Repercussions :Pulling out offer when solicitor is engaged

We have paid a refundable deposit to the EA for the home we chose 5 weeks ago.

The vendor has not gotten the deeds of the house from the bank.

The solicitor has yet to receive the contracts.

We are fully approved etc, ready to sign off on life assurance, home insurance etc.

However, a new property in the same price range has come up for sale with a number of extra benefits (corner site, garage etc) - I have not viewed it, but would be interested to.

What repercussions would this cause, would we owe the solicitor anything if we did pull out?

Would it be more hassle for our broker to get a new loan offer etc ?

I may view the house and decide its not for us, but in the event it is - is this a no go area.

Any advice welcome

I had gone sale agreed on a house pending a structural survey the bank needed done to release the mortgage. The guy I got to do the structural survey noticed some 'bad things' about the house, so I pulled out. My solicitor did not charge as he hadnt started any work. Although, these days, I would guess solicitors are not being so lenient.... In any case if the solicitor did charge you, it would be small compared to the potential saving you would make on buying a better house.
I would say however that you dont seem to be too attached to the house you have gone sale agreed on. Its a buyers market and only buy what you are 100% happy with, at the best price you can get.

whatsmoney said:

... I would say however that you dont seem to be too attached to the house you have gone sale agreed on...

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OP has not gone "Sale Agreed" on the property. I would say "Expression of Interest" is where they are at.

Hi Mathepac
Is puttng a refundable deposit on a house, not the same as having gone sale agreed?

Sale agreed is when contracts (where all the agreements relating to the sale between the parties are detailed) are signed and exchanged and the non-refundable contract deposit is paid, IMHO. Up to this point, either party can cancel the deal without penalty as nothing is agreed between them (no contract exists).

Ok Mathepac, thanks for clarifying. I had only a refundable deposit down, like you CMR, so shouldnt be a problem to back out....

Is your refundable deposit held by the vendors solicitor?, or has it been passed on to someone else?

Refundable deposit is with the Estate Agent, not with the solicitors.

Went to check out the house (not with EA) but just a drive around and I can understand why it has the extra's for the same price - very open area and gangs of people had surrounded a bonfire on the green facing the house - so glad I had a nosey!

Is it the second one that had the view of the bonfire?
Are you going with the one you have the deposit on?

Yes, second one had the scenic view of the bonfire.

So I am going to follow boyfriends advise and stop going onto myhome.ie.