I'm glad to hear that! Where I live (Finland), there are two possibilities. If you're buying a piece of property and you will be a freeholder (because the current owner is), then you can pull out of an accepted offer without penalty. But if you don't own the land, then you can't. We typically own our homes (except if they are detached houses) through so-called housing corporations created to manage the common areas and shared structures of a single residential building larger than a single-family house or a group of them.
Some countries have what are called homeowners' associations but I'm not familiar with what exactly they are legally. Finnish housing corporations are non-profit corporations that own buildings at least 50% of the floor space of which is in residential use. They are legally required to hold certain annual meetings and they usually hire companies to do all or most of the day-to-day management including accounting and things like snow removal, small repairs or mowing the lawn in the common areas.
I'm glad to hear that! Where I live (Finland), there are two possibilities. If you're buying a piece of property and you will be a freeholder (because the current owner is), then you can pull out of an accepted offer without penalty. But if you don't own the land, then you can't. We typically own our homes (except if they are detached houses) through so-called housing corporations created to manage the common areas and shared structures of a single residential building larger than a single-family house or a group of them.
Some countries have what are called homeowners' associations but I'm not familiar with what exactly they are legally. Finnish housing corporations are non-profit corporations that own buildings at least 50% of the floor space of which is in residential use. They are legally required to hold certain annual meetings and they usually hire companies to do all or most of the day-to-day management including accounting and things like snow removal, small repairs or mowing the lawn in the common areas.
How does that work in the UK?