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Help and advice needed by confused First Time Seller
mrs_scrubbit
Posts: 3 Newbie
Hi All.
I put my home on the market last Nov 08 for £165,000. 7 weeks later I agreed to sell it to a FTB for £150,000. It has taken until this Monday for their surveyor to come round and value the property. Two days ago I was contacted by my E.A. who said that my buyer had switched lenders and that he was going to arrange a vendor gifted deposit . Another surveyor will be coming round next week and I am to say that the agreed selling price is £160,000 even though I will still only be getting £150,000. My solicitor is aware of this development.
Is this all above board ?
I would appreciate your comments/advice.
Many Thanks
Martha Scrubbit
I put my home on the market last Nov 08 for £165,000. 7 weeks later I agreed to sell it to a FTB for £150,000. It has taken until this Monday for their surveyor to come round and value the property. Two days ago I was contacted by my E.A. who said that my buyer had switched lenders and that he was going to arrange a vendor gifted deposit . Another surveyor will be coming round next week and I am to say that the agreed selling price is £160,000 even though I will still only be getting £150,000. My solicitor is aware of this development.
Is this all above board ?
I would appreciate your comments/advice.
Many Thanks
Martha Scrubbit
0
Comments
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Walk away from this and find another buyer0
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No, it's not legal. It would create a false value to be entered onto the Land Registry. Your solicitor should not allow this, and probably won't.
Obviously, your "buyer" is a wannabe and can't raise the mortgage. So now they're trying to find bent and illegal ways to falsify a deposit.
Tell them you won't be party to their deceitful ways and they must raise their deposit by any other illegal means they choose, but leave you out of their shennanigans.0 -
If the property is valued at 160k then there shouldn't be any problems. To me it looks like they haven't got the deposit sorted and have been stalling. Only some lenders will take vendor gifted deposits, so it looks like this maybe the reason they have decided to switch.
It's all well and good to say walk away, but in this climate, if the buyers seem interested i'd say try and push it through as you don't know how long it will take to find a new buyer.0 -
yes tha 's what my instinct tells me but my partner just wants to get the whole thing over with and sees no problem .The E.A. and solicitor in question are very well established and highly regarded . We are worried we will lose the house we want if we start the whole process over again.
Thanks for advice anyway.0 -
PasturesNew wrote: »No, it's not legal. It would create a false value to be entered onto the Land Registry. Your solicitor should not allow this, and probably won't.
Obviously, your "buyer" is a wannabe and can't raise the mortgage. So now they're trying to find bent and illegal ways to falsify a deposit.
Tell them you won't be party to their deceitful ways and they must raise their deposit by any other illegal means they choose, but leave you out of their shennanigans.
If the property was originally valued at 165k then how can 160k be a false value? The OP accepted less but you don't know their circumstances. Some mortgage companies accept vendor gifted deposits if the value of the house stacks up, so it isn't an illegal practice.
It's also worth remembering they have spent money on 2 surveyors now, so they wouldn't be just throwing money down the drain. Why not suggest if they don't pick up the pace, you want to continue marketing?0 -
I could not possibly say this myself but someone might think you were taking part in a conspiracy to obtain a false valuation from an innocent surveyor.
THis might then cause a lender to think your buyers loan to value was higher than it truly is.
Perhaps you should not go there................................I have put my clock back....... Kcolc ym0 -
If the property was originally valued at 165k then how can 160k be a false value? The OP accepted less but you don't know their circumstances. Some mortgage companies accept vendor gifted deposits if the value of the house stacks up, so it isn't an illegal practice
Where does it say it was VALUED at 165k?0 -
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mrs_scrubbit wrote: »The E.A. and solicitor in question are very well established and highly regarded.
So was Lord Archer and So was H P Jaggard................................I have put my clock back....... Kcolc ym0 -
Did they just pluck this out of the air? or did they get some people round to value their house?mrs_scrubbit wrote: »Hi All.
I put my home on the market last Nov 08 for £165,0000
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