AIBU to pull out of our house purchase?

[LaMariposa]

We offered for a house last October, very quickly after selling ours. It was top of the budget but nothing else was on the market.

Since then, the vendors have been rubbish at communicating. The survey indicates the construction of the roof/loft extension might be poor. The couple selling are divorcing and no maintenance has been done.

Nothing insurmountable, but a house in my dream location has come to the market, it’s an end of chain property and going to offers over.

So, given we’ve paid out for the survey and mortgage application, and if we want to keep our buyers we’ll probably need to move into rented, AIBU to pull out of the purchase?

DH likes both houses and said he doesn’t want to move to either unless I’m completely happy, as he doesn’t want to move again.

What has happened to the conveyancing system? When i bought in the 80s, you could view a property on a Saturday, make an offer, do a personal search, get the survey and valuation done and exchange by the Friday. Now of course things are being held up due to covid but even before that as a cash buyer, keen seller, no mortgage and clean survey and it still took four months. What's changed?

It’s being sold by solicitors, proceeds to charity. So they won’t get our offer until Monday and I doubt we’ll hear back quickly.

I’ll keep you updated!

Any update OP? @LaMariposa

Oh it’s a shitty thing to do.....but if it’s not right......I think having seen something you like more/in a location that’s your preferred location then it shows it was never right. We rushed because of a very similar situation, we should have waited it out and gone into rented. We have very much repented at leisure!

If it’s a charity they will want to get the most and very likely it will go to sealed bids unfortunately if others are interested

Do you have a redemption penalty with your current mortgage provider ? You’ll need to factor that in if you move to rented property too

Good luck!!

We got the dream house! Offer accepted yesterday after a very long wait, after we offered 10% over. Now for lots of paperwork, and stress, and planning :)

Well done, congratulations!

Congratulations.

5 months down the line into buying is so shit to do. I'm 5 months into buying and about to exchange. I've seen a couple of better houses come up in this time and wouldn't dream of being so selfish. It also means everyone in the chain will now lose out on their stamp duty relief.