Few questions from a first time buyer

xxedrushxx

Hi all

I have a few questions that I would just like to clear up as I'm not sure on my position with a few things

1. I have made an offer on a 225k propery with only 72 years on the lease. I didnt really want to make an offer on such a short lease but was scared someone else would get in there first so went ahead and done it with the promise that the vendor would find out how much the lease was to renew and we could then renegotiate the price. The EA now has my solicitors details and I have asked my solicitors to hold back on the searches. My question is - am I allowed to delibertely get my solicitors delay proceedings until I find out about the lease..its been a week now with no news from the vendor

2. Is it normal for people to keep looking at other properties whilst having an offer accepted, maybe like in the first 2 weeks?

3. Do you think an EA mortgage advisor would have a direct influence on whether your bid is accepted or not. I had a failed bid today, it was out of me and another person, same price bids and both FTB's. The only difference was is that I'm buying with a mate and he has slight adverse credit and we only had 6.5% deposit. I mentioned this to the mort advisor and I reckon he told the EA who then tipped off the vendor. We have an agreement in principle its pretty annoying as I had put the offer in yesterday and the other person today

thanks for any advice on these issues...i am still getting my head around how this all works

epz_2

firstly go to an independent mortgage advisor, lots of EA advisors are tied to specific banks and cant offer independant advice.

you really dont want your EA knowing what you can afford, credit history and generally anything appart from your bid and position ie chain etc.

up in scotland we get solicitors involved early in the process but they dont charge unless the sale goes through, not sure about down south but frankly the onus is on the seller to sort out the lease issue.

Snow_Dog

as epz said, use an independant broker. If you divulge any details to the EA broker while they are not allowed (dont think they are anyway) to pass onto the EA how much you can afford I would put money on the fact that they get their heads together.

Picture this, you go to an EA and make an offer on a property, then talk to his mortgage broker who can see you can go higher on the offer, what do you think is going to happen.

Yup, its going to get back to the EA you can bid higher, and the EA who is acting on behalf of the owner of the property now knows this.

Its always best to treat the EA like a business competitor, be very cagey, they just need to know you can get the funds to cover the offer you are making.

xxedrushxx

Hey thanks guys, i think I have question 3 covered. I think in the future I will decline any request to talk to an EA mort advisor whilst making a bid

Anyone have any opinions on 1&2. They are pretty much linked in the sense I just need to know that its ok for me to still be viewing other properties whilst I await the lease details even though I have had a bid accepted