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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Hello Im selling my home and had accepted an offer given

Resolved Question:

Hello
I'm selling my home and had accepted an offer given by a potential buyer. It has since transpired that he does not have a pre arranged mortgage instead he has an expired mortgage which he needs an extension on. My estate agent did not make this clear initially and I've had to literally draw all of this out of them. We now no longer want to proceed with his offer. We are 3 weeks into a 6 week contract with them and have found a property which we have put an offer on. Is there any advice you can give me moving forward?
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

Have you exchanged contracts at this stage please?

Customer:

No. No contracts have been exchanged

Alex Watts :

Ok - in that case either party can pull out without penalty up until contracts are exchanged.

Alex Watts :

Its known as gazumping

Customer:

Ok. That is good to know. I see.

Alex Watts :

But either party can pull out up until the point of exchange,

Alex Watts :

There is no penalty to either side but clearly you will need another buyer

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

No, that is fine. Do I need to make the estate agent of the home I'm purchasing aware of the change?

Alex Watts :

Yes I would and your solicitor if you have one.

Customer:

Ok. Will that be seen as a negative moving forward with the purchase?

Customer:

The fact that we have rejected the offer based on his mortgage situation..

Alex Watts :

Yes, just to keep them up to date.

Alex Watts :

Its only fair on the seller of your property you are buying

Customer:

Ok. That sounds good. Thank you very much. Lastly, is there anyway that I as the seller can check if a prospective buyer actually has a pre arranged mortgage in place. I feel quite disappointed with my estate agent!

Alex Watts :

Sadly not, unless you ask your own Solicitor to ask the buyers Solicitor

Customer:

Ok. I see. That will be something I'll do moving forward. Thank you for your help.

Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.

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