If Gazumped do Nationwide still charge an application fee

littlelost

I am hoping that someone will be able to advise; here is our timeline so far:


5th Feb - DIP nationwide received for 155k
6th Feb - lost out on property due to a higher offer
16th Feb - Offer accepted on new property
17th Feb - Full mortgage application completed for 174k
18th Feb - Survey completed
20th Feb - Additional wage slip requested and supplied the same day
23rd Feb - call from EA to advise we have been gazumped.


Now my question is, we have obviously lost our survey fee but what happens with the application fee?


Also our broker charge us a fee on application of £375 ish do you think that we would have to pay that again on another application?


Would nationwide just keep the application going until we found another property or do we need to start all over again....


I am soooooooooo upset right now and am ready to throw the towel in to be honest!!

stator

Most banks will let you carry over your application to another property, but there is a time limit. Broker might do the same.

lalab3

Firstly my question is.... why and how were you gazumped? Did the EA not advise of a deadline for you to exchange and take property off the market for that time? You can end up losing a lot of money if you do not stand your ground with these EAs. If your offer was accepted. ... then keep your terms... time frame to get to exchange and property soldstc
And in this time no gazumping is allowed. This EA seems to be very low! Secondly, your fee for broker should only be one.... as they normally do applications for you until you have an offer. My broker charged £800 but did our re mortgage and 2 further applications to get our new home. Valuation fee youd need to pay again of course for new property. Hope this is of any help

littlelost

We put an offer on the property 3 weeks ago for below the asking price, the ofer was accepted and the property marked on rightmove as STC. In the meantime we have done our survey, full application etc then received a call from the estate agent today to advise that someone who viewed the property weeks before us and was not in a position to buy has since sold their house and put an offer in that exceeds ours that the vendor has accepted unless we want to increase ours. The estate agent won't disclose what the other offer is and has just asked if we can increase to which we advised we couldn't.

tkane

littlelost wrote: »

We put an offer on the property 3 weeks ago for below the asking price, the ofer was accepted and the property marked on rightmove as STC. In the meantime we have done our survey, full application etc then received a call from the estate agent today to advise that someone who viewed the property weeks before us and was not in a position to buy has since sold their house and put an offer in that exceeds ours that the vendor has accepted unless we want to increase ours. The estate agent won't disclose what the other offer is and has just asked if we can increase to which we advised we couldn't.

Whatever you do, do not increase your offer, even if you have fallen in love with the house.

Estate agents who allow sellers to behave like this are scum.

littlelost

To be honest I am surprised with their behaviour since they are a rather large firm in Kent and thought therefore they must be reputable... What a nightmare , I can't really afford to go through this again however we really need to upsize!

kingstreet

If someone comes along and makes an offer, the EA has to put it to the vendor. If the vendor accepts, there isn't a lot the EA can do about it.

lee111s

Bit of a sh1tty trick for the seller to do. Hopefully they get what's coming to them and the "new buyer" either gazunders them or pulls out right before exchange.

It's obvious that you're serious having had a survey done. They obviously value money over their conscience.

Hope you have more luck next time