Lie to EA or come clean?

riverboat2001

Basically the Post Office turned down our mortgage application.
(i've got both Equifax and Experian printouts for both Partner and myself, and last defaults were in 2004, so note sure why they turned us down, the letter is not very clear or helpful)

So we went to an independant whole of market mortgage advisor in town who has said:
1/ Will definately get a mortgage, on a lower rate than PO offered
2/ 95% certain that we will be able to release equity on another property to give us a greater deposit on second one.

Not sure of all the in's and outs, we have to go back next Tuesday after all the holidays.



Now, where i'm really stuck is that the EA has sent me a letter confirming the property price etc
"Further to our recent conversations we are please to confrim that your offer of £237500 for the above mentioned freehold property has been accepted by our vendors , subject to a deadline to exchange within 28 days from receipt of contracts."

The letter is dated 18th December.
I'm still unclear of the exact meaning of this letter or the timescales mentioned.
The property is empty and we are not in a chain, the EA originally told us the seller was happy to go as fast or as slow as we needed.

So far my solicitors have not heard from the vendors solicitors, and due to the mortgage trouble i've asked him not to chase things.

So, should i come clean to the EA and ask for an extension of the dates, or perhaps blag it and say Post Office got the application really late due to the snow and so far they are all on holiday meaning i haven't heard from them yet.


I know you'll all say there are loads of other houses out there. But this fits our specific needs perfectly.

poppysarah

There will be loads of others that do too.


BUT stay calm. Speak to EA say you're not happy with the 28 days thing as you are changing your mortgage company.

There's no reason for them to enforce it unless you've signed something to agree to them. Let them find some other mug/buyer if they want it done so quick.

FinAdv

Hi,

Its a bit confusing.

You said that the letter says that there is a condition of exchanging the contract within 28 days and then on the other hand you also mentioned that seller is happy to go as fast or slow as required.

I think you should definitely speak to the EA to get more time. You can either tell the EA that you didnt like the deal from PO and that you are trying elsewhere or you just tell them that generally you need more time.

But you have to be a bit careful here with the time. You mentioned that you are looking to get equity release from another property as well. So, the whole process might take a long time.

Richard_Webster

28 days from 18th December is silly. Most of that time is over the Christmas break when lots of us are shut.

Your solicitor can stall quite easily because hasn't had a draft contract anyway. When he does get it there will be searches to do and questions to ask on the papers.

Why do you have to go to see the EAs anyway?

riverboat2001

FinAdv: that's exactly it, first they said no rush, think they were happy to find a buyer, so the letter from the Ea was surprising.

Richard Webster: i thought the timescale over Christmas was stupid too
I have just spoke to the solicitors company. They did recieve details of the sale, but that was on Christmas Eve, and Solicitors away until 4th Jan anyway.
I was going to see the EA to ask for more time.

I doubt wether there are many EA's working over the festive period either.

LandyAndy

riverboat2001 wrote: »

"Further to our recent conversations we are please to confrim that your offer of £237500 for the above mentioned freehold property has been accepted by our vendors , subject to a deadline to exchange within 28 days from receipt of contracts."

.

Doesn't this mean that once both parties have agreed the contracts there is 28 days to exchange?

In which case you don't agree the contract until you are happy you can exchange in a further 28 days.

Wakey2008

That's just standard EA rubbish to try and get you hurry along so they get paid. You don't need to tell them anything about your mortgage situation and they cannot hold you to anything as it is not their decision how long things take and they have no powers. All the EA does is bring buyers and sellers together.

Tell your solicitor to not draw up any contracts until the mortgage is agreed and take it as being 28 days from that date.

If the EAs get shirty you can always approach the vendor directly and cut the EA out of the situation. They are a middle man and now you and the vendor have found each other you could agree a direct purchase through your sols. Not really fair on the EAs as they would then get nothing, but hey it's not like they opperate a respectable business.

riverboat2001

Well i think all is on hold until next Tuesday....!
I don't yet know the name or adress of the seller, but my solicitors should be able to let me know on Tuesday.

WhiteHorse

EA's are very pushy and greedy these days. Many actually think they are in charge. They aren't, and need to be reminded of this. You are not beholden to them in any way, shape, or form.