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Buying without Estate Agent
OMAR
Posts: 701 Forumite
How does this work? I am buying a house from a best friend.....so do not want to pay estate fees
Also, if I have already given them a deposit (I am owed 20k)....how does this work with the solicitors and lenders?
Thanks in Advance,
Also, if I have already given them a deposit (I am owed 20k)....how does this work with the solicitors and lenders?
Thanks in Advance,
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Comments
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You don't normally use an estate agent for buying in the UK. You need a solicitor/conveyancer to handle the legal work for you, and possibly ensure that the £20k you appear to have handed over already is secure.
If your friend isn't currently marketing their house with an EA, they don't need to pay fees either, but they too need their own solicitor/conveyancer - a different one from yours.
Haven't a clue how your lender will react to the news that your friend already has £20k of your money.......0 -
cheers for that0
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Assuming you are in Eng/Wales, an estate agent is optional. A mortgage is optional. A solicitor is optional (unless you choose to get a mortgage). A survey is optional.
You can choose to use these professionals, or to do the work yourself.
The one thing you should not do is hand over a deposit until Exchange of Contracts, and it sounds like you have not got to that stage yet!0 -
True, but OP is already owed £20 000 by V [vendor].
That amount is to be offset against the purchase price- maybe as the deposit on exchange of contracts?0 -
If you gave them the £20k for something else but want to use it as a deposit in this transaction, it should be possible. But I would steer clear of the mass market conveyancing houses because they won't be set up for dealing with such an unusual arrangement. Part of your consideration is the set-off of a debt owed rather than straightforward cash but your mortgage lender would need to agree that £20k is a realistic deposit for the valuation/LTV that you are looking at. If you have anything that documents that your friend owes you £20k, it makes it easier - if there has been nothing in writing so far but your friend doesn't dispute the debt, put it in writing now so that it can become part of the contract.0
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I agree. OP needs to take legal advice re how to proceed here.0
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like i said before....posted on both forums more people = more advice0
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