Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • catherine2304
    • By catherine2304 1st Dec 17, 10:25 AM
    • 5Posts
    • 203Thanks
    catherine2304
    Purchase fell through due to agents - where do we stand
    • #1
    • 1st Dec 17, 10:25 AM
    Purchase fell through due to agents - where do we stand 1st Dec 17 at 10:25 AM
    Hi there
    Our purchase of a Victorian Semi fell through at the last minute because the agent suddenly announced that we had to exchange within 24 hours.
    This happened after we were trying to negotiate a reduced price because the survey showed up £50k of unexpected work.
    We were part way through negotiating and had asked for some more information on the property history from the agent which they refused to supply.
    Our solicitor also advised that there was a lot of other paperwork missing.
    We lost £2.5k in survey, solicitor and mortgage fees and feel quite mislead by the agents who for some reason we feel decided to pull the property from the market.
    The agent told several lies to our solicitors and also said the level of work required was apparent at the time of viewing, we questioned if this was the case why they didn't mention it to us because surely if we should have been able to see it, they knew too.
    Any advice on where we might stand in making a complaint?
Page 1
    • Lokolo
    • By Lokolo 1st Dec 17, 10:29 AM
    • 19,937 Posts
    • 15,057 Thanks
    Lokolo
    • #2
    • 1st Dec 17, 10:29 AM
    • #2
    • 1st Dec 17, 10:29 AM
    Nowhere. It's unlikely to be the agent being the ones demanding this, but more like the sellers.

    If the survey came back valuing at the price you offered and then you tried to reduce because you had more work you'd have to do, I would have done the same. (I am not saying the survey did come back at the valued price but I wouldn't be surprised).

    Did the survey value the property at the price you offered?
    When you say you reduced your offer, what was the from and what was it to?

    edit - it could well be that the sellers knew there were all these issues and want to exchange so there is no come back.
    • ReadingTim
    • By ReadingTim 1st Dec 17, 10:33 AM
    • 2,392 Posts
    • 3,401 Thanks
    ReadingTim
    • #3
    • 1st Dec 17, 10:33 AM
    • #3
    • 1st Dec 17, 10:33 AM
    Absolutely nowhere at all. Either side can pull out for whatever reason with no comeback at all right up to the points contracts are exchanged.
    • JoJo1978
    • By JoJo1978 1st Dec 17, 11:05 AM
    • 321 Posts
    • 391 Thanks
    JoJo1978
    • #4
    • 1st Dec 17, 11:05 AM
    • #4
    • 1st Dec 17, 11:05 AM
    Agree with ReadingTim, that!!!8217;s just happened to us on the day of exchange. No reason given. I feel for you, it!!!8217;s devastating, but you have no grounds.

    EA simply act for the seller. It sounds like the seller knew there were issues that your solicitor was about to uncover. Your solicitor was right to advise you not to exchange.

    Or maybe they just weren!!!8217;t prepared to accept less money. You may never know unfortunately.
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Second career (what TBD!) 2018
    • Surrey_EA
    • By Surrey_EA 1st Dec 17, 11:23 AM
    • 1,417 Posts
    • 1,744 Thanks
    Surrey_EA
    • #5
    • 1st Dec 17, 11:23 AM
    • #5
    • 1st Dec 17, 11:23 AM
    As others have said, the agents don't decide anything, they act on the instructions of their clients.

    £50k of unexpected work is a huge amount, was none of it really visible when you viewed the property?
    • G_M
    • By G_M 1st Dec 17, 11:25 AM
    • 43,214 Posts
    • 50,793 Thanks
    G_M
    • #6
    • 1st Dec 17, 11:25 AM
    • #6
    • 1st Dec 17, 11:25 AM
    If you think it was the agents who pulled the property, then talk to the sellers.

    But it will be the sellers who pulled it, not the agents.
    • Aylesbury Duck
    • By Aylesbury Duck 1st Dec 17, 11:28 AM
    • 1,479 Posts
    • 1,934 Thanks
    Aylesbury Duck
    • #7
    • 1st Dec 17, 11:28 AM
    • #7
    • 1st Dec 17, 11:28 AM
    Your complaint is with the owners of the property, assuming they instructed the agent. Unfortunately, galling as it is, you spent that money at your own risk and the sellers have left you high and dry.

    A more positive way to look at it is that perhaps your mortgage fee is transferable if you take the same mortgage deal for another property and that you've probably had a fortunate escape from a property that sounds like it would have lost you a lot more than £2.5k. My guess is that the vendors were desperate to exchange because they know full well the extent of the problems.
    • Comms69
    • By Comms69 1st Dec 17, 11:29 AM
    • 2,422 Posts
    • 2,324 Thanks
    Comms69
    • #8
    • 1st Dec 17, 11:29 AM
    • #8
    • 1st Dec 17, 11:29 AM
    Hi there
    Our purchase of a Victorian Semi fell through at the last minute because the agent suddenly announced that we had to exchange within 24 hours.
    This happened after we were trying to negotiate a reduced price because the survey showed up £50k of unexpected work.
    We were part way through negotiating and had asked for some more information on the property history from the agent which they refused to supply.
    Our solicitor also advised that there was a lot of other paperwork missing.
    We lost £2.5k in survey, solicitor and mortgage fees and feel quite mislead by the agents who for some reason we feel decided to pull the property from the market.
    The agent told several lies to our solicitors and also said the level of work required was apparent at the time of viewing, we questioned if this was the case why they didn't mention it to us because surely if we should have been able to see it, they knew too.
    Any advice on where we might stand in making a complaint?
    Originally posted by catherine2304
    The agents weren't anything to do with it, they're a mouthpiece for the sellers
    • thelem
    • By thelem 1st Dec 17, 12:15 PM
    • 678 Posts
    • 486 Thanks
    thelem
    • #9
    • 1st Dec 17, 12:15 PM
    • #9
    • 1st Dec 17, 12:15 PM
    Was this a fixer-upper, or somewhere you were just expecting to move straight into? What was your initial offer, the valuation and what revised offer?

    Putting myself in the seller's shoes with some made up numbers: Say I've got a £300k house but it's in a bit of a state - it needs £50k spent on it, so I put it on the market and accept an offer of £250k. Everything is progressing well, until the survey shows the £50k of work required and the cheeky buyers drop their offer to £200k! Did they not realise it needed work when they viewed the property?! Do I have a claim against the buyer for wasting my time?
    Note: Unless otherwise stated, my property related posts refer to England & Wales. Please make sure you state if you are discussing Scotland or elsewhere as laws differ.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

231Posts Today

1,557Users online

Martin's Twitter