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Estate agency forcing me to see their broker

Jaunty_One
Posts: 47 Forumite


Hi all
Hoping someone can offer me advice. A Barnard Marcus branch in south London (though their email addresses are @sequencehome.co.uk) listed a house that I wanted to visit but they wanted me to come to the branch to be verified by their mortgage broker.! I told them I had a mortgage agreement in principle with Woolwich but they insisted.! I tried to get out of it by cancelling last minute and they allowed me to view the property, but stated that acceptance of my offer would be pending verification from their mortgage broker.
I've now made an offer and have been told that the vendor will accept, but again, only after I'm verified by the broker, as per the vendor's request.! I tried to call their bluff by claming that I'd spoken to the vendor who said this wasn't the case, but that didn't work. I was concerned about unnecessary credit checks against my name.! They told me I needn't be worried about one more check and at the very least, they may offer me a better offer.!
This may be true but I was even told by the broker that he doesn't deal with Woolwich because they take longer to process mortgages.! I suggested that they can't claim to be whole of market if they don't even consider all lenders and I was spun some lie I can't remember.
The issue I have is, clearly this doesn't sound right, but what can I do?! I would still like to buy the house but I fear that if I don't play by their rules, I don't stand a chance. The house is still on the market as we speak. Goodness, this is a long read!
Hoping someone can offer me advice. A Barnard Marcus branch in south London (though their email addresses are @sequencehome.co.uk) listed a house that I wanted to visit but they wanted me to come to the branch to be verified by their mortgage broker.! I told them I had a mortgage agreement in principle with Woolwich but they insisted.! I tried to get out of it by cancelling last minute and they allowed me to view the property, but stated that acceptance of my offer would be pending verification from their mortgage broker.
I've now made an offer and have been told that the vendor will accept, but again, only after I'm verified by the broker, as per the vendor's request.! I tried to call their bluff by claming that I'd spoken to the vendor who said this wasn't the case, but that didn't work. I was concerned about unnecessary credit checks against my name.! They told me I needn't be worried about one more check and at the very least, they may offer me a better offer.!
This may be true but I was even told by the broker that he doesn't deal with Woolwich because they take longer to process mortgages.! I suggested that they can't claim to be whole of market if they don't even consider all lenders and I was spun some lie I can't remember.
The issue I have is, clearly this doesn't sound right, but what can I do?! I would still like to buy the house but I fear that if I don't play by their rules, I don't stand a chance. The house is still on the market as we speak. Goodness, this is a long read!
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Comments
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From Code of practice for estate agents;
7c. By law you must not discriminate, or threaten to discriminate, against a prospective
buyer of the seller’s property because that person declines to accept that you will
(directly or indirectly) provide related services to them. Discrimination includes but is
not limited to the following:
? Failing to tell the seller of an offer to buy the property.
? Telling the seller of an offer less quickly than other offers you have received.
? Misrepresenting the nature of the offer or that of rival offers.
? Giving details of properties for sale first to those who have indicated they are prepared to let you provide services to them.
? Making it a condition that the person wanting to buy the property must use any other service provided by you or anyone else.
Try quoting that0 -
Depends what "verified" means to them. Normally they are trying to sell you a mortgage. Is there any harm going along and discussing options with their MA? you can always say I will think about it. The MA then says you are good for the dosh to the EA.
We have recently bought and told the EA no thanks and to the MA who then phoned me up "rubbish, you don't know what you are talking about" and she didn't.
Pete0 -
Has your offer already been conditionally excepted (pending verification)?
Have you actually contacted the vendor directly to let them know the EA is being obstructive? Don't take what the EA says at face value. The vendor accepts the offer. Not the EA.
Have you suggested getting your solicitor instead to confirm you have available funds.
What you don't want is a situation where the EA is trying to find out what you maximum is before an offer is accepted."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
Keep the agent sweet, go in, smile and get verified, walk away with the house. Play ball, be nice etc etc.
It's one of those annoyances in life that you go through to get to the other side.Pants0 -
I would withdraw the offer, find the vender and let them know you made an offer, had funds on the table and their agent would not pass the offer on unless you buy their mortgage products.
Say sorry but you have lost a sale.I do Contracts, all day every day.0 -
Marktheshark wrote: »I would withdraw the offer, find the vender and let them know you made an offer, had funds on the table and their agent would not pass the offer on unless you buy their mortgage products.
Say sorry but you have lost a sale.
If you don't want the house then do this.Pants0 -
As an agent we require a mortgage agreement in principle before a house I'd taken off the market in a buyers favour. If you supply you AIP to the broker that should be the end of verification, they cannot ask you to re- credit check.0
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Gooner_1981 wrote: »As an agent we require a mortgage agreement in principle before a house I'd taken off the market in a buyers favour.
Surely as an agent you take instructions from your client, the vendor.0 -
Drop a letter round to the estate agent and CC in the vendor, stating in writing that you're sorting your mortgage out though Woolwich. Also state in writing what the EA's telling you about the requirement to see their broker (which the vendor could well not be aware of). Also, if your offer is anywhere near the asking price, tell them that you'll withdraw the offer unless the property's taken off the market.
It's winter and prices are dropping - what's known as a buyer's market. If the vendor is REALLY insisting that you meet the in-house broker, they're clearly insane and you don't want to buy off them anyway!4.7kWp (12 * Hyundai S395VG) facing more or less S + 3.6kW Growatt inverter + 6.5kWh Growatt battery. SE London/Kent. Fitted 03/22 £1,025/kW + battery £24950 -
Agree with above. Give them a copy of your AIP and ask them to take it off the market. They can't ask for more than that. If they do put in a complaint.Changing the world, one sarcastic comment at a time.0
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