Normal practice?

Gemandcraig

So we went to see a property today that is up with an estate agent, we rung to put an offer in and realised the estate agent was also the vendor - Is this normal practice and is there anything we should be wary of? Because normally when you send mortgage information the vendot doesnt see it do they but this vendor will see all the information.

Thanks
Gem

sparky130a

Gemandcraig wrote: »

So we went to see a property today that is up with an estate agent, we rung to put an offer in and realised the estate agent was also the vendor - Is this normal practice and is there anything we should be wary of? Because normally when you send mortgage information the vendot doesnt see it do they but this vendor will see all the information.

Thanks
Gem

Perfectly normal.

Though it must be expressly stated.

Pixie5740

gemmad89 wrote: »

It doesn't say anything on the advert - Just when she said I would like more money then I asked if she was the vendor and she said yes. Oh that is good then.
Thanks

Are you sure you're looking at the same advert as Gemandcraig?

eddddy

Gemandcraig wrote: »

we rung to put an offer in and realised the estate agent was also the vendor - Is this normal practice and is there anything we should be wary of?

From what you say, it sounds like the EA has broken the Property Ombudsman's Code of Practice (and the law):

2h. If you are selling a property that is owned by you, an employee or an associate (or an associate of an employee) or in which you, an employee (or an associate of an employee) has an interest, you must by law, before negotiations begin, immediately make this known, in writing.

Link: https://www.tpos.co.uk/members/codes-guidance

Normally, the EA would make this clear in the property details, like this example:

"In accordance with the 1979 Estate Agents Act, a personal interest is declared."

Link: http://www.rightmove.co.uk/property-for-sale/property-66009884.html

But you know about the personal interest now - so it doesn't matter too much.

Gemandcraig

I am glad i asked her now as i thought they should have to say something.

Do you think this will complicate the process or make it easier?

Thanks
Gemma

Angie_B

Gemandcraig wrote: »

So we went to see a property today that is up with an estate agent, we rung to put an offer in and realised the estate agent was also the vendor - Is this normal practice and is there anything we should be wary of? Because normally when you send mortgage information the vendot doesnt see it do they but this vendor will see all the information.

Thanks
Gem

Why would you send mortgage information to the EA?

eddddy

Gemandcraig wrote: »

Do you think this will complicate the process or make it easier?

Essentially, you will be dealing directly with a seller who is a professional negotiator and salesperson. So you might be put under more pressure than usual in negotiations.

But on the plus side, if your offer is accepted, the seller might be more efficient and 'business-like' than 'amateur sellers'.

removedgemmad89

Angie_B wrote: »

Why would you send mortgage information to the EA?

Because she has asked for both our ID, mortgage agreement in principle and copies of our bank statements with deposit amounts? Is that not normally the process?

Fosterdog

removedgemmad89 wrote: »

Because she has asked for both our ID, mortgage agreement in principle and copies of our bank statements with deposit amounts? Is that not normally the process?

The only ones who were given any of that info when I bought were my independent mortgage broker and my solicitor. The EA has no need to see any of that and I would have refused if they had asked for it.

LandyAndy

removedgemmad89 wrote: »

Because she has asked for both our ID, mortgage agreement in principle and copies of our bank statements with deposit amounts? Is that not normally the process?

Those are all things your solicitor can confirm as being in order, without giving any actual numbers to the EA.

davidmcn

removedgemmad89 wrote: »

Because she has asked for both our ID, mortgage agreement in principle and copies of our bank statements with deposit amounts? Is that not normally the process?

Apart from the fact that you don't need to give her any of this, bear in mind that the estate agent is the vendor's agent, not yours. So anything you tell the agent is liable to be passed on to the vendor, irrespective of whether they work for the estate agents or not.