Pulling out of house purchases at the last minute

BritRael

ernie-money wrote: »

No, they haven't had a higher offer, as I said they've changed their minds.
Gazumping USUALLY happens so that the vendor can accept a higher offer, but the important part is pulling out of a sale at the last minute.

No, always happens. Hence, 'gazumping'. Otherwise, its called 'pulling out'.

I agree with you that its a real pain, but the fact is if this was the start of a heavily falling market you could have gone back and asked to reduce the price. 'Gazundering'. Or just pulled out...

ernie-money

BritRael wrote: »

No, always happens. Hence, 'gazumping'. Otherwise, its called 'pulling out'.

I'm, sorry - I just copied the defenition from wikipedia, someone should tell them they've got it wrong...

Still baffled why there's such a debate about the meaning of the word...? It really makes no difference to me whether the vendor pulled out of the sale days before completion because of another offer, or just because they felt like it, the effect is still the same to us - loss of money and no house to move into.
I'm sorry if I used the wrong word, but my post wasn't about the definition of the word, just about how unfair I felt the situation was...

Gimlet

You have misinterpreted the definition because it is poorly written. If they had just put a comma after the 'usually' it would have made more sense!

According to Wikipedia: "Gazumping" is to refuse to formalise a property sale agreement at the last minute usually, so as to accept a higher offer.

ernie-money

I've already explained that, I was just referring to pulling out of a purchase at the last minute, regardless of the reason for doing so...
Ok, I used the wrong word, so shoot me! I've already apologized for doing that, but as that wasn't enough, I have changed the title of the thread, to finally put the debate over the terminology to bed. Is everyone happy now...?:D

rsykes2000

Gimlet wrote: »

You have misinterpreted the definition because it is poorly written. If they had just put a comma after the 'usually' it would have made more sense!

According to Wikipedia: "Gazumping" is to refuse to formalise a property sale agreement at the last minute usually, so as to accept a higher offer.

IMO it would make more sense if the 'usually' was omitted and correct grammar to have a comma after the 'minute'.

ahfh1

Is there any way you can re-claim back your costs (survey/legal fees etc)?

Milliewilly

ahfh1 wrote: »

Is there any way you can re-claim back your costs (survey/legal fees etc)?

In word No. Very unfair I agree, had the same thing happen to me a few weeks ago £460 down the drain to solicitors and the best part of 6 weeks potential sale to others wasted.

jamief

Doozergirl wrote: »

The Scottish end up having to pay for surveys before they even get an offer accepted. It's hardly perfect. How many surveys do you pay for before you get the house you want?

No, they certainly don't.

The advent of the Home Report has put paid to this - the vendor must pay for the survey before putting the house on the market.

In fact we purchased a house (moved in last week) and didn't have to pay a penny for surveys or valuations because the vendor already had via the Home Report.

Also, the Scottish system is far superior in that it becomes legally binding much earlier (when missives are concluded, over 4-6 weeks before the date of entry). This way, if the vendor pulls out, they are financially liable, whereas darn sarf you lot don't know whether it'll go through until the 11th hour.

ernie-money

jamief wrote: »

No, they certainly don't.

The advent of the Home Report has put paid to this - the vendor must pay for the survey before putting the house on the market.

In fact we purchased a house (moved in last week) and didn't have to pay a penny for surveys or valuations because the vendor already had via the Home Report.

Also, the Scottish system is far superior in that it becomes legally binding much earlier (when missives are concluded, over 4-6 weeks before the date of entry). This way, if the vendor pulls out, they are financially liable, whereas darn sarf you lot don't know whether it'll go through until the 11th hour.

So back to my original question, (before the grammar/phraseology debate began!) - is anyone doing anything about it?
If the Scottish system is so much superior and fairer in this aspect, is the law likely to change...?

LandyAndy

jamief wrote: »

No, they certainly don't.

The advent of the Home Report has put paid to this - the vendor must pay for the survey before putting the house on the market.

In fact we purchased a house (moved in last week) and didn't have to pay a penny for surveys or valuations because the vendor already had via the Home Report.

Also, the Scottish system is far superior in that it becomes legally binding much earlier (when missives are concluded, over 4-6 weeks before the date of entry). This way, if the vendor pulls out, they are financially liable, whereas darn sarf you lot don't know whether it'll go through until the 11th hour.

Unfortunately the Scottish system has one huge, overriding disadvantage in that, to enjoy its benefits, you have to live in Scotland.