Contract Race, not informed by estate agents

UntilIAmInGlory

Hello All
I've got myself into a right pickle all because I saw a house that I loved.

I went to view a house, the EA did not turn up but the owners showed me round. Fast forward a few months and an offer tga5t was put to them fell through and the vendors accepted my offer.

I started to proceed through the estate agent only to be told they had accepted another offer (of the same price) the next week as they were a cash buyer and wanted to move fast because of former disappointment.

I called the vendors to explain that this house is basically perfect for us and we're prepared to move as fast as possible to close the sale. So he said yes to me again. I called up the estate agents who called them and they said okay, the vendors would link to exchange fast so if we can give them a 4 week timeliness they would go with me. We said okay, I paid for n solicitors, valuation, mortgage fees etc, (this is about a week and a half now) my solicitors called their solicitors to get a draft of the contract to look over and their solicitors said "to their knowledge they didn't accept my offer but another buyer"

So I'm now confused as the EA is working to secure it and has been assuring me everything will be done in less than 4 weeks on the condition that I moved mortgage brokers and solicitors to them so they can have everything under one roof and chase everything. (Which I did).

I've invested close to £1500 on this as I had to cash out my savings policy early to have the deposit cash in place (it was due to mature 3 weeks in the future); plus solicitors and mortgage fees.

Well I feel like the Estate agents have been taking me for a run around as well as the vendors who can't seem to make up their mind. My question is - can I get my money back if this sale doesn't go to though? From the EA? (Whose solicitors n brokers I used on their assurance that things will be fine)

marksoton

UntilIAmInGlory wrote: »

So I'm now confused as the EA is working to secure it and has been assuring me everything will be done in less than 4 weeks on the condition that I moved mortgage brokers and solicitors to them so they can have everything under one roof and chase everything. (Which I did).

NOooooooooooo.....:wall:

It sounds like you're being played. I'd be demanding clarification from all concerned immediately. As in,within the hour.....

HouseBuyer77

I believe the responsibility for informing you of a contract race lies with your solicitor.

So if you've jumped the gun and paid out for everything early you may not have much comeback. However it does sounds like the EA hasn't behaved well (especially getting you to use their recommend broker and solicitor, this gives them more money via referal fees).

You should call your EA and solicitor and asks for a definite yes/no on whether there's still another offer in the running.

loubel

"to their knowledge they didn't accept my offer but another buyer"

A contract race means the contract pack has been issued to more than one buyer and first to exchange gets the house. The solicitors have to disclose to all parties before doing this. As your sellers solicitors aren't aware you are hoping to buy this isn't a contract race. Call the agents and ask them to confirm the sellers have accepted your offer and, if so, ask them to instruct their solicitors accordingly asap so you can get started. The 4 week exchange deadline shouldn't start until your solicitor receives the contract pack.

Sadly if the agents misinformed you about your offer being accepted you have no legal basis to claim back your lost costs as you don't have a contract with them.

AdrianC

Have you been sent the memorandum of sale, giving your details, vendor's details, both sets of solicitors, price agreed, etc?

UntilIAmInGlory

I've asked for this multiple times and is not sent yet.

UntilIAmInGlory

Just finished a long phone call. Estate agents confirmed that my offer has been accepted and because it is a probate property they are two solicitors involved??? which caused the confusion and contacts will be sent to my solicitor now.

Not sure I understand the two solicitor issue. But I'm gonna call my solicitors to find out if the contract issue is cleared up and if I'm in a contact race or not.

AdrianC

Woah, woah, woah!

Probate? And they want an exchange race...?

Thank them kindly, and find a different property. This can only get messy.

marksoton

Uh oh.............

HouseBuyer77

because it is a probate property they are two solicitors involved???

Presumably one is dealing with the estate/probate and another dealing with the sale. In which case no contract race to worry about.

However given the nature of probate getting to exchange in 4 weeks seems optimistic!

UntilIAmInGlory

They were ready to exchange with a previous buyer before he pulled out due to the sale not completing before the stamp duty hike. So I'm sure all the probate stuff had been sorted.