House Sale & Purchase

[xcn76]

Hi I am not sure this is the right place to post - but I need advice on whether I am legally allowed to pull out of the sale of my house and the purchase of a new one, I have just been told that i am under threat of redundancy and the new house commands a bigger mortgage and i am unsure as to whether I could cover that if I lost my job. I have not exchanged contracts yet but all searches have been completed etc. I have signed a paper to my solicitor for the sale of my house but been assure dthat this is not yet binding as i was conrend at that stage about the purchase of my next house falling though.... so concerned and confused.

[edge_of_the_map]

Yes, you can pull out of the sale at this stage. You will probably have to pay your estate agent's fees as they are due as soon as they find you a viable purchaser.

 

It happened to me - the seller withdrew the house from the market 5 days before the moving date with no explanation.

 

The sooner you speak up, the less painful it will be for the others involved.

[assisted blonde]

Yes you can pull out at any up until drawdown

[BRIGADIER2JCS]

You would be best advised to consult your solicitor and follow their advice.

[Desperate Daniella]

Hi,

 

You can withdraw if you have not exchanged contracts.

 

You will have to pay your solicitor for his work, but you may not have to pay the estate agent; it will depend on the agreement you signed with them. You may be liable for advertising costs, but usually estate agents are not paid until the completion of the sale. Check what is in their agreement. They vary a lot.

 

DD