Pulling out of house purchase

[beeloubee]

Quite upset today as I've realised that I may have to pull out of house purchase. I really like the house and was looking forward to moving in. I'm a first time buyer and would really like to get on the ladder sooner rather than later.

Today, whilst looking at the planning register, I have discovered that a development is occurring in the field next door to the close, and it is obvious that this will spread to the field which would be behind my house. As I was already worried about overpaying, I am now even more concerned. These houses that are going to be built are a mix of affordable and open market. They all have larger gardens than the house I would have.

I'm very disappointed as I have a survey booked for next week have a solicitor, etc. There is nothing else on the market except for maybe one house which is marketed by the same estate agent, so I wouldn't be able to view that one.

Also, I hate causing inconvenience to everyone. But I don't want to end up with a house that I can't sell in 5-10 years time.

You don't sound very far into the process. Don't feel guilty and of course you can still go through that agent
It's a big deal buying a house, it's got to be right for you.

You can't proceed with a purchase you're not happy with, just because you hate causing inconvenience to anyone.

What will you be buying in 5-10 years time?

There’s no reason the house wouldn’t sell but a development nearby will be disruptive for the next few years and will affect the value of your house.
Over a quarter of agreed sales don’t go through so don’t feel guilty at all. And the agent will be well used to it and will be more than happy to take the commission on another house he/she sells you.

Developments are bloody noisy, probably for a couple of years or more depending on the size. I'd definitely drop out, and it won't be a problem for anyone - except you're back on the hunt again.

I pulled out of a purchase about a week before exchange. I felt bad about it but I couldn't go through with it just to save face.

You might lose some money if your solicitor has done any work or searches. I did. A lot actually but I still feel it was the right thing to do

We did exactly the same... pulled out of a purchase when our solicitor started their searches etc and discovered the garden wasn’t owned by the vendor!!!! We saw a house being marketed by the same agent and that’s the one we live in now! To be blunt the agent doesn’t care - as long as you buy through them they still get commission.

Yup, we pulled out of a purchase too, based on the survey outcome - it would have cost us upwards of £20k to sort out a dodgy extension.

Found another house a couple of days later and we're still here 10 years down the line.

This'll probably be the most expensive purchase you'll ever make. It's got to feel right - take a deep breath and make that call.