Gazumped by the bank

[glesga123]

My sister had an offer for a house in Glasgow verbally accepted by the seller . It turns out the property had been reposessed and the seller was a Birmingham building society. They are now unwilling to sell because the previous borrower owed more than the value of the property and now they are saying they want to auction it off. I was always under the impression that under Scots law, a verbal agreement is as binding as a written one. Can anyone shed any light on this one. She and her two kids could be homeless in three weeks as she has sold her flat

[buildersmate]

It isn't a verbal agreement in Scotland that ties this down - its an agreement put in place on the day that the solicitor acting for the seller has declared that all offers above the asking price must be in by. Money changes hands on that day and all the bidders must have done their research homework (someone in Scotland can probably explain it better - but that's the gist, I think). It sounds like your sister hasn't got this far with the transaction?

[glesga123]

Thanks for your input buildersmate and in a pickle. It seems that the 'seller' of the property was not entitled to sell and may have been looking to make a quick buck before heading home (to Ghana i'm told) The family solicitor reckons my sis got off light thanks to the legal system being as stringent as it is, but having spent most of today between lawyers and estate agents i conclude that the entire industry appears to be awash with W*****S.