Lock-out agreement

sarah1980

Can explain a little more about how this would work? I have put in an offer which is acceptable to the seller but cannot proceed until I have sold one of my investment properties. this shouldn't be too hard as it is a great property in a sought-after location and may be able to sell to friends.

The vendor of the property I've offered on is continuing to do viewings until they have it in writing from my solicitor that the investment property has been sold. I don't want to sell the investment then find it is too late and the propetry I offered on has gone to someone else - help!!

Thanks.

GDB2222

I would suggest Googling. Here is one URL
http://www.tltsolicitors.com/legal-update/Property-Update/P5091.asp

GDB2222

Oh, and here is another (better) one

http://www.swarb.co.uk/lawb/cvrLockout.shtml

spottydog

If I was the vendor I personally would keep my property on the market until you were in a position to proceed (i.e. had a valid offer on your property).

Unfortunately with the current market even those properties that are in sought after locations can take quite a while to sell.

Why not put your property on the market and once you have a firm offer on yours go back to the vendor and ask if he will then stop marketing (I would hope at this point we would). Exchange on the property you need to sell and the property you want to buy can take place on the same day so you won't need to worry about selling your place and finding the place you want sold.