What happens if seller pulls out of sale?

[Freetodowhatiwant]

Does anyone know what would happen if we pulled out of selling our house? The surveys have been done but no date for exchange or completion yet and some searches yet to come back. Buyers want to hurry it forward but we initially agreed completion first week in May and we can’t really go much before that as we have nowhere to live.

Now with CV, schools closing, the thought of moving town somewhere new and on top of that we are separating it’s all getting too much for me and I feel like I want to stay for a while. See how the land lies in a few months time. Haven’t spoke to Dh about my fears yet so thought I would try to inform myself of what might happen/ what penalties we might have to pay.

I am full of anxiety about moving to a new town where we haven’t even found a house yet and feel like I want to pull out. We would have somewhere to stay in the interim but it would be cramped and not ideal.

Sorry for repetition, lying in dark with small child

Nothing would happen if you haven’t exchanged. Your buyers might be annoyed because they have paid for surveys, but you are within your rights to take it off the market....
Perhaps discuss with your buyers and let them know the situation. They might be willing to wait rather than lose the house.

We had to pull out of selling our house earlier this year. We hadn’t completed (and managed to do it before surveys were done) but my understanding is that there is no penalty in England for pulling out before that point. We still had to pay our solicitors and we decided to make a contribution towards theirs; and we had to pay for the searches and things we’d ordered on the other house, but that was all.

There are no penalties involved if you haven't signed to Exchange contexts

Thanks for the replies it’s really helpful. I have posted twice by accident so am going to report this one so I don’t annoy everyone!

As on the other thread - sell sell sell

It is very likely you will either not be able to sell soon or you will get much less for it

Nothing will happen but your buyers will hate you forever when they've wasted money on a survey.

Don't risk losing your buyer or you may be stuck with the house for years given CV

We are going ahead with the sale. DH has found a place for himself and I live with my parents until we can get out properly and search for a new house. Thanks for all the advice. I was just feeling very sad and worried about leaving our house with all the current situation but I'm now trying to be excited by moving - even though it will be a challenging time to move - and look forwards.

How did things end up?