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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7591
Experience:  UK solicitor holding an England and Wales practising Certificate.
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I have put an offer on an apartment which has been accepted

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I have put an offer on an apartment which has been accepted under the conditions that if anyone puts in a higher bid in seven days then i am outbid.I know that there are only myself and 1 other person interested in the apt and as off yet his bid was lower than mine.I think the property is a repo.The estate agent has now come back to me saying i should put my highest bid forward tomorrow by 12.surely this cant be lawful as im might just end up bidding against myself.The way i thought the process should work is that the other bidder puts his final bid in and if it beats my original bid,then i should be given the opportunity to put in a final bid.Who is right in this matter
Submitted: 2 years ago.
Category: Property Law
Expert:  Thomas replied 2 years ago.
Hi
Thank you for your question and patience, I’m Tom and I’ll try to help you.
I presume this is a property purchase and not rental.
I’m afraid that all land transactions are “subject to contract” which means that either party has the right to withdraw from the transaction until such time as written contracts are exchanged. This means that if you changed your mind then provided you have not exchanged contract in the sale then you could withdraw from the transcation and the seller would not be able to do anything about it.
Unfortunately, it works both ways. Unless contracts are exchanged the seller is free to withdraw. The time limits that you and the seller have been “agreeing” are completely artificial I’m afraid, neither can have any legal recourse against the other for not abiding by the time limits you have stated to each other. It creates a moral obligation only, not a legal one which is actually enforceable.
To have an enforceable legal obligation then contracts would have to be exchange which you would obviously get yoru solicitor to do but only after they have carried out the usual pre-contract searches and enquiries.
You are going to have attempt to see through their behaviour and either stick to your guns or bid again depending on what you think the seller is actually thinking.
My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.
Kind regards,
Tom
Customer: replied 2 years ago.

The seller is the bank i think as the apt has been repossessed .What i want to know is can they ask me to put it another higher final bid even though the other person interested in the apt might not want to pay more than ive already offered and until now he hasnt.In other words if i was to up my bid 3000 and he doesnt want to go above my original bid,its going to cost me £3000 for nothing.is that legal or do they have to inform me that a higher offer has come in do i now want to put in my final bid

Expert:  Thomas replied 2 years ago.
Hi,
Unfortunately they can ask you to bid again. They are under no obligation to accept your offer, they can do what they like regrettably. It's part of the vagaries of property buying in the UK.
A seller can sell to whoever, they like, even if the person they sell to has bid less than other interested parties. You either have to bid higher or call their bluff and say that you have already made your final offer.
Kind regards
Tom
Customer: replied 2 years ago.

As ive said previously my bid of 82000 was accepted by the bank but open for 7 days for anyone else to bid higher.up till now my bid of 82000 is the highest.shouldnt they have to inform me first that they have received a higher bid from another 3rd party before i put any final offer forward

Expert:  Thomas replied 2 years ago.
Hi,
They can inform you if they like, but they are under no obligation to.
As stated above neither of you have any legal obligations until contracts are exchanged between solicitors. Someone else could offer £1 for the property and they could choose to accept it, not tell you about it and complete the sale to them becuase the whole matter is "subject to contract".
They can accept whatever offer they like and they do not even have to tell you. They can completely change their position despite what they've said to you and there's nothing you can do about (and vie versa if you changed your position).
I have a meeting now for about 20mins.
Tom
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7591
Experience: UK solicitor holding an England and Wales practising Certificate.
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