Anti-gazumping insurance and other questions

Joannaclaire

Just had our offer accepted on a property - we're FTBs. Am feeling nervous and excited, terrified and worried all simultaneously. The vendors have yet to find somewhere, but are keen for us to go ahead with survey, legals etc. I am keen too, although not so keen on shelling out all the search etc costs when they have yet to find somewhere.

Is there any way I can safeguard ourselves by getting insurance etc in case the vendors change their mind, take a higher offer etc. so that we don't lose out on the money we pay for surveys, legals, searches etc.

Also is it possible (or legal in England?) to get some sort of basic contract at this stage to give them a time limit to prevent them spending six months finding a property while we are left in limbo waiting for them to find theri dream house? I'm used to the Aussie system where your offer in writing is basicaly a legally binding contract and is much more secure for both parties much earlier, so a bit nervous about the way things work here.

Also, what's best to organise first - should get in touch with the mortgage advisor and start the application for that (have already spoken to them and won't have any problem with getting approval apparently) or should I get the solicitor to start their side of things?

silvercar

Ask them if they would be prepared to exchange with you with an open completion date upto a certain date. This would give them a few months to secure a property of their own.