Will I lose £6k?

mikeopvc

I spoke to the auction guy yesterday and said I needed something in writing stating they would be flexible with the timescale.

I just got an email from him saying this:


Hi Mike,

I hope you are well,

Following our conversation yesterday regarding ************* after discussing with the vendor we have come to the following agreement.



If for whatever reason a 3rd party was to delay the completion process and go outside of the fixed timescales (28 days to exchange & 28 days to complete) at no fault of your own we will extend the timescales provided in order to complete your purchase of the property.



I hope this clears up any concerns you had regarding the purchase of ***********



Kind Regards,


*************


Auction Specialist


Any thoughts on this appreciated, thanks

marksoton

mikeopvc wrote: »

Any thoughts on this appreciated, thanks

Yes, find another property!

mikeopvc

marksoton wrote: »

Yes, find another property!

So their offer to extend the timescale in order for me to complete makes no difference?

andrewmp

mikeopvc wrote: »

Ok sorry if I wasn't clear, I will need to pay £6k reservation fee to the auction co to secure the transaction and take the property off the market. I'll then owe £75k

They will then grant 28 days to achieve exchange of contracts from the date the buyer’s solicitor is in receipt of the draft contracts and a further 28 days thereafter to complete.

I will do as you suggest and ask the solicitor if he will take a look at the documents to see if there is anything untoward.

Thanks

Simple answer, contact the seller direct and agree to pay £81k for the house. No risking your £6k then and he can pay the £6k the auction house are "owed" out of that if it goes though ok (or not and be in breach of contract). Everyone is a winner.

Good luck.

dragonsoup

mikeopvc wrote: »

I spoke to the auction guy yesterday and said I needed something in writing stating they would be flexible with the timescale.

I just got an email from him saying this:


Hi Mike,

I hope you are well,

Following our conversation yesterday regarding ************* after discussing with the vendor we have come to the following agreement.



If for whatever reason a 3rd party was to delay the completion process and go outside of the fixed timescales (28 days to exchange & 28 days to complete) at no fault of your own we will extend the timescales provided in order to complete your purchase of the property.



I hope this clears up any concerns you had regarding the purchase of ***********



Kind Regards,


*************


Auction Specialist


Any thoughts on this appreciated, thanks

I cant believe you are still even considering going ahead on this basis. There must be something very special to you about this property.

Do you have anything in writing from them confirming your offer is £75K +6K deposit?

marksoton

mikeopvc wrote: »

So their offer to extend the timescale in order for me to complete makes no difference?

I'd say that "offer" is worth jack.

mikeopvc

dragonsoup wrote: »

I cant believe you are still even considering going ahead on this basis. There must be something very special to you about this property.

Do you have anything in writing from them confirming your offer is £75K +6K deposit?

Yes I do as my winning bid is £75k

mikeopvc

marksoton wrote: »

I'd say that "offer" is worth jack.

I really do appreciate your advice and replies but I could do with a little more info if possible, I mean why do you think that offer is worth jack? Can you give a reason as to why you think that? Is it the way it's worded? Who it's from etc.?


I'm just trying to see it from your perspective.

Thanks

marksoton

mikeopvc wrote: »

I really do appreciate your advice and replies but I could do with a little more info if possible, I mean why do you think that offer is worth jack? Can you give a reason as to why you think that? Is it the way it's worded? Who it's from etc.?


I'm just trying to see it from your perspective.

Thanks

Right. 3 pages of people telling you this is a bad idea cannot be wrong.

I'm no legal expert but that email is worth nothing as it won't form part of the contract you sign.

It is absolutely crazy that a third party makes 6K on a 80K property. The alarm bells shouldn't just be ringing they should be bloody deafening you!

mikeopvc

marksoton wrote: »

Right. 3 pages of people telling you this is a bad idea cannot be wrong.

I'm no legal expert but that email is worth nothing as it won't form part of the contract you sign.

It is absolutely crazy that a third party makes 6K on a 80K property. The alarm bells shouldn't just be ringing they should be bloody deafening you!

OK but mostly people are just saying it's a scam! Walk away! Wouldn't touch it with a barge pole etc. but I'm asking for reasons.

Just to be clear, I don't agree for one second that a third party should make £6k on a £80k property, that part is a scam. The auction co and estate agent are getting £3k each if not more if a sale falls through which I think is disgraceful.

Other than that why is it a scam? Does it being a scam mean there is no possibility of a sale whatsoever?

I'm no legal expert either so hopefully someone will see this thread who is and they can offer some advice.

Also I have told the guy from the auction co that the email is a good start but I will need them to put it into the reservation agreement they want me to sign.
Furthermore I am going to tell them that I need it to say that if the completion falls through through no fault of my own then I will get my £6k back.

Just to add that I am aware the £6k is coming out of the vendors pocket as my purchase price will be £75k so I do feel sad for her but that's between herself and the agents / auction co