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If the only effect of this wrong information was some hassling and inconvenience then you've gotten away very lightly.
When I was a FTB there was no chain and no rush on either side: EA was still calling and hassling me to get things moving, even though they were moving along nicely with no problems and everything went smoothly.
On another property the EA advertised as Freehold; it turned out to be Leasehold with so many complications it couldn't be sold at all in the end. £2500 spent on fees etc., plus having to start over = tough luck. The EA was only passing on info from the seller.
You can't get compensation from an ignorant seller, they are not regulated and until exchange not contractually liable for anything. There are plenty of ignorant sellers out there all you can do is beware and brace yourself!0 -
Do you need to sell your current property in order to raise any of the funds needed to make the purchase?
At the point of my offer I didn't know , I just presented the situation I was in at that point
As it turned out yes I did need to sell mine first0 -
Go ahead make your complaint, if it makes you feel better, but as to any compo, you will have to prove loss and I suspect go further than just through the ombudsman0
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I am buying a property managed by PB and they told the vendors I was chain free but what I told them was I was single with mortgage offer in place and didn't need to sell my house to raise the deposit...not the same thing
That's fairly ambiguously worded, if you ask me.
It's also unlikely that you would have a mortgage offer at the beginning of the process. Most likely an agreement in principle, which would be subject to a full application and valuation of the property. Only then would an offer be produced.At the point of my offer I didn't know , I just presented the situation I was in at that point
As it turned out yes I did need to sell mine first
It may have been helpful to make PB aware that there was a chance you may need to rely on the sale of another property.
It's fine not to need to sell a house to raise the deposit for exchange. But if you do need to sell a house to have the balance of funds on completion, then you're not going to exchange until the sale is ready too.0 -
I am buying a property managed by PB and they told the vendors I was chain free but what I told them was I was single with mortgage offer in place and didn't need to sell my house to raise the deposit...not the same thingAt the point of my offer I didn't know , I just presented the situation I was in at that point
As it turned out yes I did need to sell mine first
So a miscommunication / misleading info from you.
Your mortgage offer was based on selling your property (and thus paying off your existing mortgage. So your deposit (often used to mean purchase price - mortgage) depends on this mortgage and so depends on selling your property.
If you didn't sell your property, you'd be offered a lower mortgage due to lower affordability, so would need a higher deposit which you didn't have.0 -
"Estate agents mislead us"
In other news, water is wet.....0 -
tallsmithy wrote: »I've read an article on hoa.org.uk which clearly states estate agents:
Not leave out important information that potential buyers need to make informed decisions. They must give all the necessary information so a buyer can make an informed choice when it comes to making an offer or instructing conveyancers or surveyors
and also:
Not put undue pressure on any party to act quickly – to put in an offer, raise their price, skip the survey or exchange contracts
Don't know if its worth pursuing with the Property Ombudsman,
So print that statement off, tell the EA they've broken the law and ask what they're going to do about it?
Any Ombudsman's job is to break a deadlock situation so they will have expected you to speak to the EA first.0 -
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It's 'I was misled'.
That's the past tense from the verb to mislead.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
That's fairly ambiguously worded, if you ask me.
How ?
I answered the questions asked honestly ,PB used the information to sell me to the vendor as chain free
At the end of the day they are the market professionals not me,I only found out they had said I was chain free when the offer was accepted and I messaged the vendor direct
They very reason I am on this board is to understand the process better because straight answers are hard to come by0
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