Pretending to not be in a chain

eddddy

You'll probably need to make your story fairly bulletproof - I expect the estate agent is used to prospective buyers fibbing about things, and so they might ask probing questions.

For example, have you got a good explanation for 'supposedly' buying a second property?  Will you be renting out the current one?

If the estate agent is suspicious, they might drill you about your plans - are you getting a BTL mortgage on the current house, which letting agent are you using, etc?

user1977

custardly said:

YoungBlueEyes said:

custardly said: But trying to understand at what point we would get found out.

Well right at the start, hopefully. 

Why at the start? This is the bit I really don't understand. How would they know?

Well, the fact you own your current property isn't a secret. If the purchase is for you to live in, what are you doing with the old property? If you're going to be renting it out, where's your agreement in principle for your BTL mortgage? And does your other agreement in principle take all of that into account?

NameUnavailable

Has your solicitor agreed to maintain your lies to the other parties solicitors?

Martico

Ethics matter. There's a huge gulf between personal money-saving - making the most of existing regs to your advantage - and looking to hoodwink another person for your own gain.

user1977

NameUnavailable said:

Has your solicitor agreed to maintain your lies to the other parties solicitors?

Solicitors are of course not allowed to knowingly lie to their counterparts (or indeed anyone really) - they can refrain from commenting one way or another (and leave everybody else to draw their own conclusions), or (for such time as they're kept in the dark by their clients) unwittingly pass on the lies about the OP's intentions.

housebuyer143

custardly said:

housebuyer143 said:

You really risk losing a lot of your own money. You spend for a survey and mortgage etc and then the seller finds out you are in a chain, which they 100% will, and they will probably relist it. 
Going into the sale in bad faith like this isn't really a great way to maintain good relations. I would expect the seller to do you 0 favours when you are found out. 

I don't understand why we will lose a lot of money? Surely a maximum of 1 or 2 thousand no? 

Wouldn't you consider losing £2k a lot of money? If not, then you have more money than sense. 
Do what you will, I am sure others do but you need to have a very good bulletproof story about what you are doing with your other house and have the aip to back that up, then you want to hope to agent doesn't look on Rightmove and see your property listed for sale as that will blow the whole thing out the water and I would expect them to not wish to deal with you again. 

Why don't you just list your house for sale like everyone else and get a buyer lined up and buy a house. Or sell yours and move into rental.

I knew you don't care about ethics but maybe they need a quick sale which is why they don't want a chain and you knowing lying and dragging them into a chain which could extend the whole process or collapse it completely is really selfish behaviour.

Noneforit999

Hang on, do you have enough cash to cover the full deposit for the mortgage in terms of the AIP or do you need some/all of the money from your house sale towards the mortgage of the new house?

On your AIP, will it not state you have a deposit of £x so unless you have £x in the bank anyway which you can 'pretend' is your actual deposit, the EA is going to ask where the rest of the deposit is coming from on top of what you have in the bank no?

However, its really not a good starting point by lying and the vendor may simply drop you once they find out which eventually they will. Even as a vendor I would be asking the EA questions about you as a buyer right off the bat to make sure you were not wasting my time, although perhaps most vendors just trust the EA will do due diligence. 

CKhalvashi

In any financial transaction, never be tempted to lie.

If you can genuinely buy without selling first you'll be fine, even if the sale is in the pipeline, but there's never an excuse for lying and at worst it could be deemed as fraud if there's a financial loss to anyone later on.

Slinky

If you decide to lie and get caught out, what do you plan to do when the 'house of your dreams' comes up for sale through this agent? You can forget about buying anything listed with them.

Flugelhorn

All very well having an AIP and cash but does the AIP really depend on you only having the one mortgage? (that is if you have a mortgage on your current property)

if that is the case then surely the AIP is worth nothing. 

As others have said you usually have to show the  cash in the bank to the EA and solicitor at the beginning