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?

[willstarttomorrow]

It is of course a shitty thing to do OP. House buying in this country is so emotional and someone pulling out in a chain is deverstating for lots of people who will all loose £1000s. However you are also committing to the biggest purchase of your lives and common sense says you should not go through with it to keep other people happy. Loads of would be developers/ amateur landlords would have no issue with pulling out at the last minute or trying to get a better deal. If this really is not the right thing for you then yes, you have to pull out. You cannot buy a house you do not want so you do not upset other people. It is shit though.

[HeronLanyon]

I’ve exchanged recently on a stressful long drawn out sale (no chain and I’m not living in it). Delay due to Brexit uncertainties at buyers request. Most stressful ever few months.
I did think several times just before exchange that they would pull out despite really wanting it and “being committed”.
Even given all of that I would say YANBU. If you do pull out you should explain fully to your estate agent and ask the sellers to be told. I personally would set it out and ask the estate agent to forward the email. Your reasons (searches not disclosing newly discovered building etc) are good.
Good luck op. As others have said you may just be having early ‘buyers’ remorse’ and may feel differently ?
Sellers will be devastated but don’t buy a house you are not happy about if you don’t ‘need’ to.

[LolaSmiles]

What's ridiculous is that that 100k is base on Zoopla... Anyone with a bit of common sense would get a proper valuation done...
And would have done this the second they had doubts about the presence of brick dust, not just before exchanging contracts.

[HeronLanyon]

Zoopla was several hundreds of thousands out on several houses on the road I’ve sold on. Always lower interestingly. Wouldn’t look at it other than for sold prices.

[MRex]

@HeronLanyon - that's very common for for Zoopla. I just checked and on our road it prices a nicely done-up house with extension as hundreds of thousands less than an otherwise identical house two doors up in need of TLC. It's supposed to be a rough guide, but sadly some people don't understand how to use it like that.

[IAmALazyArse]

This is a random address.
If you click on refine estimate you can go and massively change the shown value. MASSIVELY.

[Summersend4]

Please do not make your decisions based on Zoopla . It’s pretty meaningless. Are asking prices actually going down in the area? - are people reducing the price as they can’t sell ? Are houses selling only to come back on the market a few weeks later?

[Sedlescombe]

Of course YABU.

[Entreprecurious]

Someone is, I think, about to do this to us. Maybe it's you. Meh. Anyway, it's incredibly selfish and we've had so much of this kind of crap over the years. Such a bloody waste of everyone's time and money. YABVU.

Also, basing your decision (and views on pricing) on Zoopla is ridiculous.

[manicmij]

Why did solicitor not spot the plans for the buildings or has this take a year to get to exchange. If you have doubts then you have to go with pulling out and hope when you are selling no one does it to you. In some parts of UK you would be liable for seller's costs to date.

[Jack80]

Do a pro and con list if it's not financial viable don't do it but expect that you may not be favoured nicely as its last minute but there are other Estate agent out there

[ABmumof3]

You can do it but it’s a shitty thing to do. The day before will screw the sellers

[ThroughThickAndThin01]

Yabu to do it so late, but ultimately you have to look after yourself in this scenario. It’s crap, but people do this all the time.

[IronicalCallSign]

So to all those who say YABU, you would pay £100k over the odds and go forward with the sale? You have more money than sense, Mumsnet is ridiculous.

No, your summary is the ridiculous thing here, it in no way reflects the op's situation. She's considering pulling out 2 days before based on a gut feeling/no new practical information, it's all info that has been known about all along (e.g. no bank will supply a mortgage for 100k more than the market value)... So ,no, I wouldn't pay 100k over the odds for something if that was the agreed, objective, factual over value ... But I certainly wouldn't pull a cunt move like the op is considering either.

Personally I love hearing about people being pursued for costs etc in these cases; it can't make up for the emotional stress but it at least covers the extra financial costs due to their feckless dithering.

[Jimdandy]

I would pull out if you are really not sure. It’s not nice for the other person but it’s better than buying a house you don’t want anymore.

I was gazumped on my first flat when I was 23. The greedy seller sold out to a Landlord who offered more money than me.

So now I wouldn’t feel being that bad doing it someone else. People suit themselves.

[AtillatheHun]

To everyone saying that this is an appalling thing to do to those poor vendors, bear in mind that the vendors have played a game to suit themselves. They’ve lied about being chain free, and they’ve delayed significantly. Under those circumstances, they need to accept that they might have sold months ago if they hadn’t messed about. It’s a commercial transaction but one which gets very emotional based on its nature

[flirtygirl]

You are being unreasonable as should have done so weeks ago. You have dithered for weeks and then make a decision the day before.
This is why you are unreasonable.

[Jenasaurus]

This happened to my son this week but the other way round. His vendor pulled out 2 weeks before exchange. My son and his girlfriends rented flat had been rented out from 14th October so they were porentially going to be homeless. I offered them to move in with me but I have a 2 bedroomes flat and my daughter and her boyfriend also like crap here so it would have been a squash until they managed to find a place. Luckily they have found somewhere to rent without a contract or deposit from a friend but this has been a stressful week for them

The vendor pulled out as he lost his job (was working for a well known travel company that has just gone under). So can’t really blame him but my son has lost a lot of money, lenders fee and searches etc.

Just a different perspective

[Jenasaurus]

Sorry about not noticing auto check had added a few odd words

[Ferretyone]

@Mydogmylife



Oh yes!

[Wobblywibblywoo]

You need to be 100% sure it’s what you want, if it’s not you have to do what makes you happy while you still have the chance, people pull out on the day sometimes it’s just what happens, go with what you want for sure.

[KnickerBockerAndrew]

I'm in the process of buying a house, and if they pulled out at that stage, I have to say that it would really break my heart. People plan their whole lives around this, they plan their families and it gives them hope and faith. I understand that things go wrong sometimes after searches and surveys etc, but just to get cold feet like you're having... I think it's really bloody cruel. If I did what you're planning to do, I'd have trouble sleeping at night tbh.

[Heyboyo]

Wow. You are well out of order. I’d sue if I could

[Justajot]

If you've got a sizeable deposit then a bank won't care that a house is overpriced as the mortgage is still covered by the remaining equity.

For example if you've got a £300k mortgage on a £700k house and have cash for the other £400k then a mortgage company won't care if the house is actually worth £500k as their £300k mortgage is covered. They don't care about your potential loss of £200k.

[Pinkdhalia]

Leave while you can! don't go through with a major purchase just cos you feel bad about pulling out! what you have discovered is likely to be a reason they are selling!