When an offer is accepted Does it have to state STC under offer legally?

Pilbs1234

Hi,

Myself and my partner recently had an offered accepted on a property. After the offer had been accepted we found out that the house is being sold by a company on behalf of a charity as the house was left by an elderly woman who had recently passed. We were informed that the property will not be taken off the market because it is part of their ‘terms’ Which we found strange, we knew it had potential for others to come in with an offer. The property doesn’t even state it’s under offer or sold STC online or anywhere.

so we were advised to get everything moving asap to prevent any further offers. We proceeded to do so, paid solicitors for searches, got things moving as far as they could mortgage wise ect. Two weeks after paying my solicitors for the searches I dropped them a quick email asking for an update to find out the sellers solicitors still haven’t sent a ‘draft contract documentation’ so my solicitors are unable to move things forward and we are being held up.

Just looking for a bit of advise to see if anyone has been in a similar situation or if there is anything I can do to make the sellers speed things up? Does it not have to say somewhere at least that it’s under offer or sold STC?

Thanks

G_M

Pilbs1234 wrote: »

Hi,

Myself and my partner recently had an offered accepted on a property. After the offer had been accepted we found out that the house is being sold by a company on behalf of a charity as the house was left by an elderly woman who had recently passed. We were informed that the property will not be taken off the market because it is part of their ‘terms’ Which we found strange,
Not strange at all.

we knew it had potential for others to come in with an offer. The property doesn’t even state it’s under offer or sold STC online or anywhere.
You'll be even more amazed when you read the advert saying that "Property xyz has had an offer accepted for £XK and anyone wishing to make a higher offer should contact....."

so we were advised to get everything moving asap to prevent any further offers. We proceeded to do so, paid solicitors for searches, got things moving as far as they could mortgage wise ect.
Good for you

Two weeks after paying my solicitors for the searches I dropped them a quick email asking for an update to find out the sellers solicitors still haven’t sent a ‘draft contract documentation’ so my solicitors are unable to move things forward and we are being held up. That happens.

Just looking for a bit of advise to see if anyone has been in a similar situation
Yes, lots of people buying repos, Probates etc

or if there is anything I can do to make the sellers speed things up? Apart from normal contact via the agents, solicitors etc , no
Does it not have to say somewhere at least that it’s under offer or sold STC?

Nope! But look out for the advert!

eddddy

I would think that the fact that a property is under offer is 'Material Information'.

The Consumer Protection from Unfair Trading Regulations 2008 would require the EA to tell a prospective buyer any material information in a timely manner.

I'd guess that if somebody asks to view the property, that would be a good time to say that the property is under offer (if not before).


(And bear in mind that the EA won't want anyone else to come along with a higher offer - because it will delay completion, and therefore delay them getting their fee. So the EA is likely to gently discourage further offers.)

MaiseMeal

The estate agents only put STC on the house I’m buying once there was a mortgage survey instructed.

AdrianC

Pilbs1234 wrote: »

Myself and my partner recently had an offered accepted on a property. After the offer had been accepted we found out that the house is being sold by a company on behalf of a charity as the house was left by an elderly woman who had recently passed. We were informed that the property will not be taken off the market because it is part of their ‘terms’ Which we found strange, we knew it had potential for others to come in with an offer.

Perfectly normal for a corporate sale, where getting the highest price is most important.

Think of it as similar to a repo - the vendor has a legal duty to get the most money possible, so are very open to a gazumping offer. At least they're open about it...

The property doesn’t even state it’s under offer or sold STC online or anywhere.

<shrug> So? It makes no difference. It's just an ad. You KNOW that they're still marketing and open to higher offers, right up until you exchange.

Just looking for a bit of advise to see if anyone has been in a similar situation or if there is anything I can do to make the sellers speed things up?

About the only weapon in your armoury is threatening to pull out.

Does it not have to say somewhere at least that it’s under offer or sold STC?

Nope.

When we bought this place, the RM ad didn't say "STC" or anything, at all, right up until the ad was removed after completion. It's just an ad.

ToadsFriend

How annoying for you...it would meke me very nervous....as you can't be 100% sure it willgo to you. I hope it does though and that all works out. Greedy people!

LandyAndy

ToadsFriend wrote: »

How annoying for you...it would meke me very nervous....as you can't be 100% sure it willgo to you. I hope it does though and that all works out. Greedy people!

No. People fulfilling their obligations.

AdrianC

ToadsFriend wrote: »

Greedy people!

I think you might have missed that the vendor is a charity who have been left the property.

Which is more important to them? The purchaser's feelings, or maximising the income to the charity?

Clue: One of them is a legal duty, the other isn't.

SmashedAvacado

You can get some comfort in all of this from the fact that the seller's solicitors won't be allowed to send out a contract to anyone else without telling you (nothing to stop them using another firm to do this, but that would probably be unlikely). Given the circumstances, you will probably be able to exchange quite quickly once the contract comes in, as there won't be many questions to ask as they havent occupied - most of the work required on your matter will be for your solicitor to do in reviewing the searches and the legal title - which you can hurry them along on.

Doozergirl

I'm going to get flamed, but I can't hold it in.

If you had an offer accepted you'd say "I had an offer accepted". You wouldn't say "myself had an offer accepted".

So you should say "My partner and I had an offer accepted".

If you removed you or your partner from the sentence, it would still make sense. That's why.

Sorry. Hopefully you've learned why and that's been more helpful than just an outright criticism of your grammar.

I have nothing to add in answer to your question because it's been answered already.

I'll get my coat.

davidmcn

Doozergirl wrote: »

If you had an offer accepted you'd say "I had an offer accepted". You wouldn't say "myself had an offer accepted".

Unfortunately people don't get learned grammer like they used to.