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?

[afrikat]

Our buyer pulled out yesterday, we should have been exchanging today. You should have made this decision long ago and not left it so late in the day. If you go through with it, please know you will have some devastated sellers who are now stuck with bills of £1000s. It's an incredibly selfish and thoughtless thing to and shame on you for not figuring this out sooner (assuming you have gone ahead and pulled out)

[WarshipWarrior]

Why would you have a bill of thousands? Surely its just searches and possibly a survey so less than £1000 at this point. If you carry on and resell using the same agent and use the same conveyancer than usually they dont charge extra?

[gingersausage]

Only on Mumsnet does someone feel they have to go through with a massively expensive, life changing purchase so as not to be rude. 🤦‍♀️

[Derbee]

I don’t understand how you can be left with a bill of thousands, either @afrikat?

[DingDongDenny]

So gingersausage If someone did this to you, cost you thousands of pounds, left you sitting surrounded by all your wordly goods packed into boxes, potentially fucked up work plans, school plans and any hope of being able to afford to move in the forseeable future, you would just think to yourself

'Oh how rude'

I don't think so..

[Butchyrestingface]

Poor vendors sad. Don't be surprised if you get a brick through your window for wasting everyone's time and money

Funnily enough, I was just sitting here imagining what I’d be tempted to do to their car in the dead of night.

Luckily, I am north of the wall.

[Reallynowdear]

'a brick through your window' Jesus Christ, I can't believe the crap I read on here sometimes.

OP, it's not ideal but if have genuine doubts, you should pull out.

[JudefromJersey]

YABU. Very U.

[Butchyrestingface]

'a brick through your window' Jesus Christ, I can't believe the crap I read on here sometimes

I knew my buyers address fairly early on.

[Ginandtonics]

Thanks all. I do feel bad about it. In response to a few comments, it wasn't me that delayed, the planning application for the works has only just gone in so didn't know when searches first done, not a first time buyer either which is why I checked this out last minute. Don't need dust and noise as I'm moving to avoid just that. The exchange date has been repeatedly put back, and not by me (marketed as no chain but suddenly there is). Yes, people have done similar things to me in the past including allowing a survey to go ahead when the contracts had already been exchanged two weeks previously with someone else and another time gazumping after accepting my offer. The area values seem to be falling and place is now over 100K more than Zoopla currently values almost identical properties on the street and I feel worn down. I hate the English system and will ask my solicitor to say I need to review things.

[Charmatt]

Someone who put an offer in to buy a house we had pulled out on the day of signing. We were really upset, especially as it had cost us so much in fees for nothing.

I think if one party pulls out of a house sale/purchase, they should have to pay the other's costs.

In our case we did sell it again soon afterwards, but we have always viewed house sales differently since then - I won't move again now!

[Hullygully]

Buying a house is an enormous undertaking and amount of money. The process takes so long that unfortunately things often do change as the time passes, including drops in prices etc. You would be insane to go ahead thinking as you do. If you still like the house, you could just be honest with them and say that in view of the proposed works and the drop in values you wish to adjust your offer and leave it up to them. It's perfectly fair if a right pain in the arse. (And yes I've had it done to me more than once.)

[Hullygully]

And exactly as gingersausage says:

Only on Mumsnet does someone feel they have to go through with a massively expensive, life changing purchase so as not to be rude.

[ForalltheSaints]

I don't think you should be allowed to, but English law allows this. I hope one day the law is changed.

As long as it is not threatening behaviour or violence, any nasty comments you receive from the prospective seller will be understandable.

[bobsyourauntie]

I can understand why you would want to, but it is a shitty thing to do to somebody. My neighbour had to drop 10K the day before exchange or lose the sale as she was too scared to call their bluff. If you had doubts, then you really should have pulled out before now.

Prices may drop due to the development, that is true. If you really aren't happy and you do pull out, then don't rush into anything else as it sounds like you didn't really like this place from the start.

Zoopla values don't always equate to reality though. Several houses in my street have been extended and done up etc, yet Zoopla is still showing worse houses as being worth more, as of course it doesn't know the reality of the situation.

[fromdownwest]

You would have know this prior to putting an offer in, it sounds like you had doubts from the start.

Is it a dck move, yes it is. Obviously you have no obligation, and the property has to be right for you. However, these thoughts should have manifested prior to offer. If I were the vendor I would be livid, and you may find that the estate agents may put your offers to the back of the table on future property purchases due to your last minute actions.

Those asking how people lose fees? If you are due to exchange in a few days, most people book in removal vans, have had their searches and legal work done, architects fees and other non refundable professional fees.

Yes, one could wait until exchange, but that is not how the real world works, lead in times can be a right pain.

So in summary, do what is best for yourself, but its a dck move and will negatively impact a lot of people. If you are ok with that, crack on. I just hope that no one does the same to you in the future.

[chocolatesaltyballs22]

It's shitty behaviour and you're messing with people's lives - think about how you would feel. You should've made your mind up weeks ago.

[SomeoneInTheLaaaaaounge]

1. Everyone shits themselves the day before exchange. Honestly most people are looking for reasons to pull out because buying a house is such an enormous commitment.
   
2. You know it’s going to shaft the people you do this to, but you can’t but the house just for the sake of the buyers.
   
3. There are risks with any house purchase and something wrong inconvenience with all houses.
   

But - if it’s not right - you just go with your instincts. These things after the upset always work out best in the end.

[MotherOfSoupDragons]

Dont say you're reviewing things. Just say you're pulling out because of delay, chain, building work and falling prices.

[midsomermurderess]

I agree with a previous poster re Scottish conveyancing. It's no longer a case of quickly signing missives (the contract) and doing all the searches and dfafting etc after that. The process is much more protracted and often missives aren't concluded until very close to settlement. The differences are pretty illusory.

[BasilTheGreat]

OP House prices are dropping like rocks where I live and houses have been for sale since spring without selling are now overpriced. If it’s 100K like you say just walk away even though it will cause grief. All signs points to a recession.

[OkayGo]

It’s really poor behaviour, we had our buyers try to get us to reduce the price by complaining about things and threatening to pull out the day before. I was shaking with stress. You should have done it weeks ago.

[fromdownwest]

@okaygo - I agree, I had the same. A loose skirting board and a tiny dent in the plaster work and they wanted £10k off or they pulled out, day before exchange.

I called their bluff and said I would take the house off the market to undertake the repair work and then relist it, £10k higher, as that was the value of the works.

The estate rang 25 times that day, with the purchasers begging, i left it until 4:35 before I agreed. They were bullying and that I would not put up with, needless to say they were not please, but maybe they will think twice about doing that in the future.

If we agree on a price, then it should stay there, if you agree to buy, then you should follow through.

As in life, what is legally correct and morally correct can be poles apart at times.

[Unknownanon]

It's a huge purchase, if it's not right it's not right. It is extremely shitty for the sellers, but you can't buy a house you no longer want just to not be shitty.

If you are backing out you need to do asap, not hold off any longer.

[Yabbers]

thank god for the Scottish System

Nothing to stop you pulling out at any point before contracts are signed here either.