUT as a buyer I would put myself first, every single time.

And anyone who says they would do different is a complete fool.*

This. Morally awful but rational.

Poor vendors . Don't be surprised if you get a brick through your window for wasting everyone's time and money. Why did you need to leave it until this VERY late stage?

@Mydogmylifeamem to that about the Scottish system, and the more I see on here about buying and selling property elsewhere, the more I think that!