Possibly pulling out of house purchase...

miseian

We've put a deposit on a house and have had the conveyance done, solicitor is working away and bank is in process. But today I found a different house, same price, but with pretty much exactly what we would do to the old one, already done. It's probably actually a more solid, more modern house.

What's your feeling on pulling out of the first purchase? Is it too late to do it without guilt? Haven't signed anything yet by the way. And we still do like the first house. Just want to see what people think about this.

Tigger

miseian wrote: »

We've put a deposit on a house and have had the conveyance done, solicitor is working away and bank is in process. But today I found a different house, same price, but with pretty much exactly what we would do to the old one, already done. It's probably actually a more solid, more modern house.

What's your feeling on pulling out of the first purchase? Is it too late to do it without guilt? Haven't signed anything yet by the way. And we still do like the first house. Just want to see what people think about this.

do it
your solicitor can advise on the whys and wherefores

doctorwu

If you havent signed anything go for the house you really want. You and your family will be living there, hopefully for years and years,. Dont be panicked into anything.

etcetc

Be kinda honest ring estate agent tell him banks are being sticky on mortgage and want to know how refurbishment is being funded

Also mention to him that similar requiring no major outlay has come on Market at same price

Basically you are in negative equity already befre even signing contracts!!!. Now you need a reduction in the price agreed before signing if not forthcoming walk away whatever emotional attachment you have to house appears to be on the wane and it will always eat away at you especially when you see house prices still falling

seamus

It's a business arrangement. Forget about anyone's feelings and do what's right for you.

LeahK

It's a business arrangement. Forget about anyone's feelings and do what's right for you.

I would have to agree with this. I would feel the same, slightly guilty but you have to remember this is probably the biggest purchase of your life! You need to get the best value for money! As far as I can see on Daft plenty of people agree a sale and pull out. Happens everyday.

Best of luck OP

Cookie_Monster

as Seamus said.

You have three choices here really.

1. Pull out and buy other house
2. Insist on a reduced price to the current one based on the comparable house less cost of improvements
3. Buy current one at current price

Obviously 3 isn't a great option.

D3PO

dont worry about peoples feelings do whats right for you. However I dont understand why you would keep looking at houses after going sale agreed ?

you either wanted to buy the first place or you didnt.

Anyway back on topic. It will cost you your solicitors fee by the way as he/she has done the work so its not exactly cost neutral for you. Dut if you dont mind that and prefer the other house go for it.

ArraMusha

Go with what you will be happiest with...

it may be the 2nd one as it appears to have more to offer.

it may be the 1st one if you ask the seller to match (drop agreed price) the 2nd one.

astrofool

Have you signed the contracts? Usually if the conveyancing is done you're at the point of no return, and to pull out will cost you a lot of money (I'd also doubt a bank would give you the mortgage for the other house while a case is pending on the first).

If you'll only put a non binding deposit down, you can walk away, free as a bird, with your deposit.

Treehouse72

seamus wrote: »

It's a business arrangement. Forget about anyone's feelings and do what's right for you.

Exactly. OP, this is not holding a door for somebody where "politeness" is an issue. This is the biggest financial decision of your life and you need to be ruthless. Pull out of the initial purchase. This happens all the time and is not a big deal at all.

miseian

Thanks for all the replies. Appreciate it. More or less exactly what I was looking for. Went to look at the house tonight and it was better than we thought, so we'll be going for it.

I know I shouldn't of been looking for houses after we had one! Just something that I do..with everything...doesn't make the wife too happy...