Scotland - can sellers change their mind after accepting offer?

krishijones

In Scotland:
A buyer offers a certain amount and seller accepts it. Buyer starts the process of buying. Now, can the seller change their mind at this stage (after accepting the offer), esp if they get a higher offer from another buyer at this stage?
Will there be any fines/charges for the seller for doing so?

And can the buyer decide not to buy it without facing charges/fines?

maninthestreet

Have the missives been completed yet?

krishijones

maninthestreet wrote: »

Have the missives been completed yet?

Sorry not to tech, so don't know what you mean by that. Our solicitors have sent an official letter and they have accepted it..if that's what you meant? Thanks.

agrinnall

Missives

From what you say I'd suspect missives haven't been concluded yet, so either side could still pull out, although some might say that the solicitor for the side that pulls out should then withdraw from further dealings with them (whether this actually happens in real life I have no idea).

After conclusion of missives it is still possible to pull out but a contract has been formed at that point so the withdrawing party is then open to being sued, and if it's the purchaser, to loss of some or all of the deposit. There are no fines, it's a civil process.

lemon26

Hi Krishi,

Having just sold a house in Scotland, until the missives are completed (which can be quite late in the process) both buyer and seller can withdraw.

Our buyer withdrew as her bank changed their minds on her mortgage offer at the last minute. According to the solicitor, had they taken a day longer the missives would have completed and she'd have been tied - though I don't knwo how we could have proceeded?

Anyway, she withdrew then came back with a cash offer of virtually every family member's savings, which we accepted and she's now living there happily - we know her from living around teh corner from her and her parents so at least it was a happy ending!