Verbal Offer agreed but changed at the last minute, what are my rights.

user1977

I expect you're replying to other people's comments, but if you don't quote them it's difficult to make sense of who or what you're responding to.

Dustyevsky

https://forums.moneysavingexpert.com/discussion/comment/81912400#Comment_81912400

Welcome to the Forum. People get what you are saying, but the advice here has to be clear and accurate. Expressions of sadness or moral outrage on your behalf will not change anything.

You asked what your rights are in this case, and the answer is not what you want to hear. However, the house with your name on it is out there somewhere, and you'll find it. I'm sure contributors here wish you all the best in your search.

mta999

If the house builder offered your price for your house subject to you buying their house and you agreed then a contract was formed unless (and this is important) they said 'subject to contract'

Otherwise you have a valid binding contract and if you suffer a financial loss as a result of them.pulling out you can sue them

eddddy

mta999 said

If the house builder offered your price for your house subject to you buying their house and you agreed then a contract was formed unless (and this is important) they said 'subject to contract'

Otherwise you have a valid binding contract and if you suffer a financial loss as a result of them.pulling out you can sue them

That's not correct for sales of land (including sales of houses).

Section 2 of Law of Property (Miscellaneous Provisions) Act 1989 applies to those type of sales.

That section begins:

…and it continues with other requirements.

See : https://www.legislation.gov.uk/ukpga/1989/34/section/2

So the OP had no contract - because nothing was in writing and other requirements for a contract to exist hadn't been met.

And in any case - I'm pretty certain that the OP did not want to enter into a binding contract at that stage. The OP's solicitor hadn't done any searches; the OP's mortgage lender hadn't done a valuation or made a mortgage offer; etc.

So It would probably have been super-reckless for the OP to enter into a binding contract to buy the house at that stage.

Isthisforreal99

https://forums.moneysavingexpert.com/discussion/comment/81912400#Comment_81912400

Yes, if I really wanted the house. £5k is less than 1% of the purchase price.

Emmia

https://forums.moneysavingexpert.com/discussion/comment/81914163#Comment_81914163

I'd also suggest that if the OP doesn't have the wiggle room, that they need £300k and cannot purchase at £295k that they're pushing their affordability too much for the next house.