11-01-17, 06:42 PM
Property law in England
I have my apartment up for sale it was only on the market for a week. Two people enter into a bidding war and on the advice of the estate I accepted the higher offer as the buyer offered full asking price and no chain involved. The buyer insisted that I take the property off the market as he was a cash buyer and wanted to fast track the sale. So we agreed to do this. I get a phone call yesterday afternoon they have decided not to proceed. We are one month in to the process, fecking livid.
It is really time the law was changed.
In Spain and I think in France it works like this, you make an offer and if accepted the buyer puts down 10% deposit, you then have 10 days in which to change your mind. If after that date you change your mind you forfeit the 10%, also if the seller pulls out you have to pay the other party 10%. I believe in Scotland they have a sealed bid system and when an offer is accepted it is also binding. At least this is supposed to stop gazumping but still not perfect. Selling and buying property has to be one of the most stressful things in life.
MT-09 Tracer for those who no longer can handle a BIG boy Fazer