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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10490
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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Today, the seller accepted our offer which is aboved the full

Customer Question

Today, the seller accepted our offer which is aboved the full asking price and we informed our solicitors.
Then this afternoon the agent phoned to say someone else has now offered the SAME price and the tenant wil decide who to give it to tomorrow,?!
We are young and this is our first house purchase (in London). However weare first time buyers, with a very large deposit and an arranged mortgage. We are both inprofessional permanentcontract employment.
Is this legal, as we suspect that there has been a larger offer made.
Submitted: 2 years ago.
Category: Property Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

I am Al and am happy to assist you with your enquiry.

It is good practice and indeed morally right for a Seller not to accept any other offers, once a Sale has been agreed. However, until Contracts have been exchanged, either party is entitled to withdraw from a Sale without any penalty.

Likewise, even once a Sale has been agreed, a Sellers Estate Agent is under a duty to notify the Seller of any further offers they receive, at any time upp to the date Contracts are exchanged. 9 times out of 10, the Seller would not accept any subsequent offer, but I'm afraid it comes down to the individual and his morals.

As you are first time Buyers with a large Deposit, I would certainly hope that the Seller will stick with you, as you are going to be in as good a position as anyone else, apart from a cash Buyer who has no Sale. However, you may indeed have to increase your offer if it turns out the Seller is after the best possible price. You then have to decide whether you are prepared to make an increased offer, or whether you just walk away.

I hope this assists and sets out the legal position.

Kind Regards

Al

Expert:  Aston Lawyer replied 2 years ago.

Hi,

Can I assist you any further?

Kind Regards

Al

Expert:  Aston Lawyer replied 2 years ago.

Hi,

Can I assist you any further?

Kind Regards

Al

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