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Gazumping and executors duties
Bwooks
Posts: 7 Forumite
By way of background, my sister is trying to purchase a commercial property to have her salon in. We found a property which was being offered at £30k. It was a very small one storey place with no garden, just parking at the front, and which used to be a small pet shop. The owner has died and therefore it is subject to probate.
We had our offer accepted (£30k) and the owner being one of the executors, directed us to her solicitors and we commenced conveyancing. The seller wanted to complete by this Friday.
She had originally put it up for auction and the board had gone up outside the property to this effect. Following our offer, she said she was not going to auction although the board has been left up.
Yesterday, we got an email from the solicitors saying that the sellers agent has been approached by various buyers and has had an offer of £43k which has been accepted so basically, they have withdrawn from sale.
The new buyers have apparently approached the council asking if they can demolish the property and replace it with a residential property. The footprint of the place is tiny and I can't see how they will have any garden either but that is up to them I suppose.
Apparently, the other executor who is known to us has said he knows nothing about the sale and is not one to go back on his word so if he was a party to the sale (which the documentation indicates he is) then he would have let it go through to my sister.
I think there is something fishy going on here. I know the executors have a duty to get the best price for the property but it was all going though until yesterday and we have incurred costs. I wonder if the solicitors have considered the file further and suggested to the vendor that they should go to auction instead. Any comments would be most welcomed.
We had our offer accepted (£30k) and the owner being one of the executors, directed us to her solicitors and we commenced conveyancing. The seller wanted to complete by this Friday.
She had originally put it up for auction and the board had gone up outside the property to this effect. Following our offer, she said she was not going to auction although the board has been left up.
Yesterday, we got an email from the solicitors saying that the sellers agent has been approached by various buyers and has had an offer of £43k which has been accepted so basically, they have withdrawn from sale.
The new buyers have apparently approached the council asking if they can demolish the property and replace it with a residential property. The footprint of the place is tiny and I can't see how they will have any garden either but that is up to them I suppose.
Apparently, the other executor who is known to us has said he knows nothing about the sale and is not one to go back on his word so if he was a party to the sale (which the documentation indicates he is) then he would have let it go through to my sister.
I think there is something fishy going on here. I know the executors have a duty to get the best price for the property but it was all going though until yesterday and we have incurred costs. I wonder if the solicitors have considered the file further and suggested to the vendor that they should go to auction instead. Any comments would be most welcomed.
0
Comments
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Not really sure what advice/info you are looking for.
You've been gazumped. A higher offer (significantly!) has been received and the seller (or at least one of the Executers) has accepted it. Whether the land will/will not get planning permission is obviously unknown but the other buyer seems willing to take a gamble on that.
The Executer you know may be willing to put his foot down and force the other E to proceed with your purchase, but from what you say this sounds unlikely.
Increase your offer, persuade the Executer you know, or walk away.0
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