Pulling out of property purchase..please advise!

[Chimpannazee]

Hi everyone,
sorry for sounding so clueless here. Long story but I have to pull out of a property that I was purchasing due to divorce settlement delays.
I am just having a wobble….the draft contracts were received quite early on
we were at the exchange of contracts point…However due to other delays I haven’t yet signed and returned the contract!
Please put my mind at rest that I am able to pull out and nothing is legally binding at this point? I’m right in thinking that the draft contracts aren’t legally binding and that it’s only when you exchange contracts and sign and return that it then becomes legally binding? Just having a moment…horrible doing this all on my own xx

Yep you are right.

We pulled out of a property last April after we found it had rising damp. The vendor was messing us about and wouldn’t drop the price and we just decided we didn’t want the hassle so pulled out. I felt guilty but it wasn’t the house for us.

Thankyou so much. You’ve put my mind at rest xx

It’s a huge decision it has to be right doesn’t it xx

Is this property in England OP?

It is correct for England OP.
PS You are still liable for legal fees for any work done so far.

Yes sorry in England. I’m aware I will have to pay the solicitors fees for work they have down so far

Any chance you could negotiate a delay rather than pulling out and losing money to solicitors?

Correct. Poor sellers.. they’ll probably lose their house now and others in the chain if there is one.. Nightmare. The house buying process in England is shocking.

Isn't it? It's a useless system not fit for purpose.

I do agree and I feel incredibly guilty. Unfortunately it is a situation that is totally out of my control.

It's not the end of the world OP, nobody has died. Don't feel guilty. Sellers in England are always aware this is a possibility up until actual exchange.

Thankyou for this. Xx

So be honest. Tell them what the situation is and they might wait for you, don’t just pull out if you still want to progress (unless you don’t want the house now which just another factor) We are in a chain and so far through the process I would absolutely be livid if one of our chain did this without exploring other options. Yes it’s not the end of the world but the house buying process here is absolutely awful and there are people at the end of you pulling out. (Here’s hoping it’s not you in my chain!)

Things happen! Everyone knows that nothing is certain until exchange. Please don’t beat yourself up about it! Sending hugs.

Can’t you just speak to the EA, tell them the delay and approach the buyers to see if they’ll delay? If they say no, then it’s them breaking the chain, not you.

I would be honest about the delay and it being for reasons beyond your control, and see if the chain is OK with it (you never know)

Don’t go through with a house you’re not happy with! It’s such a huge amount of money you need to be 100% set on it to go through

Do you want the house? If so I would talk to the EA - or the sellers directly if you are in contact - to explain what is going on. People have situations all the time that cause delays and they might be sympathetic and have some solutions. Even if they don’t and you have to withdraw, no one is going to blame you for a situation beyond your control and you can remove yourself from things knowing you have been open and upfront. It’s so much better for the sellers to know there is a legitimate reason, it does temper things a bit.