We are occasionally instructed to view properties with clients, to get a quick and convenient second opinion. Of course we strongly advise Building Surveyors appropriately qualified to also carry out a survey, to ensure no structural or damp problems exist, or to at least confirm them.
During our last visual survey and inspection, our client (cash buyer) placed an offer on a property advertised for £450,000. Property valuations are are beyond our remit however their solicitor and the estate agent advised offering £425,000, due to a few issues with the property. This was formally accepted and our clients’ solicitor made the legal arrangements to secure the property and place an advertising ‘stop’ to ensure further interest was not received.
Approximately 1 week later, the estate agents selling the property rang to cancel the agreement on the basis that a third party had put an offer in, in excess of theirs. This meant our clients had lost the property after many months of searching, and this isn’t the first time it’s occurred.
Therefore our advise is to secure and receive formal agreement not just for the sale of the property, but also confirmation that no other party can gazump the original and agreed purchaser. We appreciate this still remains a grey area despite many years of disputes, however you are supposedly able to get around this by ensuring your conveyancing solicitor arranges a ‘lock in’ (sometimes known as a ‘lock out’) agreement.
If you are interested in employing our services, please do not hesitate to contact us.