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Foul Play/case for legal action
Comments
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The mortgage valuation of the new house was the same as the purchase price yes.
GDB2222, currently working on getting legal advise, getting all my documentation ready to take to someone.
So what do you need legal advice for, what are you planning to actually claim for, you have not made a loss?
House you sold
- you agreed it was worth £140,000
- TW agreed it was worth £140,000
- new buyer agreed it was worth £140,000
House you bought
- you agreed it was worth £123,456
- TW agreed it was worth £123,456
- Independent Chartered Surveyor agreed it was worth £123,456
- your mortgage company agreed it was worth £123,456
. . . to me all the above is irrelevant as your actions of signing a px agreement allowing TW to market your house cancelled your agreement with the EA. However, even if it didn't it still remains that you've not actually made a loss.0 -
I have no idea lol, in actual fact it will closely depend on what others on the estate sold for, if my next door neighbor say paid £5,000 less for his then I could have saved £5,000 on the price of mine had I been informed there was a buyer as I would of pursued independantly.
A lot depends on the price of the others thats all.0 -
If I were the OP, I would quantify my loss in one of two ways:
1. If I had sold independently, I could have negotiated much harder with the developer, with extras thrown in, and a reduced price. (NB: Have you looked on the sold house price websites to see whether you paid more than some of your neighbours? I think you can take the very lowest price actually achieved as your baseline, as quite a few of the others may have been PXs.)
2. If I had sold independently, I would have bought a secondhand house, as I wouldn't have needed the PX deal. That would have saved me .... (well, a good look around at some sold houses in the area would help here too.) That's obviously a bit more speculative.
Of course, I'd have to allow for the EA's fees in my calculations.No reliance should be placed on the above! Absolutely none, do you hear?0 -
I have no idea lol, in actual fact it will closely depend on what others on the estate sold for, if my next door neighbor say paid £5,000 less for his then I could have saved £5,000 on the price of mine had I been informed there was a buyer as I would of pursued independantly.
A lot depends on the price of the others thats all.
Why don't you look on https://www.nethouseprices.co.uk, and just find out what they sold for?No reliance should be placed on the above! Absolutely none, do you hear?0 -
I have no idea lol, in actual fact it will closely depend on what others on the estate sold for, if my next door neighbor say paid £5,000 less for his then I could have saved £5,000 on the price of mine had I been informed there was a buyer as I would of pursued independantly.
A lot depends on the price of the others thats all.
Cannot see that you would have much of a case. There is no law that says one should get compensation because others are better at negotiation.
You could end up spending a lot of time and money for possibly just the EA getting a £200 fine with nothing for yourself.0 -
Why don't you look on www.nethouseprices.co.uk, and just find out what they sold for?
It's only got mine on, for the road anyway.0 -
While discussing this on here, I opted to send a letter of complaint to my EA. They have replied today and said they are going to forward a copy to TW to see what they have to say on the matter.
I mean I only know what TW told me during the process so how they dealt with the EA I'll never know. One thing is for sure though TW were very pushy throughout the whole deal and always wanted us to dance to their beat so we'll see.....0 -
So what do you need legal advice for, what are you planning to actually claim for, you have not made a loss?
House you sold
- you agreed it was worth £140,000
- TW agreed it was worth £140,000
- new buyer agreed it was worth £140,000
House you bought
- you agreed it was worth £123,456
- TW agreed it was worth £123,456
- Independent Chartered Surveyor agreed it was worth £123,456
- your mortgage company agreed it was worth £123,456
. . . to me all the above is irrelevant as your actions of signing a px agreement allowing TW to market your house cancelled your agreement with the EA. However, even if it didn't it still remains that you've not actually made a loss.
I frankly can't be bothered to go through the whole thread again but did the OP mentioned anywhere what the EA's fee was (fixed/percentage)?
So I'd change what you wrote to the following (guessing EA fee was between 1-2%):
House you sold
- you agreed it was worth £140,000
- TW agreed it was worth £140,000
- new buyer agreed it was worth £140,000
- you didn't pay between £1400-2800 in EA fees"One thing that is different, and has changed here, is the self-absorption, not just greed. Everybody is in a hurry now and there is a 'the rules don't apply to me' sort of thing." - Bill Bryson0 -
Right I may have something a little more concrete here to prove a loss. My next door neighbor paid £183,000 for his house, exactly the same house, we paid £199,995 thats £17,000 which is about 8.5% therefore this is roughly what I could too have negotiated if I had been informed they had a buyer.
Have a look at TW's PX scheme and their Easymover scheme, Easymover they just quick sell with your EA and it doesn't cost them anything so you can still negotiate. PX they take your property on completion as they have the hassle of selling it on you can't negotiate. The former of these really happened although I agreed to the PX deal. No PX actually happened.
Because we were not informed prior to completion that a buyer was found we had no choice but to see the PX deal through and still believe that TW were doing us some kind of favour? so someone whether it was TW or the EA one of them did us out of achieving a better price in our case potentially almost £20,000. Not to mention the PX'ed house anticipated selling price was £150,000 and was only dropped to £140,000 because of their 70% trade up criteria.
My bet here is TW are at fault. I think they misread how easy our old house would be to sell at £140,000, which was to be expected when you drop the price by £25,000 I might add. But still carried on having us believe it was a PX just so we wouldn't haggle on the price of the new build :@0
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