Estate Agent not listing property as Sold STC or Under Offer (Update)

person2

I submitted an offer weeks ago on a flat that was quickly accepted. I finally received the sales memorandum earlier this week, and am now commencing searches, mortgage valuation and about to arrange a building survey.

The estate agent told me they would list the property as Sold STC as soon as the memorandum was issued, and that it would be removed from Zoopla and the 2nd estate agent's website at this point. They've now completely backtracked and said this is not their process.

What's annoying me is they haven't even marked the flat as 'Under Offer', are still mailing it out to all their prospective buyers on their mailing list, and it is still listed as available through the 2nd estate agent. I don't want to spend hundreds of pounds on surveys when they don't seem to be taking me seriously as a buyer. As I understand it from reading online, it should now be marked as Sold STC.

Should I be concerned? And should I raise this with the estate agent?

Thanks

Update:
In case anyone is interested or in a similar position, the property was finally removed from Zoopla from the second estate agent once the mortgage valuation was booked in, so it's now only viewable on the main EA's website and listed as 'Under Offer', which is okay as it turns out they don't mark any of their properties as Sold STC (Not sure why they told me they would, but there you go). Thanks for the advice.

nicknameless

Yes and yes

dimbo61

Ask the estate agents which redress scheme they belong to as your going to make a formal complaint.
They must at the same time act in the best interests of their client the seller.
So they want to see your a serious buyer ! Solicitors ? AIP/DIP from lender ! Surveyor calling them to book in a survey ? 
Got this sorted yet ?

Falafels

This instruction may well have come from the vendor; I know our place was still listed as available for several weeks after our offer had been accepted and the MOS sent out to all the relevant parties.

In the end we let the vendor know that we would not be proceeding with the survey and legal stuff until they took it off the market; they then did so within hours.

It sounds as though your vendor is continuing to market the property in the hope of getting a higher offer, and I suggest you follow the same course of action that we did.

Thrugelmir

person2 said:

I submitted an offer weeks ago on a flat that was quickly accepted.

No mortgage in place yet?  Why haven't you arranged a building survey earlier? The vendor wants to see commitment that you are a serious buyer.  Little point in being annoyed when the onus is currently on you. 

person2

Thrugelmir said:

person2 said:

I submitted an offer weeks ago on a flat that was quickly accepted.

No mortgage in place yet?  Why haven't you arranged a building survey earlier? The vendor wants to see commitment that you are a serious buyer.  Little point in being annoyed when the onus is currently on you. 

That's a lot of incorrect assumption. I have had a mortgage in place for a month. AIP sent over to estate agent weeks ago and solicitor in place with details sent over. It took the vendor 3.5 weeks to send solicitor details over to the estate agent, so I'm not sure how I'm the one who needs to prove I'm serious here?

Why would I shell out many hundreds of £££ on a survey before I've received a sales memorandum?

person2

dimbo61 said:

Ask the estate agents which redress scheme they belong to as your going to make a formal complaint.
They must at the same time act in the best interests of their client the seller.
So they want to see your a serious buyer ! Solicitors ? AIP/DIP from lender ! Surveyor calling them to book in a survey ? 
Got this sorted yet ?

I have a solicitor in place, AIP sent over weeks ago to the EA and my financial advisor is currently arranging the mortgage valuation with the lender. My mortgage is significantly smaller than the value of the flat, so there should be no doubt in anyone's mind that the mortgage valuation will go through without issue.

Is it worth threatening formal complaints? I don't want to damage a relationship beyond all repair if that ultimately ends in me being the loser because I don't get the flat?

I seem to be getting conflicting information as to where the line is legally in how they're listing the property. Do they have to list it as Sold STC? Or is it purely down to EA discretion?

eidand

I would not be happy to invest time and money when there is a risk someone can offer more and get it. No, it needs to be taken off the market asap. 

okigen

Falafels said:

This instruction may well have come from the vendor; I know our place was still listed as available for several weeks after our offer had been accepted and the MOS sent out to all the relevant parties.

In the end we let the vendor know that we would not be proceeding with the survey and legal stuff until they took it off the market; they then did so within hours.

It sounds as though your vendor is continuing to market the property in the hope of getting a higher offer, and I suggest you follow the same course of action that we did.

Would second this. Once you have AIP and solicitors in place I would expect the property to be marked under offer at least. You can book a survey (the type that allows you to cancel free of charge) to show the seller you are serious. But the seller should also show you goodwill in return.

NameUnavailable

If they are still marketing the property then that suggests that if someone else comes along and offers more than you did, the vendor/agent are quite happy to gazump you.

I would visit the EA and discuss - find out exactly what is going on.

Thrugelmir

person2 said:

Thrugelmir said:

person2 said:

I submitted an offer weeks ago on a flat that was quickly accepted.

No mortgage in place yet?  Why haven't you arranged a building survey earlier? The vendor wants to see commitment that you are a serious buyer.  Little point in being annoyed when the onus is currently on you. 

That's a lot of incorrect assumption. I have had a mortgage in place for a month. AIP sent over to estate agent weeks ago and solicitor in place with details sent over. It took the vendor 3.5 weeks to send solicitor details over to the estate agent, so I'm not sure how I'm the one who needs to prove I'm serious here?

Why would I shell out many hundreds of £££ on a survey before I've received a sales memorandum?

An AIP is not a mortgage offer.  My assumption is correct. Was based on the fact that the mortgage valuation hasn't even been undertaken as you said. Yet over a month (?) has past. 

A sales memorandum is a worthless piece of paper............ 

Maybe worth your time understanding the process fully. As there's some distance to go yet before matters are concluded. 

With no reason for a delay in obtaining a mortgage. I'd be relisting the property myself. The world is full of timewasters.