House buying problem...

[~ vortex ~]

Im in the process of buying a new house. I have found a house I like and have applied for a mortgage and agreed to buy. I have now got to the stage where my solicitors have recieved contract documentation from the seller's solicitor. In respect of this my solicitor has sent me a report on the property I'm buying. I have studied the report and have noticed that there is a new busy road planned to be built that will run very close to the property which wasn't mentioned the vendor. As you can imagine im begining to have second thoughts about buying the property. What I want to know is can I change my mind about buying the house or have I got to the point of no return, bearing in mind that I do have someone who is currently in the process of buying the house I'm already living in? any advice and help would be gratefully recieved

[CheekyChops]

You can change your mind right up until the point you exchange contracts. The buyers of your house probably won't be very impressed but that's life when buying a house. Chains frequently collapse in this way.

The same happens when Surveys etc are done - if anything is wrong with the property, you get the option to change your mind. I pulled out of a purchase when i received a survey saying that it was over valued and loads of work needed doing. I lost the �500 the survey had cost me but saved a heck of a lot in the long run!

[~ vortex ~]

Many thanks for your reply CheekyChops.. Do you know if I'm likely to be liable for the buyers of my house expences and such should I decide to pull out? They haven't had their survey done as yet on my current property. Its planned for next week

[kittywoo]

you are entitled to pull out at any time up until the contracts are exchanged. but if you are happy with the property why not try and negotiate a reduction in the price due to the sellers trying to cover the fact of the new road. might be worth a try. especially if thy thought they could get away with you not finding out!!! good luck...

[CheekyChops]

You are not liable for any of your buyers expenses. As I said, unfortunately it happens a lot and is one of the hazards of buying a house.

[Hammer]

Happens all the time. If you haven't exchanged contracts you can do what you like.

Your solicitor will probably still charge you for their efforts so far though...