If you’re buying under English law you’re unfortunately fucked on this if they go to the other buyer. Morally it’s completely wrong by them but legally nothing you can do until you’ve exchanged contracts. It’s a completely rotten thing of them to do.
Had sellers pull out on me twice in my life on the day of exchange- both with cold feet about selling. Lost money on legal and survey costs and told to go sing for it both times. The English system is shit that way. Think it’s better in Scotland where the law is better designed on property purchase.
I’m so sorry to see you’ve been messed around and hope you didn’t lose too much on transaction costs.
Thanks for the reply pal. Fortunately in my scenario I haven’t lost a penny as it’s all happened pretty swift in the process before the real work had been undergone. Of course, still frustrated at having to start a new search after a good couple months of looking.
Sorry to hear about your situations too, not a fun way to have lost your money at all (not that there is a good way)! Might very well consider a homebuyers’ protection insurance the next time I get to this stage!
Gazumping is less common in Scotland than it is in England and Wales. A large proportion of properties in Scotland are sold by solicitor estate agents, bound by Law Society of Scotland rules that are designed to prevent gazumping.
These Law Society of Scotland rules dictate that, where a solicitor has accepted an offer on behalf of their client, they cannot accept another offer from a different party and they must withdraw from acting for their client if the client wishes to negotiate with that new, potential buyer. Of course, nothing stops the seller from switching solicitors in this scenario
I’m in the process of buying a flat aswell. @CliftonGeraldi best of luck in your search.
I had a mortgage offer a month ago then last week I got a phone call saying they pulled the offer as the mortgage advisor shouldn’t have offered me it. Stupid cunt!! Had to go to a broker this time and he got me a good one with Nationwide. Just waiting to sign for it again now hope it goes better this time around
Jesus fucking Christ. I had to leave London to buy, I’m out on the Essex coast and my two bed flat still sets me back £500 plus per month, which I felt was brilliant!
