I have made an offer on a house and am due to exchange contracts next week. Incredibly the house I have really wanted for years has suddenly come on the market with a different Agent. Can I stall on contract exchange to give me time to decide on the second property, and will I be allowed to pull out of the first sale?
Unless contracts have actually been exchanged then either party is entitled to withdraw. There are a number of ways that a Buyer can stall, but this does raise the question of whether one should be open and honest with your Seller.
If you are genuinely undecided because your preferred property has now become available perhaps you should advise your Sellers of this fact.
It would take your existing Seller some time to find an alternative Buyer in any event and at least he would be aware of the prospect of your not actually proceeding.
My view is that provided you are open and honest with those with whom you are dealing then should you withdraw you have at least been open with your Seller.
You can of course withdraw at any time up to the point when contracts are unconditionally exchanged, but to do so at the last minute without warning is a bitter pill for your Seller to swallow.