Estate agent asking for details

unhappy_shopper

We made an offer on a property 2 weeks back and the EA informed us that it was accepted by the seller. Subsequent to that, we were asked to meet the EA's mortgage advisor even though we had the mortgage offer-in-principle letter. We met the mortgage advisor on the next day, but we applied on our own for our mortgage and it is being processed. The EA also recommended his friend conveyancer to us. We have not replied to that yet.

Now the EA is pressurising us for our solicitor and lender details before he can issue the letter stating that the offer has been accepted. Is this right?
Is it not possible for the EA to issue a letter stating that the offer has been accepted as he has verified that we have a mortgage offer-in-principle letter? Also, so far nowhere is it in writing that our offer has been accepted for such-and-such price. Will the seller/EA play tricks with us by demanding a higher price at a later stage?

We do not want to engage a conveyancer until the mortgage approval has come through. Due to some reason, if the bank does not issue the mortgage approval, we do not want to proceed further in the buying process and waste money in survey and conveyancing.

Thanks in advance for your kind reply.

poppysarah

You could see if they're a member of this: http://www.tpos.co.uk/

RAS

It is quite reasonable for them to expect details of your lawyer. You do not need to instruct the lawyer to start work, but you do need them lined up to get moving when the mortgage approval comes through

googler

poppysarah wrote: »

You could see if they're a member of this: http://www.tpos.co.uk/

...and if they are.... what then?

If they're not.... what then?

unhappy_shopper

RAS wrote: »

It is quite reasonable for them to expect details of your lawyer. You do not need to instruct the lawyer to start work, but you do need them lined up to get moving when the mortgage approval comes through

We have asked and received quotes from several conveyancers in that area and finalised on one of them. But, it so happens that another lawyer belonging to the same firm which we have decided upon, has sent us a conveyancing quote, on the estate agent's recommendation which is much more expensive. So, we are not yet ready to tell the EA about the conveyancer details and are waiting for the mortgage approval from the lender bank, before we proceed further.

My question is 'Are we wrong to expect a letter of offer acceptance from the Estate Agent stating the price ?'

poppysarah

You should be ringing round getting quotes from local solicitors in preparation for handing over their details. No reason to go with their friend.

I think there's a buyers guide on the site which might be helpful to the OP.

Wakey2008

Asking for your solicitors details are fair enough. Just don't use theirs, where they get a commission.

However, EAs have no rights to see any of your financial docutation. Most will ask for an AIP and it is often courtesy to provide one but you don't have to. Who you get your mortgage from and how is your business, not theirs.

Their job is to merely bring sellers and buyers together, it is not to assess your financial situation.

If the offer is accepted, tell them to put it in writing and you will forward your sols details in due course. If they are unwilling to do this simple task, then something is fishy and you should tell them that you are sorry but you will have to take your business to a reputable estate agent instead. See how fast they backtrack when you do that.

Remember, you have the power not them. It is a buyer's market a present and it's highly unlikely the vendor will want to lose your purchase just because the EA is being petty.

kingstreet

The agent wants to send a Sales Memorandum to the four parties involved - the vendor, purchaser and the two solicitors. This is how an agreed sale is normally communicated.

The sales memo confirms the agreed price, everyones' contact details and the source of your mortgage.

Giving them the details of your solicitor costs you nothing and you don't need to wait for your mortgage to be confirmed before you do this.

The issue of this memo allows the vendor's solicitor to draw up a draft contract for issue to your solicitor, so your are potentially holding up the process, although not by very much.

You'll make your vendor nervous if you don't confirm your solicitor's details reasonably quickly.

unhappy_shopper

The original bank which issued the mortgage offer-in-principle has gone back on its word and now says that it cannot offer us mortgage. This is not due to any change of financial circumstances, but due to the changes to the rules in the bank's underwriting process. So, we have gone to another bank/lender and they have offered us a new mortgage-in-principle offer and we have submitted the mortgage application last week. So, we would like to wait for the mortgage approval before starting the survey/conveyancing etc.

Doozergirl

Just because you don't want to use their conveyancer, doesn't mean you have to hide yours from them.


Even if you don't want the solicitor to do anything yet (little worrying for a vendor, but ho hum), then withholding solicitor details from the EA is your odd behaviour, IMO, not theirs. As a vendor, if my solicitor didn't have a solicitor to send draft contracts to immediately, I'd question the buyer's motivation and probably want to keep the house on the market.

As soon as they have full details to put on a memorandum of sale, which should include sols details, I'm sure the EA will send it out. I'm not trying to be rude, but the EA knows the process better than you do; you're questioning perfectly normal behaviour.

ILW

unhappy_shopper wrote: »

The original bank which issued the mortgage offer-in-principle has gone back on its word and now says that it cannot offer us mortgage. This is not due to any change of financial circumstances, but due to the changes to the rules in the bank's underwriting process. So, we have gone to another bank/lender and they have offered us a new mortgage-in-principle offer and we have submitted the mortgage application last week. So, we would like to wait for the mortgage approval before starting the survey/conveyancing etc.

You can see why the EA want a bit more commitment than an AIP. As you have shown, the one you had was not worth the paper it was written on.