Pulling out if house purchase

Tulips78 · 2023-10-21T03:19:15+00:00

FTB. After LOTS of thought, research, professional advice have decided to pull out due to what the survey has thrown up and I'm not in a financial position to repair and maintain this house. Have a mortgage broker and solicitors are well on their way doing all the conveyancing.What's the process? Who do I tell first and how? How much detail do I go into to who about why I'm pulling out? Obviously feeling shit for the sellers but I can't buy this house.

Original poster

Tulips78 · 21/10/2023 04:19

Pulling out of not if!

OP posts:

dragonmummy17 · 21/10/2023 04:22

We just had to pull out for similar reasons. We phoned the sellers estate agent and explained to them. We also sent them our survey but you don't have to do that. We then emailed our solicitor, mortgage broker and estate agents.

Original poster

Tulips78 · 21/10/2023 04:23

Thank you so much for your reply.
How did you word it. Do you just basically say it how it is and say "due to what the survey has raised this isn't a feasible purchase for me?"
Sorry if these are silly questions, I'm awake at 4am worrying!

OP posts:

lljkk · 21/10/2023 04:25

You don't have to give any justification. You're not obliged to.

It's polite to tell EA why not so they can explain to vendors.

Original poster

Tulips78 · 21/10/2023 04:27

Yeah I can imagine if I rang and said I am withdrawing my offer, the EA would ask why though?

OP posts:

lljkk · 21/10/2023 04:40

"it needs too much work which is beyond my budget"
A short sentence is as much as they will want.

MumblesParty · 21/10/2023 04:44

I would say “After LOTS of thought, research, professional advice have decided to pull out due to what the survey has thrown up and I'm not in a financial position to repair and maintain this house”. That sums it up.

Twiglets1 · 21/10/2023 07:08

Yes I agree with @MumblesParty that the way you phrased it in your first post does sum up your position perfectly.

It doesn’t matter the exact order to tell the professionals. Just email them all this weekend so it is in writing. It is tough on the sellers as you say but you have to do what is right for YOU.

DrySherry · 21/10/2023 07:24

Is it worth offering a price at which the house would make financial sense to you ? Even if that price is considerably lower than the current agreement there could be a possibility they might agree. Its hard to sell at the moment and your vendor may be aware that prices are likley to fall further and be very motivated to get it sold now, before its worth less anyway..

Mercurial123 · 21/10/2023 07:30

Many sellers won't negotiate even if major work is needed. I've previously viewed a house that had a roof that was letting day light in. It was over a hundred years old. Seller wouldn't renegotiate. I wouldn't feel bad the survey is there to protect you.

DrySherry · 21/10/2023 07:35

Mercurial123 · 21/10/2023 07:30

Many sellers won't negotiate even if major work is needed. I've previously viewed a house that had a roof that was letting day light in. It was over a hundred years old. Seller wouldn't renegotiate. I wouldn't feel bad the survey is there to protect you.

I think that's true, but not always the case, some people get lucky. What would be the harm in trying.

Twiglets1 · 21/10/2023 07:42

No harm in trying @DrySherry although it sounds to me like the OP has “got the ick” with the property, which can happen following a bad survey that feels overwhelming.

Original poster

Tulips78 · 21/10/2023 11:36

Yep I've gone off it unfortunately.

OP posts:

KievLoverTwo · 21/10/2023 11:46

Possibly unpopular opinion but If the survey has bought up a bunch of stuff THEY haven’t fixed, no way would I be offering to give it to them for free. If they want to buy it, fine. I bet they already know about the issues anyway.

Most surveys carry a ‘do not share without our permission clause’ if you look at the small print.

Gobleki · 21/10/2023 11:54

I don’t understand why people don’t show the surveys? Seems mean and pointless. I’ve always been open about surveys I’ve had, either for money off or to pull out. What is gained by not sharing? Never understood it?

Twiglets1 · 21/10/2023 11:58

Gobleki · 21/10/2023 11:54

I don’t understand why people don’t show the surveys? Seems mean and pointless. I’ve always been open about surveys I’ve had, either for money off or to pull out. What is gained by not sharing? Never understood it?

I think it’s because surveys cost hundreds of pounds so people don’t necessarily want to share them for free.

What I’ve done in the past is just send the EA a screenshot of the relevant part of the survey if I’m trying to get money off for something specific like a dodgy roof. To send the whole survey risks getting into a big debate about all the things on the survey the owners don’t agree with.

KievLoverTwo · 21/10/2023 12:07

Gobleki · 21/10/2023 11:54

I don’t understand why people don’t show the surveys? Seems mean and pointless. I’ve always been open about surveys I’ve had, either for money off or to pull out. What is gained by not sharing? Never understood it?

Let's say a survey comes back saying 30k of work is needed, and it's clear by the nature of the works that it's because the owners didn't maintain things that were clearly falling down around their ears, that they could only have ignored.

If they then asked me to provide them with something for free that I have paid £600 for, they would be taking the piss.

I am fine if you think that makes me 'mean.'

Obviously, OP can summarise the cost and maybe the top two major things if she likes, that's being more than fair.

topnoddy · 21/10/2023 12:21

Whoever puts the next offer in and has a survey done will come up with pretty much the same issues won't they .

Sellers may well have to lower the price to reflect that

PointyMcguire · 21/10/2023 12:31

Gobleki · 21/10/2023 11:54

I don’t understand why people don’t show the surveys? Seems mean and pointless. I’ve always been open about surveys I’ve had, either for money off or to pull out. What is gained by not sharing? Never understood it?

Usually surveys have a clause within the t&cs stating the survey is for your sole use and you aren’t permitted to share with third parties without consent of the surveyor.

sleepyscientist · 21/10/2023 12:36

topnoddy · 21/10/2023 12:21

Whoever puts the next offer in and has a survey done will come up with pretty much the same issues won't they .

Sellers may well have to lower the price to reflect that

Depends on the house and the buyer. We always buy a project and take a builder to look round (he does the work) to give me quotes, never bother paying for a survey. House like this often need a specific buyer

CrashyTime · 21/10/2023 13:41

DrySherry · 21/10/2023 07:24

Is it worth offering a price at which the house would make financial sense to you ? Even if that price is considerably lower than the current agreement there could be a possibility they might agree. Its hard to sell at the moment and your vendor may be aware that prices are likley to fall further and be very motivated to get it sold now, before its worth less anyway..

Good advice, they probably won`t have many other offers?

dragonmummy17 · 21/10/2023 14:11

I didn't know that! We've just had an offer accepted on another house so won't do that again- although it hopefully won't be a problem this time!

Frenchfancycat · 21/10/2023 15:26

When I withdrew an offer I knew I didn't want the house or to get into negotiations - it seemed pointless to not give the vendor a copy of the survey at that point. It was a "goodwill" gesture so it he could see what would be thrown up for next buyer and so he could perhaps remedy things. In the end he thanked us and decided to take his house off the market. I can't see the point in keeping hold of a survey on a house you aren't proceeding with - and in the end the £700 I spent on it was far less than it would have been had I proceeded.