We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Paying a fee to make an offer on a property
first_time_buy3r
Posts: 2 Newbie
An estate agent has requested I make a payment of £1000 to make an offer to buy an apartment.
He will refund this if the offer is refused, but if the offer is accepted and I cannot continue with the purchase the fee is kept.
I can only see this happening if the bank refuse to provide the full mortgage as they think the property is over priced. Sureley that would make the seller at fault and I should have my fee refunded.
I doubt I will make the payment as it seems a bit shady. Is it even legal? Is this common practise? I thought estate agent was legally bound to pass on any offer that is made.
He will refund this if the offer is refused, but if the offer is accepted and I cannot continue with the purchase the fee is kept.
I can only see this happening if the bank refuse to provide the full mortgage as they think the property is over priced. Sureley that would make the seller at fault and I should have my fee refunded.
I doubt I will make the payment as it seems a bit shady. Is it even legal? Is this common practise? I thought estate agent was legally bound to pass on any offer that is made.
0
Comments
-
To me this seems like very dodgey practice and I would avoid this agent at all costs. As a FTB it is very unlikely to be your "dream property" with everything perfect, so I would continue to look with other agents, there are plenty more properties out there for you to buy.Now buying our second house:
Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19
FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/21030 -
No way in hell I would pay this! Either they take my offer or I'd go somewhere else.0
-
The agent may want to establish that you have the funds to proceed which is reasonable. Collecting a £1k fee which might not be returned is not.
I would either walk away and tell them why or if they won't forward the offer put an envelope through the sellers door explaining my offer and what the agent said.
Do you have an offer in principle yet?0 -
I have an offer in principle, I'm fairly confident that I'll have no problem getting a mortgage.
I had considered making an offer directly, but I know the owner does not live in the property. It's currently being rented so I have no way of getting in touch with the owner.
I'm quite angry that the agent has asked for this fee. Surely that's against the law?0 -
Hi
You could get a copy of the deeds from HM Land Registry (about £8 ish) and you can do it online.
Then you will have the name and address of the owner.The Cabbage
Its Advice - Take it or Leave it:D0 -
The agent can ask what they like.
You are obliged to pay nothing. You simply say "I am offering £XYZ, subject to contract and my solicitor and mortgage details are available to you, on acceptance of my offer."I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Typical bent and dishonest EA.Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
-
Is this a reservation fee on a new-build?0
-
I would get the vendors details from the land registry and put an offer in directly.
Sounds like a dirty EA tactic to pocket money. I would also let the vendor know what the EA is up to!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Hi.
As an aside, you are aware of the risks and complications in buying a tenanted property for residential purposes?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards