The cooling off period when buying a house is usually five business days. It starts on the day you received a copy of the signed contract and ends at 5PM on the last day of the period. If there are public holidays or a Sunday in between the period, it will not be counted as part of the business days.Click to see full answer. Thereof, how many days is the cooling off period? 14 days Beside above, what is a 7 day cooling off period? The purchase of goods and services over the internet, by phone or by mail order generally is subject to the Distance Selling Regulations. One of the most important implications of these regulations is a cooling off period of 7 days during which you have the right to cancel. Beside this, what is the 14 day cooling off period? A Cooling Off Period is time allowed under law to enable a consumer to cancel an agreement without incurring any penalty. In consumer credit, the Cooling Off Period permitted by the Consumer Credit Act 1974 as part of your Right to Withdraw is 14 days.What happens after cooling off period?Once the cooling-off period has ended without objection from either party, the contract is declared “unconditional” (meaning locked-in) and the full settlement process begins. Properties sold at auction are normally unconditional and buyers are not entitled to a cooling-off period.