buyer's name sent to conveyancer is different than memorandum of sale

user1977

[Deleted User] said:

user1977 said:

eddddy said:

[Deleted User] said:

 Originally I thought someone was trying to steal the sale which my conveyancer should prevent.

I guess the slight worry might be that the EA should have done a 'financial evaluation' of the buyer (i.e. checked their source of funds etc). If the buyer has changed, perhaps that should be re-evaluated.

Though as I presume the expectation is a swift, chain-free sale, it's not as if you'd be hanging around long to find out it isn't.

I'm not sure who would do the financial evaluation if the EA haven't been informed of the buyer switch. I don't know if either conveyancers to this.

The conveyancers won't, but is it relevant? They're investors, they'll have the money. They may of course mess you around, but that won't be because they can't afford to buy. It's not like figuring out whether a first time buyer can get a mortgage.

eddddy

[Deleted User] said:
So the auction winner essentially pays 10k to each investor to ensure they get the property?

Yep - it could work like that.

So the winner bids £250k - and gives £10k to each of the other 4, and £200k to you.

So the winner ends-up paying out £240k (instead of £250k), and the others each 'earn' £10k


(Or the agreement could be that the winner only pays out half a share - £5k - to each of the others. So the winner bids £250k, but only pays out a total of £220k.)

[Deleted User]

user1977 said:

[Deleted User] said:

user1977 said:

eddddy said:

[Deleted User] said:

 Originally I thought someone was trying to steal the sale which my conveyancer should prevent.

I guess the slight worry might be that the EA should have done a 'financial evaluation' of the buyer (i.e. checked their source of funds etc). If the buyer has changed, perhaps that should be re-evaluated.

Though as I presume the expectation is a swift, chain-free sale, it's not as if you'd be hanging around long to find out it isn't.

I'm not sure who would do the financial evaluation if the EA haven't been informed of the buyer switch. I don't know if either conveyancers to this.

The conveyancers won't, but is it relevant? They're investors, they'll have the money. They may of course mess you around, but that won't be because they can't afford to buy. It's not like figuring out whether a first time buyer can get a mortgage.

Yeah despite the memorandum of sale having the correct sale price, I'm anticipating some "messing around" before exchange. i.e. the house is inherited and unoccupied and they probably think I'd accept lower just to get rid of it