Under the Scottish system, sellers generally set a certain date by which all bids for the property must be in and make their decision from those bids. The seller then confirms his acceptance in writing (perhaps in a qualified form).

If the seller then gets a better offer and wants to change his mind, his solicitor will refuse to act for him on the new transaction, as doing so would leave him open to charges of professional misconduct. Rival solicitors are free to take the business if they wish, but this seldom happens in practice.

Charcol is not authorised to offer investment advice.  We recommend you seek professional advice with regard to these topics if you believe they may affect you.