Lock out agreements

(5 Posts)
HairyPorter Wed 26-Mar-14 11:14:19

So we're trying to buy in London. Market is crazy. We've been gazumped once and outbid numerous times. Properties around here are going for about 5-10% over asking price. We've seen a flat we like and have asked the seller if they will consider a lock out agreement. They've said no. This flat was off the market and then came back on and I'm uncertain as to why. I'm concerned about being gazumped again and for that reason was keen on the lockout. The flat isn't perfect but probably scored about 8 out of 10 in terms of criteria fulfilled. Wwyd??

allthatglittersisnotgold Wed 26-Mar-14 12:31:46

Out of interest what is a lock out agreement?

Think it's been said before, if you really want to buy it's always better value than renting. Prices are high, but do you want to move in 2 years and create a quick profit or would (which is unlikely to be achieved in this climate) or would you be willing to stay 5-10 years and ride out any potential losses?

A few friends have been buying in London recently and all have had to offer over asking price.

spotty26 Wed 26-Mar-14 12:38:53

Instead of a lock out, just exchange within 2/3 weeks of papers going out.

MadameMattise Wed 26-Mar-14 13:48:37

Rent and wait until this madness stops. It will.

HairyPorter Wed 26-Mar-14 19:02:13

We are renting at the moment. The seller had previously agreed to a lock out (terms had been send by our sols to hers) but has now changed her mind.... Makes me very suspicious tbh!

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