Property – Legal Advice / Offer Accepted – Now Gazumped!?!

[Craig]

Hi Guys,

Need a bit of legal advice, and fast. Placed an offer on a house yesterday which was accepted subject to proof of funding, in which I was to supply this morning.

When I went down to the estate agents they claimed a couple, who has previously placed an offer BUT retracted it have no placed an offer again higher than mine. Is this legal??

I have a written document from the estate agent of an accepted offer, I could understand if I’d outbid the previous couple, but I had not, they had simply retracted their initial bid before I placed mine.

I’d like to know where I stand on this situation, or is it tough shit see what they come back it.

[conleth m3]

hi craig

have either you or they provided proof of funding yet? if yes then think estate agent will then take off the market to others.

think you can still get gazumped right up until the last minute, as not legal binding contract of sale as far as i know. unlike like in scotland where offer is legal contract as is offered through a solicitor

[jibm]

Unfortunately, in this country there is no legal obligation to sell a property until contracts have been exchanged and even then the seller or buyer can still pull out, but the other party can claim costs or keep deposits.

[Craig]

Thanks, it seems like it is a case of tough shit unless I live in Scotland... I know it was illegal somewhere, just a shame its not England.

[jibm]

Originally Posted by Craig

Thanks, it seems like it is a case of tough shit unless I live in Scotland... I know it was illegal somewhere, just a shame its not England.

Yeah its shit, but at least you have found out they our cunts at this early stage before you have thrown any cash at it.

If you have finance in place something else will come along and remeber its a buyers market at the moment.