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  • FIRST POST
    • jrsk
    • By jrsk 1st Oct 17, 10:49 PM
    • 1Posts
    • 0Thanks
    jrsk
    FTB Issues
    • #1
    • 1st Oct 17, 10:49 PM
    FTB Issues 1st Oct 17 at 10:49 PM
    Hi everyone,

    Just wanted some advice as stressing right now! We are buying a new build property that is built so ready to go. We wanted a quick sale as did the developer and had a few offers on our property that we were selling, two from FTBs and one in a chain. We obviously picked one of the FTBs with no chain and was told he was ready to go.

    We now find out last min (our solicitor nor the estate agent dealing with our offers knew about this) that his dad is giving him the deposit money to buy our house (this we knew) what we didn’t know is that this money was coming from his dad selling his property!!!!

    We are now stuck in a chain.. with no guarantees on completion and the developer of our new home may have to put our house up for sale again as they can’t hold it any longer......!!

    Surely this is completely wrong and some form of illegal to “market” yourself as a FTB with no chain when this is now happening as if we had have known, we may have chosen the other FTB who actually didn’t have a chain.

    Any advice would be fab. At risk of losing our dream home potentially!!!
Page 1
    • davidmcn
    • By davidmcn 1st Oct 17, 11:04 PM
    • 6,263 Posts
    • 6,041 Thanks
    davidmcn
    • #2
    • 1st Oct 17, 11:04 PM
    • #2
    • 1st Oct 17, 11:04 PM
    Surely this is completely wrong and some form of illegal to “market” yourself as a FTB with no chain
    Originally posted by jrsk
    No, it's not any form of illegal. Many forms of time-wasting are perfectly legal. If you wanted to know for certain that they had their deposit ready you could have enquired further.
    • RiversTam
    • By RiversTam 1st Oct 17, 11:31 PM
    • 36 Posts
    • 23 Thanks
    RiversTam
    • #3
    • 1st Oct 17, 11:31 PM
    • #3
    • 1st Oct 17, 11:31 PM
    When we bought we advised the seller we were chain free - which is one of the reasons they accepted our offer.
    When our offer was accepted we had to provide the EA with proof of deposit to have the house taken off the market. Did your EA not check this for you if they knew you wanted a chain free offer?
    The trouble with having an open mind, of course, is that people will insist on coming along and trying to put things in it.
    • hammy1988
    • By hammy1988 2nd Oct 17, 11:19 AM
    • 87 Posts
    • 59 Thanks
    hammy1988
    • #4
    • 2nd Oct 17, 11:19 AM
    • #4
    • 2nd Oct 17, 11:19 AM
    Yes we also had to provide proof for the sale of our house when we put a deposit down for a New Build.

    One thing I learnt in the New Build buying process is that they push push push for the sale! We had the sales office ring us at least 3 times a week for updates.

    The only thing I can say is to keep the developers in the light of the whole situation, do not hide anything from them bar your position. That way if they start threats to resell (and usually they are just threats) you can argue that you have kept them posted.

    What position is his dad in? Is he in the process of selling and completion? Therefore it shouldn't be that long I would think (or hope).

    As a backup, maybe enquire to the developers to see if they would let you part exchange your house to them? You can get a good deal if needed with these processes. By the viewings you have had, it's likely your house will be good to sell.

    But from personal experience... keep the developers updated!
    • diggingdude
    • By diggingdude 2nd Oct 17, 9:22 PM
    • 45 Posts
    • 52 Thanks
    diggingdude
    • #5
    • 2nd Oct 17, 9:22 PM
    • #5
    • 2nd Oct 17, 9:22 PM
    As a FTB, I get really annoyed when people lie about deposits etc. I have twice lost out now on properties only for the other buyer to have pulled out/needed a big delay. The estate agents have called me on both occasions and given me chance to offer but I haven't out of principle. Could your estate agent perhaps call the other FTB and see if they are interested?
    • csgohan4
    • By csgohan4 3rd Oct 17, 7:31 AM
    • 4,015 Posts
    • 2,497 Thanks
    csgohan4
    • #6
    • 3rd Oct 17, 7:31 AM
    • #6
    • 3rd Oct 17, 7:31 AM
    out of principle I would remarket as the buyer lied, but in your position that is difficult
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Cakeguts
    • By Cakeguts 3rd Oct 17, 5:07 PM
    • 3,274 Posts
    • 4,563 Thanks
    Cakeguts
    • #7
    • 3rd Oct 17, 5:07 PM
    • #7
    • 3rd Oct 17, 5:07 PM
    I think pull out and remarket because selling the dad's house could take forever and they didn't tell you about it. Find someone who is honest about their buying position.
    • oozle1989
    • By oozle1989 4th Oct 17, 10:37 AM
    • 169 Posts
    • 186 Thanks
    oozle1989
    • #8
    • 4th Oct 17, 10:37 AM
    • #8
    • 4th Oct 17, 10:37 AM
    When I bought my house as a first time buyer last year I was required to provide proof of deposit to the EA, along with a copy of a mortgage in principle, before the house could be taken off the market
    • eddddy
    • By eddddy 4th Oct 17, 1:16 PM
    • 5,542 Posts
    • 5,228 Thanks
    eddddy
    • #9
    • 4th Oct 17, 1:16 PM
    • #9
    • 4th Oct 17, 1:16 PM
    There's no benefit in going to war with your buyer over this.

    I would just tell the buyer that because they aren't proceedable, you're putting your property back on the market.

    If they become proceedable, you will take the property off the market and proceed with them.

    But if another proceedable buyer comes along first, you will go with them instead.


    The risk of losing your property might encourage your buyer and their father to move along a bit faster.
    • Crashy Time
    • By Crashy Time 4th Oct 17, 1:18 PM
    • 5,281 Posts
    • 2,217 Thanks
    Crashy Time
    There's no benefit in going to war with your buyer over this.

    I would just tell the buyer that because they aren't proceedable, you're putting your property back on the market.

    If they become proceedable, you will take the property off the market and proceed with them.

    But if another proceedable buyer comes along first, you will go with them instead.


    The risk of losing your property might encourage your buyer and their father to move along a bit faster.
    Originally posted by eddddy

    How do you encourage the fathers buyer to move along a bit faster though? There is one solution, but lots of people are not keen on it.
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