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Selling to a limited company (not mine)
Comments
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The EA has (apparently) already verified that the company has sufficient cash to buy. That won't tell them the whole story about liabilities etc, but the same applies to any buyer.
When our buyers failed to complete, it turned out that the estate agent’s verification consisted of them asking the buyers whether they had the money, and the buyers said yes. The estate agents just want the sale to go ahead. They won’t do anything to rock the boat.
More than 99% of the time they get away with it. The agent said that he had only had three failed completions in his entire career.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Worth also mentioning that with the change in the tax laws, companies buying property rather than individuals is much more common.
A point you see with mortgage providers now more than happy to lend to a personal company to complete a buy to let for example.
As mentioned, nothing to be concerned about for the buyer. Solicitor should proceed as normal with a deposit on exchange etc.0 -
And had you actually exchanged?When our buyers failed to complete, it turned out that the estate agent’s verification consisted of them asking the buyers whether they had the money, and the buyers said yes.
No point in them putting time and effort into a sale that won't complete, since they don't get paid until completion.The estate agents just want the sale to go ahead. They won’t do anything to rock the boat.0 -
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