change of mind on house sale

S

salzka

Guest
Hi,

I have just signed contracts for a house and as it turns out the prospect of getting work there is nil!!! We have paid the holding deposit. Can we pull out at this stage and if so what are the consequences of doing this.
 
to tell you the truth i am not sure as it was done by power of attorney, But i know they were in a hurry to sell so perhaps!!
 
Without knowing what you signed it is very difficult to say what the outcome may be if you pull out.

If it was just a booking deposit with no obligation to buy you would just lose the booking deposit.

If it was an agreement to purchase the seller can force you to complete the sale.

Best go and check what you signed before you make a decision.
 
Your solicitor would have been advising you on signing the contracts so s/he should know straight away whether or not you can pull out. Contact your solicitor immediately - if you only signed the contracts very recently, your solicitor may not have returned them to the vendor yet as s/he may be waiting on some additional documentation.
 
unfortunately they are on holiday for a week. And I know they sent them on thursday.
 
Hmmm...if they were sent on Thursday, there's a good chance that the vendor's solicitor is closed today until Tuesday. You could try contacting the vendor's solicitor first thing on Tuesday morning to tell them that your solicitor returned contracts in error and can you come and collect them. This may or may not work.
 
When you buy something on HP here you get a 10 day cooling off period, its a shame that the same rule does not apply with houses. Its amazing that the employment situation has changed over a period of 4 days. Did you buy the house online with ebay without checking out the area? Perhaps it was an impulse buy like the chocolate at the checkout.
 
You must log in or register to reply here.
Menu
Log in
Register