Some people are going to hate me for this, but.

We saw our dream house exactly where we wanted it + put ours on the market.

Thanks to hips, waiting to be online etc, we missed our chance+ it has gone to someone else.then something else came up + we had an offer on ours.

Between the time of our offer+ putting our offer on, the one we wanted was also sold.....

'oh well, something will come up' we said.

Trouble is, we are on a very limited budget+ need garage + parking, or possibiliy of parking spaces.

Nowt has come up that we would of put our house for sale for.So we may well have to stay put.

We have only verbally accepted the offer and havent instructed the solicitors.

Any one had this kinda experience?

whats it gonna cost me??

until you have exchanged contacts you have no legal obligation to continue with the sale so just pull out, not nice i know but hey thats life, just explain you have lost your dream house so you cant go through with the sale.

 

the other alternative and this is what we did as we didnt want to lose the sale on our house was to put all our stuff in storage and moved in with the parents for a few months or you could rent a house on a short term lease and continue to look for your dream house?

 

Mike

As kirbz said, the UK system means your under no obligation until the exchange of contracts. Just inform estate agents the situation and they will notify the buyers. That's it. Wont cost you anything.

 

I was in a similar situation a couple of years back, except I was made redundant at the time - which totally screwed us up for getting new mortgage and we had to pull out of the sale.

We have ours for sale at the moment, our dream house isn't built yet but as we know we WANT to move if ours sells we'll just rent until it's ready. If you know you want to move then don't miss out on the chance of a sale as you'll kick yourself if you find another dream home later and can't sell yours.

+1 to rent somewhere. It's a buyers market at the moment and you may be in a position of finding the dream house but unable to sell yours

if this had happened in scotland you'd be stuffed...verbal is binding

Cheers guys.

Bloody scary not knowing what way prices are going to jump.The papers are full of housing prices up, but all i see is neighbours and mates unable to work when they want to + always have before.....

if this had happened in scotland you'd be stuffed...verbal is binding

 

True but impossible to prove and an old law thats laughed out of court.

 

Also the sale of land/property has to be in writing so wouldn't be used at all here.

 

Untill the 'conclusion of missives' happens in Scotland either party can walk away whenever they like- its only at this point the offer becomes legally binding via solicitors.

 

In this case it has not even got as far as going to the solicitors so no form of contract exists.

True but impossible to prove and an old law thats laughed out of court.

 

Also the sale of land/property has to be in writing so wouldn't be used at all here.

 

Untill the 'conclusion of missives' happens in Scotland either party can walk away whenever they like- its only at this point the offer becomes legally binding via solicitors.

 

In this case it has not even got as far as going to the solicitors so no form of contract exists.

 

sounds perfectly reasonable to me mate...i give way to your superior knowledge in this case :bow::duffer: