Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

Victims of "Gazanging"; do we have any rights, where do we go from here??

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Victims of "Gazanging"; do we have any rights, where do we go from here??

    Hi everyone,

    Hope that some nice person can advise my husband and myself please!
    According to statistics we are in a fantastic position to buy; first time buyers with a 25% deposit, mortgage offer in place, no kids etc.

    We are having terrible luck trying to find a property to buy in Southampton (standard detached/semi 3 beds, 2 receptions, parking, a garage would be nice!). Our first attempt and the seller accepted the offer, then two days later withdrew his house from sale.
    The second; we got to within two days of contract exchange, and after more than £1000 invested in a homebuyer report, lawyers, etc, the seller pulled out. >:-<
    Now we are back to square one, but with the added pressure of a baby on the way, my husband now working abroad (home every other weekend) and a lack of houses in this area.

    Any advice/information about where we stand with the "gazanging" house sale, and also about actually completing the buying process, would be gratefully received!!

  • #2
    Re: Victims of &quot;Gazanging&quot;; do we have any rights, where do we go from here??

    What part of Southampton are you trying to buy in?

    Not much you can do apart from asking a lot of questions of the sellers to try to establish how likely they are to change their minds. See Hints on Choosing a House or Flat to buy | Seller's reasons for moving | Questions to ask a Seller where there are some hints about questions to ask a seller.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

    Comment


    • #3
      Re: Victims of &quot;Gazanging&quot;; do we have any rights, where do we go from here??

      Hey HunnyBunny101,

      There are two things you can do.
      1. Secure the house with a "Purchase Option" document. This is psycological lock out document used by Property Investors (er me) and I use these a lot. It costs nothing - just download one from the Interweb and customise as required.
      2. Formalise the house purchase with "purchase option". This is a legal document which formally locks the house to you to enable to to buy for a given period of time e.g. 1 year (although for you it might just be 4 months to cover the conveyancing). Apart from legal fees there is an "option fee" that goes with this approach - just £1. The purchase option will cost you about £500 - but the upside is that the legal aspect can be completed in about 10 days meaning the the house is legally locked to you once the legals are done. You'd have to agree this approach with the vendor - but if they are keen to sell and costs them nothing - then why not? You'll need to find a solictor who can deal with Options as they are very specialists - not for your every day solicitor. I can provide 3 or 4 good ones if you want to go with this route.

      HunnyBunny - you will not have heard of the option route - but this is perfectly legal.

      Help with buying, there are plenty of resources around - just look on google for "how to buy a house". I wish I could offer my site.... :-(

      Good luck with the baby. I hope you are in your new home before it arrives.

      Comment


      • #4
        Re: Victims of &quot;Gazanging&quot;; do we have any rights, where do we go from here??

        Yes, you could get the seller to give you an option, but his solicitor may advise him not to do it because it would commit his client too much, e.g. if seller looking to buy he would not want to be forced to complete a sale to you within a given timescale. It would also involve higher legal fees for you.
        RICHARD WEBSTERwww.rwco.co.uk
        As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

        Comment


        • #5
          Re: Victims of &quot;Gazanging&quot;; do we have any rights, where do we go from here??

          Hi Richard,

          I agree with your comments - BUT - you set the timescale for the option to complete - e.g. 6 months to enable conveyancing to complete..

          Yes it means higher price to you but - it does stop the seller from pulling out within that time period and it is just a safety belt - it's an option - HunnyBunny can use it or not use it - it is HunnyBunny choice. At least they know they have more knowledge than before.

          Regards,

          Comment

          Working...
          X