What will happen if we pull out of house sale after exchange?

[slowlyandsadly]

Please don't judge me, I realise some people have awful experience in this area but I am very close to the edge. We have sold our house and exchanged contracts, due to complete in 2 weeks.

I am getting very ill with depression and realise I have made a terrible mistake moving. What are the consequences financially/legally of pulling out or if it's even possible?

You will probably have alot more stress trying to get out of it op. You will loose money.
Do u really not want to move?

I really don't Pretty, it will be putting me into another very difficult sitation where I am moving to. I have been hospitalised in the past for suicidal depression and I can feel myself going that way, I just want to make it stop

As far as I’m aware you’ll lose your deposit and have to pay all solicitors fees, potentially for the other party too.

You will at least lose your deposit. It will be in your conditions/contract.

Are you saying you only sold because of the depression or is the depression returning or worsening because of the sale?

Are you under the care of a mental health team? Are you medicated?

It’s probably best you ask your estate agent exactly how much it will cost you to pull out.

Hi OP, sorry to hear you are struggling. If you have now exchanged contracts you could, theoretically, fail to complete. The consequences are serious and hugely expensive ( think about the costs of everyone in the chain as a starting point, before you've even thought about reimbursing your buyer for the house they aren't getting).
You must speak to your conveyance and ask them to explain the consequences to you. You need legal advice specific to your situation, not 'opinions' from the internet.

OP, please speak to your conveyancer. Previous posters are giving incorrect information, you receive a deposit rather than giving one when you sell and it's not yours until you complete. Calling the estate agent is a terrible idea, they won't have any idea what the costs are and they may phone your buyer and start a major panic which will not help you at all.

You absolutely need to speak to your solicitor about this, but it will likely be very, very costly.

I'm sorry you feel like this. Are you absolutely sure this course of action is the best for you? I know the thought of all that goes with moving can be hugely daunting and it's tempting to want to make it all go away, but the financial consequences of pulling out are likely to be enormously stressful.

Are you concerned about moving away from your support network / care team?

Op please don't pull out. I has the potential to cost you hundreds of thousands. You will be liable for 10% of the purchase price, all solicitors fees for both sides (which will quickly escalate once you pull out), all losses for EVERYONE in the chain. This means storage fees, rental/hotel fees etc for anyone in your chain who has to go into rented. Food and clothing costs for anyone who has to put their belongings into storage. 10% of the value of every house in the chain and the difference in price between what you agreed to pay and what your sellers can get from their next buyers if they can't sell for the same value. Every single person in the chain will sue you personally and you will be found liable for all costs and expenses and any financial losses people suffer. You are likely to be made bankrupt. There is also the possibility of the sellers getting a court order forcing you to buy the property

Please don't pull out it will cost you a huge amount of money which could ultimately result in you losing the house you currently have.

Do you have a crisis team that you can call? x

Just seen you're selling not buying, so you'll have to pay the difference between your selling price and the price your buyers end up paying on the next house they buy and you can be court ordered to sell. Essentially it isn't your house anymore, you have entered a legally binding contract to sell. You will be financially ruined. How will your mental health be then I wonder?

You will be liable for the deposit, usually 10% of the value of the house you have committed to buy. This applies even if you have not actually paid a deposit.

Hope you can get some help OP.

Some of the responses are a bit over the top. The OP would not be responsible for losses for everyone in the chain. She doesn't have a contract with them. And pulling out of her sale does not mean that her buyer has to pull out of their sale. They could put their furniture into storage and move into a hotel.

She would have to return the buyer's deposit with interest. She would also be liable for the buyer's conveyancing costs, mortgage costs, survey costs, removal costs, etc. Assuming the buyer incurs additional costs to allow their sale to complete on time she would be liable for those costs as well.

I'm sorry you're feeling overwhelmed just now @slowlyandsadly

Your mental health has to come first. Do you have a support worker who can help you through this?

Forget all the horror stories pp have written about being forced to pay hundreds of thousands of pounds etc.

If I've got this right, you are selling only, not buying? You have agreed to sell at a certain price on a certain date? ‭

Speak to your solicitor urgently and ask for the total potential costs if you withdraw from the sale. Ultimately, it may come down to the attitude and good will of the people buying your house.

I certainly wouldn't want to force someone out of their home so I could buy it and trigger some kind of breakdown with disastrous consequences.

There's a possibility that they'll just move quietly onto something else. Until you approach you solicitor to have it put to them you won't know.

I hope things work out for you

Aah, didn't read properly. You aren't buying too.

You need to speak to your legal team. The terms will be there.

You say 'we' OP, who else is affected by this sale and what do they want to do?

I would be very wary of stopping the sale - it's not good that you feel your mental health is declining but it not likely to be down to the sale alone. What other factors or issues are involved, here? Are you still going to have to sell your house at a later date anyway?

@slowlyandsadly... take care of yourself. You will find a way through this. Ask for help if you can. xxxx

Thank you to everyone for your advice and sympathy, you are really kind, I expected a lot harsher.

I have had problems throughout my life since childhood, terrible post natal depression and regular bouts of 'ordinary' depression/anxiety. I thought this move would be the right thing to do, we are moving into DM house to help support her, she's got early dementia. The house is a mess and very gloomy and i realise i've made a terrible mistake forcing dp/dc into it.

contacted our solicitor, they said we are obligated to complete and if we don't the buyer's solicitor will issue 'notice to complete' and we have to pay 4.5% on the purchase price and deposit. Also said buyer could sue and court could force us to sell and we have to pay their legal costs.

I wish i could just lie down and never get up, i've ruined the only bit of stability i had

Have you spoken to anyone to get support ?

Sorry to hear you are having a hard time.

Would it be an option to go through with the sale but buy somewhere else rather than move in with your mum?

I think that would cost you less and you may end up with a bargain because you'll chain free.

It’s not a disaster. You will have sold your house and have the profit in the bank. You can move to your mum’s as planned, then look around you and take your time finding a house to buy. Potentially, you could also use a set amount of the profit to make your mum’s house more comfortable for you, although I’d be very careful of frittering away your lump sum.

Can someone - your DP - take over all the moving bits, to take that off your mind? Does he know how anxious you are?

It will be more cost effective to buy in a packing service to keep your stress minimal.

Think about getting decorators in to your mums house to brighten it up. If she has dementia then it will need to be once you are in.

It must feel so daunting, there are things you can do to lighten your load.

Does your mum have care going in?

Having some support for you if you are going to be caring is vital. Maybe think about this too. There are agencies that specialise in dementia care. This may take some pressure off you too.

Wishing you all the best xx

I wish i could just lie down and never get up, i've ruined the only bit of stability i had

No you have n't. If you go ahead you can always find another house, perhaps near dm so you can still be on hand. With money in the bank you would be in a position to move quickly. Can dh take some of the pressure off you, arrange packers, allow you to avoid the worst of the moving day?

Unfortunately now you have exchanged contracts you must sell your house and your buyers can apply to court to force the sale.

What are your buyers like? It might be worth appealing to their better nature, explain your situation and hope they have sympathy with you. However, they are likely to have sold their house and if they have DC it will be very difficult going into rented especially if they need a particular school.

If you don't like your DM's house could you look at buying the kind of house you'd love and then you could see it as a fresh start?