Buyers wants separate private arrangement for part of sale value

hazyjo

For anyone in the same boat in the future... yes, I also suspected money laundering. And, at this current time, it's who suspects it who's also legally obliged to report it - they can be jailed/fined if not. It's not just who commits it.

davidmcn

hazyjo wrote: »

at this current time, it's who suspects it who's also legally obliged to report it - they can be jailed/fined if not. It's not just who commits it.

Only if you're regulated, surely? I don't think Joe Public is obliged to grass on money launderers (though handling money and "asking no questions" is more troublesome).

hazyjo

davidmcn wrote: »

Only if you're regulated, surely? I don't think Joe Public is obliged to grass on money launderers (though handling money and "asking no questions" is more troublesome).

Yeah you're right, I'm sure - although in this case I can't see how the seller couldn't be held accountable as it's pretty obvious they'd be breaching all sorts of money laundering regs if not done through solicitors/done as a cash bung. I must look into it further as it's actually an interesting scenario.

Smodlet

DaftyDuck wrote: »

... presumably through the death of a loved one.... Not exactly privileged there, I'd say.

Good point, though it is a lucky person who never suffers a bereavement during their lives; not many receive a legacy like this but I apologise for any offence caused to the OP.

seeking786

Hi,
I thought I would update everyone. This is such a mess. I went back to the agent and said
"tell the buyer I can only accept 435 if its a single contract stated for that value and we must exchange by x date because this has been going on long enough. I can't do this two separate contract thing. My solicitor and conveyancer won't accept it any other way".
Agent came back to me and said "the buyer can only do the 435 if its via the two arrangement thing, they only want to put 410 on the contract. Why don't you change your conveyancer and go find another one and only mention the 410 contract to them and we'll still find another way for the remaining 25K!!".
I stood my ground and said no, its not going to happen. I even said "my solicitors had advised me it could be seen as fraud so I can't do it"
The agent said that I was now suggesting that I wasn't willing to proceed with the suggested approach that basically I was "withdrawing from sale" and that I would be liable for the half agency fees even though the property hadn't sold. I am so livid I'm shaking. I had originally accepted their offer of 445K, it wasn't my fault they couldn't get a BTL mortgage to match. I was even willing to accept 435K but I couldn't agree to this 'two separate arrangement thing' on advice of my solicitor and now they're saying that if I withdraw from the sale then I need to pay the agency fees. It feels like blackmail - like somehow I'm the one being unreasonable for not bending the rules.
The agent is asking me to now put in writing that I don't want to proceed with the sale. I think I'll be talking to my solicitor first.

Tom99

[FONT=Verdana, sans-serif]There is no way, in this situation, a Court would support your EA claim for a fee. [/FONT]

GrumpyDil

I would say that I was happy to proceed with a buyer who could pay the agreed price as one contract covering the entire purchase price. Also, bear in mind that any fees are probably only payable when they have a ready, willing and able buyer and from all accounts the buyer is not able to complete at the agreed price without trying to put together some convoluted deal. I wouldn't proceed on that basis and if they wanted half the fee would tell them to sue me.

eddddy

seeking786 wrote: »

The agent is asking me to now put in writing that I don't want to proceed with the sale.

Don't fall into that trap.

Just put in writing that you are ready, willing and able to sell your property to the buyer for £435k, and your solicitor is ready to exchange contracts at that price.

In your position, I would take a step back from the 'weird £25k arrangement' - and just ignore it, and not enter into any discussion about it.

ThePants999

I cannot agree more with the previous three posts. Stand your ground. The agent will NOT be able to claim anything from you for not proceeding with this "£410K plus shady extra £25K" offer. To even try, they'd have to admit, in court, that they were party to defrauding HMRC, since the buyer wouldn't be paying stamp duty on the £25K either. Obviously, they're not going to do that, so they're not going to take this further unless you do something silly like put in writing that you're withdrawing from the sale

jimbog

If the sale doesn't go through it's time to change agents.

So, in your letter request a list of names of potential buyers that they have introduced the house to.