RoShamBo

iTrader: (1)

Have had the house on market for a few months and now have a buyer.
About a month ago I lost my job and hope to get another very soon - so we are pressing on with the sale to complete at end of Jan.

Question is - if I dont get a job then we really can't complete in Jan as I can't get a mortgage - so as a seller am I able to pull out of the sale at any point, as if it gets into January and I dont have a job then we simply can't sell.

You hear of sales falling through on even the due day of completion - so can I withdraw at any time, even if contracts have been exchanged and we have a completion date ?

Estate agent is fully aware of the situation by the way.

Ro.

MattW

Not when contracts have been exchanged you can't. Sometimes people excahange and complete on the same day, I lost a house purchase in that way.

You are going to pish some people off if you leave it to the last day though. Morally i'd advise you to pull out now then remarket when you are back in employment.

boxst

When you have exchanged contracts you cannot pull out. Up until that point then yes you can.

Steve

lovinmescoob

As above

RoShamBo

iTrader: (1)

Yep agreed - and if I do pull out after contracts then its a 10% penalty - thats £70k !!!! so not even going there !!

pandyman

Looks like you knew the answer anyway!!

Why the need for the post?

David Lock

Why can't you sell and rent for a while? Bit of a pain but does give you a strong position to negotiate on another property if someone is looking for quick cash?

dl

hodgy0_2

you can pull out of any contract at any time (ask a footballer)

you just may well face financial penalties that's all

stilover

So he could brag that he has a house worth £700k.

It's called "Billy Big Bollox syndrome".

Coffin Dodger

As a buyer I'd be pretty pissed off if the seller pulled out last minute. As you say up until the point contracts are exchanged you do have the option but the buyer would be making significant financial commitments as the sale proceeded for solictor's searches, possibly anything up to a few thousand for a survey, etc. The done thing is to not pull out once these things are proceeding unless you have a really good reason (i.e. death of partner, immediate family, etc.)

If you not committed the withdraw the property from sale now before the purchaser makes too much commitment or as mentioned sell it and rent until you situation improves.

andys

are you in scotlad as the law is different?

RoShamBo

iTrader: (1)

Thanks guys - was just after advice and by no means posted to "brag" about anything.

Got to go - HSBC are on the phone asking for yet another loan.....

Mus

iTrader: (2)

you can pull out but be prepaired to get sued might not be much seek legal advice, or just ask for a longer completion.

must people dont exchange untill they have found something else.

good luck mate