To pull out of house purchase

[Bluewhoglue]

We had an offer accepted on a house in September.

Things are progressing but we have noticed a number of houses that have appeared on the market in the past 3-4 weeks which has made us question our decision as these houses are similar to our house but are slightly cheaper or a similar price but in better condition with more parking. We put it down to nerves and have continued our purchase.

However, a house has popped on the market and we are really having second thoughts. We think it would be a better fit because it has downstairs bathroom, 2 of the bedrooms are bigger (we'd get an additional 6.5 sq feet), the downstairs is larger, and it is much closer to schools.

It would come at an additional cost (£20k) but we could swing it, however I am concerned about the affect my decision will have on the seller.

what would you do? I have yet to make an offer so this might be moot.

Would it be reasonable to make an offer and see what happens?

I know it’s awful for the seller, but absolutely do not buy a house that isn’t as good or as suited to your needs, out of guilt. You will be living in it and paying it off for decades. It is madness to continue with a purchase because you are worried what some strangers might think of you.

I'd pull out. It's obviously not the best fit for you, why would you spend all that money on a house you'll probably end up resenting?

Go for the bigger house.

We just had this happen to us, it's absolute pants 🫤

@Bluewhoglue 1 in 3 agreed offers don’t make it to completion. Property buying is a transaction just like any other purchase but with much higher financial stakes . You have to keep emotion out of it, yes it will impact others personally but that’s the risk everyone enters in to when when buying/selling property.

You will get people on here telling you it’s awful and they were screwed over by a buyer pulling out but the fact is you’ve not signed a contract and a house can’t be considered sold until exchange of contracts at the earliest. Ultimately it’s a purchase and you have every right to change your mind, you have to be sure as it’s an expensive mistake to undo. You shouldn’t let the emotions of strangers or societal pressure to be polite influence such a decision.

Obviously you run the risk of ending up with neither property to purchase but that is a risk you have to be willing to take.

You have to live in a home a long time and spend a lot of money. Make sure you pick the right one. If you’ve not concluded and can make an offer on the right house I would. I would withdraw from other house first though. Only fair to give them as much opportunity to sell again as possible and if it’s not the house you’re dreaming of now then it never will be right. Don’t buy it. Go and see the other homes and make a decision asap.

I’m so sorry, what will your plans be going forward?

I don't think the law on house sale and purchase in England and Wales should be as it is, but given the current law, you can withdraw.

If you decide to, do it tomorrow morning, and it must be final, no new offer if it is not sold a few months later and the other places have come to nothing.

As someone whos bottom of the chain has fallen through 8 (yes, 8!) times over the past nearly 2 years...I understand it's a big financial decision but I wish people would keep their commitments. I've spent thousands at this point trying to move house and there's nothing I can do about it, because it's the first/second buyers in the chain pulling out - most likely for similar reasons as you.

The whole system of conveyancing in England is broken, it's a mess and it's inefficient. But as long as it stays as it is Buyers and Sellers need to always remember that there's no sale until exchange. Until that point everything is up in the air and neither party should be overcommitted to the agreement.

Buyers will keep looking, they can't help it - they've probably still got search several alerts running on RightMove. Sellers shouldn't be putting up "STC" notices online or out-front, don't actively market but don't take it off the market completely. Trying to play the system as "fair" doesn't win you any prizes. It's a transaction. Be level-headed.

We've had to start house hunting all over again, with the risk the school places for our kids will be gone by the time we manage to find and exchange on another house (we're moving mid-year and it's been difficult even finding an area that has school spaces). It's made me lose faith in the system, that it can fail at any moment up until you get the keys.

I hope you find something suitable and the school places work out. I’m worried about timings too, we’ve a baby due imminently and if we had to start from scratch it’d be difficult in our current tiny house.

Why did you make an offer on a house you didn't want and then continue to look? What happens if you secure the second one and something better again comes up? Will you pull out of that one too?

@Brahumbug

I wonder why that is?

could it be the hundreds of thousands£££?

coukd it be jobs are depending on it? Schools?

could it be financial ruin?

gosh. So hard to understand??

I would...

You might get away with it int he current market, but unless I was totally desperate to sell, I would not sell my house to a buyer who messed a seller around like this. An issue coming up in the survey or something is one thing, but this would make you an unattractive buyer.

if you hadn’t seen this other house, would you be happy with the one you’ve offered on? Or might you not want the original house come what may?

This is why the Scottish system is so much better!

Why can't we continue to browse websites??

We had someone turn around at the last minute demanded money off when those stamp duty discounts were in place. We had to start all over again and they cost us £17k in stamp duty (because I pulled out because didn’t want to sell to them anymore). Dick move from them, but I don’t think about it at all. We sold for more than their original offer in the end and interest rates dropped so we saved on mortgage.

i can’t imagine you’re very far down the process. I’d go see them (pictures are usually nicer than reality). And see how you feel.

make sure different estate agent

Presumably becaus, at the time, it was the best option for the money they had!!!

now there's more on the market & they can now buy something that is better for them??

unless you have unlimited funds a house is always going to be a compromise between what you want & what you can afford.

it is incredibly shit for the seller, but with our crap system in England, it happens.

I would only pull out if the new house was a LOT better in some way. 6.5 sq m, wouldn't be enough but downstairs loo & closer to schools would for me.

@Bluewhoglue as above. But I'd withdraw tomorrow morning. There's more than one house you feel is a better buy, so even if you don't get the house you're talking about you'll get another one. Yes the sellers will have a very low opinion of you (fair enough) but I'm afraid that's life in England property.

I think there's a difference between mucking people about at the last minute to gain a few quid, and pulling out for a genuine reason.

If you've seen a house that's a better fit for your family then that's a genuine reason in my book.

We are selling deceased MILs property and turned down a buyer because he had just pulled out of another purchase due to a change of heart.

Well if that's your attitude, why are you hand wringing over your sellers feelings??

you wouldn't be looking if you weren't willing to pull out of your agreement with them!

I’m on the opposite end of some replies, so we were buying a house and the people who were selling pulled out at the last minute leaving us absolutely gutted! However, I have to say, go with your gut! And it might work out better for everyone all round. A week after the seller broke our hearts (and I mean broke our hearts I cried and cried and cried!) we found the perfect home on the perfect road and have been here for several years and I can honestly say the people pulling out on us was the best thing to happen. Buying a home is the biggest thing you’ll buy, you need to be sure on it x

I find this ridiculous. But you're obviously not in a rush to sell so your prerogative. People must do what is best for them, not anybody else.

You buy the house that best fit your needs.

At least, you haven’t put the offer in ages ago and haven’t strung the seller along for no reason at all.

If that house is better, pull out of the current house purchase and go for it.