Concluding missives before mortgage approval

googler

No you're not. You're only legally bound when the 'missives are concluded' - i.e. the final exchange of letters between the solicitors where one says 'Yes we have a finalised contract' and the other responds with 'I agree'.

From the Law Society of Scotland's own pages;

http://www.lawscot.org.uk/Public_Information/buying_house/

wherein it says

"Your solicitor will negotiate the selling price and other matters – such as the date of entry – before negotiating and accepting any offer to purchase on your behalf. This exchange of letters signed by the solicitors is referred to as "missives". Once their terms are finally agreed there is a concluded and binding contract."

joolley

Nope. You are legally bound when a VERBAL offer is accepted between solictors. Before the qualified accepteance is faxed/posted. Sellar cannot withdraw because missives taking longer than the usual 6 weeks.

googler

This one also says 'legally bound after conclusion of missives' -

http://www.reallymoving.com/content/17/Guide-to-conveyancing-solicitors-in-Scotland.aspx

googler

joolley wrote: »

Nope. You are legally bound when a VERBAL offer is accepted between solictors. Before the qualified accepteance is faxed/posted.

You're legally bound to complete the sale when a solicitor verbally accepts an offer on your behalf?

What happens if the searches reveal some impediment to the sale? What if the titles aren't satisfactory? What if the house hasn't got any planning consent, and was built illegally? Would the buyer be obliged to complete in any of these cases?

BTW, a qualified acceptance is usually faxed/posted by the selling sol after a WRITTEN offer is faxed/posted from the buying sol to the selling....

joolley

Honestly, try withdrawing from a sale after agreement. In Scotland. It may well be possible. But it is blooming difficult. Impossible without significant financial penalty after conclusion of missives. And well well hard before conclusion.

joolley

Googler, these things are different from 'I don't want this house no more, ta'.

I suspect you're not in Scotland, then?

Also, pretty comfortable with qualified acceptance and the rest. Thanks. The OP is at the point of concluding missives. His/her offer has gone in and has been accepted. Unless I misread. Which is possible.

googler

joolley wrote: »

Googler, these things are different from 'I don't want this house no more, ta'.

I suspect you're not in Scotland, then?

Nobody, not even the OP, has suggested this is what's happening in this case.

I am in Scotland.

googler

joolley wrote: »

Also, pretty comfortable with qualified acceptance and the rest. Thanks. The OP is at the point of concluding missives. His/her offer has gone in and has been accepted. Unless I misread. Which is possible.

Yes, I know he's at the point of concluding missives. You were the first to mention qualified acceptances, with "Before the qualified accepteance is faxed/posted. Sellar cannot withdraw because missives taking longer than the usual 6 weeks. " and this seemed out of context because no-one else had mentioned them up till then. You'd also missed the written offer stage.

joolley

Take that back about Scotland then!

I didn't suggest that the seller just didn't want the house. But withdrawing due to matters on the searches is different due to funding etc. The OP suggested that she may well quickly sail through the mortgage stuff and I merely suggested that s/he buy as much time as poss as it may well be pricey otherwise.

Nowadays it's easier to withdraw, indeed. But still awful hard.

googler

joolley wrote: »

Honestly, try withdrawing from a sale after agreement. In Scotland. It may well be possible. But it is blooming difficult. Impossible without significant financial penalty after conclusion of missives. And well well hard before conclusion.

Which is broadly in line with what I've been saying up to now; you seem to be agreeing with me; the 'bargain' is struck at the conclusion of missives.

I disagree your last sentence though - if the buying solicitor writes to the selling sol withdrawing their offer - for any reason - before the final conclusion of missives, what then?