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Large sum requested by estate agent! HELP
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OP, I wish you would name the agents.0
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is this because they are paying the estate agent fees rather than the seller? This is a new thing in certain areas. How much is the house they are buying?June challenge £100 a day £3161.63 plus £350 vouchers plus £108.37 food/shopping saving
July challenge £50 a day. £ 1682.50/1550
October challenge £100 a day. £385/£31000 -
pleasedelete wrote: »is this because they are paying the estate agent fees rather than the seller? This is a new thing in certain areas. How much is the house they are buying?
Even if they were (which sounds dodgy to me), you wouldn't want to pay it until completion. And in any case if this were the arrangement the invoice should be submitted to the solicitor and the solicitor arrange to make payment.
Other than a token amount eg £100, all money should go via solicitors.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
http://www.tpos.co.uk/downloads/TPOE27-1%20Code%20of%20Practice%20for%20Residential%20Estate%20Agents%20(Effective%20from%201%20August%202011).PDF
See this link from the Ombudsman's Code of Practice.0 -
though while it is unambiguous about some of the deposit rules, it is a bit vague here....http://www.tpos.co.uk/downloads/TPOE27-1%20Code%20of%20Practice%20for%20Residential%20Estate%20Agents%20(Effective%20from%201%20August%202011).PDF
See this link from the Ombudsman's Code of Practice.
:huh:As a general rule, you should not take pre-contract deposits, ......0 -
though while it is unambiguous about some of the deposit rules, it is a bit vague here....
:huh:
The para then goes on to say:
However, in the case of new home sales, you may take into account specific instructions from sellers.
So, the code says EAs should not generally take deposits, but there is an exception in the case of new homes.
EDIT: This assumes England/Wales. In Scotland they are not permitted to take deposits even on new properties.0 -
ABSOLUTELY NOT - NO WAY - NOT UNTIL HELL FREEZES OVER
Aside from all the risk factors listed above (and more), this becomes a finder's fee (I suspect that this doesn't affect you parents - but as such would be excluded by many lenders affecting value, LTV etc etc).
Estate agents get paid by vendor on delivering a customer with a completed sale - END OF !
Deposits get paid to/from solicitors on behalf of vendors and buyers - this does not and must not involve agents - END OF !
I apologise if I am not be clearing enough in my opinion on this !Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Is it one of these agents which has chosen to make the buyer pay a fee to submit a bid for the property? Several of my local ones have chosen to go go this way. I strongly disagree too and would boycott them if I were selling up now.0
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Would they like to give me £10k? I promise I'll keep it safe. :A;)They deem him their worst enemy who tells them the truth. -- Plato0
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What's even more worrying is that " the estate agent has asked my parents to firstly pay up front for the house"!
There's only one way to interpret this and it's not favourable.0
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