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Hello my name is ***** ***** I will help you with this.
Have you exchanged contracts at this stage please?
No. No contracts have been exchanged
Ok - in that case either party can pull out without penalty up until contracts are exchanged.
Its known as gazumping
Ok. That is good to know. I see.
But either party can pull out up until the point of exchange,
There is no penalty to either side but clearly you will need another buyer
Can I clarify anything for you about this today please?
No, that is fine. Do I need to make the estate agent of the home I'm purchasing aware of the change?
Yes I would and your solicitor if you have one.
Ok. Will that be seen as a negative moving forward with the purchase?
The fact that we have rejected the offer based on his mortgage situation..
Yes, just to keep them up to date.
Its only fair on the seller of your property you are buying
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!
Sadly not, unless you ask your own Solicitor to ask the buyers Solicitor
Ok. I see. That will be something I'll do moving forward. Thank you for your help.
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