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?

@thedancingbear there's no "moral" obligation- it's a business transaction. Some houses cost millions- should someone be out of pocket for hundreds of thousands when an issue comes to light after they've said they'd like to buy it?

Houses are a long term purchase so YABU.

I'd hate you if you were my buyer but its allowed.

Be realistic though. Prices aren't falling where I am, you may not get a mortgage in a few months and no house is perfect.

Some houses cost millions- should someone be out of pocket for hundreds of thousands when an issue comes to light after they've said they'd like to buy it?

Exactly. However much the house costs, the period between an informal agreement to buy and signing the contract is for "due diligence" - is checking everything out. That's not just some technical formality. It's to make sure the buyer knows what they're signing up for. And if something comes to light that they're not happy with the whole point of the process is that they withdraw (or renegotiate). You're not bound until you're bound.

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.

Did you check the prices of the other properties on the road before the current situation? Do you need to sell your house immediately or can you hold off until the market recovers? I think that it would be an awful thing to do to them. I think that you should get the mortgage company to assess the value again asap and see if your concerns are founded. As for the building work - that could happen anywhere at any point. And there will hardly be any dust.

Why are people still popping off at OP.

Cannot you not read...its an OLD THREAD!!!!

OP MADE IT CLEAR THE PLANNING APPLICATION CAME AFTER INITIAL SEARCHES. SHE DID AN ADDITIONAL CHECK AND IT CAME TO LIGHT THEN.

OP has come back and updated on what happened and turns out OP was right to back out.

Who da feck would buy a house knowing they would have to put up with years of building work.....feck that! Yet OP is called all sorts of names.

Also turns out the seller didnt behave great either

@thedancingbear there's no "moral" obligation- it's a business transaction.

@KrakowDawn, and this is why the world we live in is screwed. 'Fuck you mate, you can't stop me doing it and I will'.

I've been in business for 20+ years and I can tell you that lots of still manage to behave in a way that doesn't involve callously stiffing people.

Jesus, what a monumentally shit thing to do, but I do kind of understand it.

If the sale has been dragging on for do long why did you not pull out sooner? I think yabu. I feel sorry for vendor. England should have same laws as other countries if you pull out After making offer which is accepted by vender then you should pay all associated costs.