In our bi-weekly series, readers can email in with any questions about property to be answered by our expert, Jonathan Rolande. Jonathan is a professional property-buyer and housing commentator who has bought and sold over 1,000 properties. If you have a question for him, email us at money@theipaper.com.
Question: Is it ever OK to accept a gazumping bid? I agreed to a sale offer two months ago from a buyer. Now, I’ve had one worth £10,000 more but the buyer has already had a survey done, instructed solicitors and more. I feel guilty, but £10,000 is a lot of money.
Answer: This is a tough one. Legally, you will have done nothing wrong by accepting an offer from a new buyer and dropping the current purchaser like a hot brick. But legality and doing the right thing aren’t always the same thing, which I imagine is why you are seeking help.
Your dilemma is as much ethical as it is financial. Let me explain, starting with the easier part.
Practically, right up until contracts are exchanged, you are within your rights to swap buyers as you please or change your mind altogether and not move at all. Government and industry bodies are exploring ways to reduce the risk of property sales collapsing before exchange. But today, either party can still walk away.
