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!

FTB - pressure to use estate agent's mortgage broker and solicitor

124»

Comments

  • LandyAndy
    LandyAndy Posts: 26,377 Forumite
    Part of the Furniture 10,000 Posts
    edited 27 February 2014 at 9:58AM
    Eponym wrote: »
    I've now had my offer accepted and they want an answer on whether I'll go for the in-house package or not.

    I asked the agent how stamp duty worked with taking the money off the purchase price and he said he didn't know as he'd never been asked that before!

    !


    Have you ended up offering over £125k?


    If not then you are under the lower stamp duty threshold and there'll be none to pay.


    And.....an EA who says he doesn't know how stamp duty works........
  • Eponym
    Eponym Posts: 303 Forumite
    Eighth Anniversary Combo Breaker
    LandyAndy wrote: »
    Have you ended up offering over £125k?


    If not then you are under the lower stamp duty threshold and there'll be none to pay.


    And.....an EA who says he doesn't know how stamp duty works........

    I ended up paying slightly over Stamp Duty as there were 2 other people offering and it was a best and highest bid situation.

    It wasn't that he didn't know how Stamp Duty worked, but he didn't understand how this scheme, which ends up reducing the purchase price, affects Stamp Duty. All he could say was that they are part of Connells which is one of the largest estate agents in the country so they must have worked it out so it's legal. Not very encouraging.

    I have instructed my own solicitor and am going to see my original mortgage broker next week. Had a second viewing today and still love the house. :j

    Thanks all again for the advice!
  • thequant
    thequant Posts: 1,220 Forumite
    Eponym wrote: »
    I ended up paying slightly over Stamp Duty as there were 2 other people offering and it was a best and highest bid situation.

    It wasn't that he didn't know how Stamp Duty worked, but he didn't understand how this scheme, which ends up reducing the purchase price, affects Stamp Duty. All he could say was that they are part of Connells which is one of the largest estate agents in the country so they must have worked it out so it's legal. Not very encouraging.

    I have instructed my own solicitor and am going to see my original mortgage broker next week. Had a second viewing today and still love the house. :j

    Thanks all again for the advice!


    Think you need to read this,


    http://trinityfinancialgroup.co.uk/wordpress/wp-content/uploads/2009/11/1232.pdf


    Connells and the one I mentioned, barnard Marcus are named and shamed in this report.
  • zzzLazyDaisy
    zzzLazyDaisy Posts: 12,497 Forumite
    Part of the Furniture Combo Breaker
    Eponym wrote: »

    All he could say was that they are part of Connells which is one of the largest estate agents in the country so they must have worked it out so it's legal. Not very encouraging.

    Arrgghhhhh!!!! Step away!!!
    I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.
  • thequant
    thequant Posts: 1,220 Forumite
    zzzLazyDaisy wrote: »
    Arrgghhhhh!!!! Step away!!!


    Just found out that sequence (who own barnard Marcus) are part of connells, how many companies do they have ?
  • zzzLazyDaisy
    zzzLazyDaisy Posts: 12,497 Forumite
    Part of the Furniture Combo Breaker
    thequant wrote: »
    Just found out that sequence (who own barnard Marcus) are part of connells, how many companies do they have ?

    No idea, but I wouldn't touch any of them.
    I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.
  • Eponym
    Eponym Posts: 303 Forumite
    Eighth Anniversary Combo Breaker
    thequant wrote: »
    Think you need to read this,


    http://trinityfinancialgroup.co.uk/wordpress/wp-content/uploads/2009/11/1232.pdf


    Connells and the one I mentioned, barnard Marcus are named and shamed in this report.

    Interesting, thanks for that! Glad I decided against their deal!
  • kingstreet
    kingstreet Posts: 39,333 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Bantex wrote: »
    Why assume the EAs broker cannot offer the best deal?
    Seems rather blinkered.
    Get the info and compare is the answer.
    I agree. In the sense that a stopped clock is right twice a day. If the advisor has a panel of ten to fifteen lenders, there must be a chance that one of them will have one potential market leader for a particular client from time to time...

    Given all the rest of the rubbish you have to put up with though, conveyancing pressure, insurance pressure, fee etc - is it really worth it, just on that faint chance the stars might be aligned that day for the best deal you can get direct or via a whole market broker on the other 364.9 days of the year?
    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.
  • Dan-Dan
    Dan-Dan Posts: 5,279 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    An estate agent works for one person , the seller , on what planet can it ever be a good idea for a buyer to use any of their `services`?

    Only one person is on your side , and that is your solicitor , choose wisely
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245K Work, Benefits & Business
  • 600.6K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture