I am on the verge of backing out of a property sale. What are my options? [Merged]

user1977

DE_612183 said:

Surely the gates issue would have come out if the OP had a full home report rather than just a cursory survey?

I wouldn't expect the surveyor to start playing with the gates. They don't check any of the other electrics, appliances etc.

Hoenir

EssexHebridean said:

Raptor, nobody is "on the EA's side" - but they will only know what they have either been told, or been lead to believe about the property. The agent will not go in and test everything in a property to make sure it works - this is something for a buyer to do if they want to go to those lengths, or for the buyer's solicitor to ask about in enquiries - again if instructed to do so by the buyer. There was one item in our house that we asked about in enquiries because we were concerned that if it did not work it could give us some major problems and expenses.  You're misunderstanding the role of the agent and - frankly - giving them more importance in the transaction than they have. 

bobster2 said:

Given that OP owns a Porsche, Volvo, and BMW - and has spent quite a bit getting them repaired (see other threads) I'm surprised they are so concerned about the likely small cost of repairing an electric gate. And getting the seller to leave the kitchen stools.

This is a fair point, although for all we know the cars could all be hocked up to the eyeballs on finance of course. However, allowing for the running costs of vehicles like that, it does feel a little bit petty to be quibbling over small details like the gates (which as we understand it work, just not automatically?) and indeed the stools. 

There was also the 6 Litre Mercedes AMG poppycock tale ! 

raptor2004

I’m not happy and it’s my right that I request the gated are fixed, if not I will walk away and will want the EA to refund me in full for the deposit 

EssexHebridean

You have every right to request that the gates are fixed, however you have already been told by the vendors that they are not willing to do this. You do not have any right to demand that they make the repair. 

Tiglet2

raptor2004 said:

I’m not happy and it’s my right that I request the gated are fixed, if not I will walk away and will want the EA to refund me in full for the deposit 

You have the right to request.  The Executor seller has the right to say no.  

I suggest you do walk away.  This property is not for you.

Why have you paid the EA a deposit?  Is this an auction property?  

born_again

https://forums.moneysavingexpert.com/discussion/6554853/i-am-on-the-verge-of-backing-out-of-a-property-sale-what-are-my-options/p1

4 pages in another thread on same property.

eddddy

raptor2004 said:

I’m not happy and it’s my right that I request the gated are fixed, if not I will walk away and will want the EA to refund me in full for the deposit 

It's not your right to have the gate fixed.

So you paid a £5k 'deposit' - and you want it refunded due to misrepresentation (or perhaps breach of contract) by the estate agent.

Did you get a written contract explaining the terms of the deposit? If so, what does it say about withdrawing from the purchase?

Or did you hand over £5k with nothing in writing?


Is the estate agent a member of the Property Ombudsman Scheme (most are)?  If so, the Ombudsman's code of practice says:

11a

Unless the buyer and seller wish to utilise a reservation agreement, you should not generally facilitate pre-contract deposits. However, if you are instructed to do so, you must ensure that before a deposit is taken, the circumstances under which the deposit is to be held, refunded, forfeited or used towards the purchase, are clearly stated in writing, agreed by the relevant parties and a copy of the agreement provided to those parties. In each circumstance the beneficiary of the deposit (and any interest accrued) must be clearly defined.

Link: https://www.tpos.co.uk/images/codes-of-practice/TPOE27-8_Code_of_Practice_for_Residential_Estate_Agents_A4_FINAL.pdf

So if the EA is a member of TPOS, and you didn't get the above in writing, you might have grounds for complaint to TPOS.

raptor2004

eddddy said:

raptor2004 said:

I’m not happy and it’s my right that I request the gated are fixed, if not I will walk away and will want the EA to refund me in full for the deposit 

It's not your right to have the gate fixed.

So you paid a £5k 'deposit' - and you want it refunded due to misrepresentation (or perhaps breach of contract) by the estate agent.

Did you get a written contract explaining the terms of the deposit? If so, what does it say about withdrawing from the purchase?

Or did you hand over £5k with nothing in writing?


Is the estate agent a member of the Property Ombudsman Scheme (most are)?  If so, the Ombudsman's code of practice says:

11a

Unless the buyer and seller wish to utilise a reservation agreement, you should not generally facilitate pre-contract deposits. However, if you are instructed to do so, you must ensure that before a deposit is taken, the circumstances under which the deposit is to be held, refunded, forfeited or used towards the purchase, are clearly stated in writing, agreed by the relevant parties and a copy of the agreement provided to those parties. In each circumstance the beneficiary of the deposit (and any interest accrued) must be clearly defined.

Link: https://www.tpos.co.uk/images/codes-of-practice/TPOE27-8_Code_of_Practice_for_Residential_Estate_Agents_A4_FINAL.pdf

So if the EA is a member of TPOS, and you didn't get the above in writing, you might have grounds for complaint to TPOS.

the terms are:

"Received the sum of two thousand pounds (£5,000.00) being a holding deposit in respect of the reservation of the above property subject

to contract. If this reservation is cancelled by the vendor, the holding deposit will be returned to the purchaser in full. If the purchaser withdraws

or cancels due to vacant possession not being givenupon completion, an adverse survey, decline of mortgage offer, issues with the title or any other legal issues that

cannot be resolved, the holding deposit will be returned in full. If the purchaser withdraws from the purchase for any other reason at any time,or fails tomeet the exchange

date,the reservation deposit will be forfeitedand split between the owner and the estate agent for administration costs. If contracts are exchanged the holding

deposit will be deducted from the exchange monies given by the purchaser to his /her solicitors on exchange of contracts."

and below that you have the stated  agreed sale price.

Now, if I renegotiate, and the sale price is lower, do I lose my deposit?

Grumpy_chap

raptor2004 said:

As title says what are the rights of EAs on how they express property information to potential buyers and not mislead them?
I am in the process of purchasing a property and agreed a sale price. The EA advertisement said, "gated property". I was told many times by the EA that the electric gates should work, it was used only a few months ago, vendors are trying to find the fobs/instructions etc.

I have now found out that the electric  gates do not work and the vendors are not going to do anything about it - this was actually commucated to the EA 3 weeks ago but they only bothered to tell me now. Furthermore the vendor said they haven't seen the gate work in years which is contradictory to what I have been told.

I never made a condition in the sale price that the gates should be repaired but assumed they should be working (as that was the impression the EA gave) or it should be repaired.

The EA and now saying the property description only described it as "gated" and not "electric gated". Surely this is just playing semantics, a gated property can either be manual or electric and the movement of which it neccesates power or not is irrelavent. I have paid a deposit to the EA and I think they are alluding that this is their get out clause and therefore will not refund me.

I have communication with the EA for the last 2 months or so contininually asking about the status of the gates and the response was usually that the vendors are looking for the fobs and instructions on how it works but it should work.

Do I have grounds on which the EA midled me?

Is this the same property with the non-functioning electric gates that you posted about mid-September?
https://forums.moneysavingexpert.com/discussion/6554853/i-am-on-the-verge-of-backing-out-of-a-property-sale-what-are-my-options/p1
If so, it seems as though you knew three weeks ago, not just now.

OR, have you withdrawn from that purchase and now offered on a second property which also has faulty electric gates?  

Maybe these two threads need merging.

raptor2004

Grumpy_chap said:

raptor2004 said:

As title says what are the rights of EAs on how they express property information to potential buyers and not mislead them?
I am in the process of purchasing a property and agreed a sale price. The EA advertisement said, "gated property". I was told many times by the EA that the electric gates should work, it was used only a few months ago, vendors are trying to find the fobs/instructions etc.

I have now found out that the electric  gates do not work and the vendors are not going to do anything about it - this was actually commucated to the EA 3 weeks ago but they only bothered to tell me now. Furthermore the vendor said they haven't seen the gate work in years which is contradictory to what I have been told.

I never made a condition in the sale price that the gates should be repaired but assumed they should be working (as that was the impression the EA gave) or it should be repaired.

The EA and now saying the property description only described it as "gated" and not "electric gated". Surely this is just playing semantics, a gated property can either be manual or electric and the movement of which it neccesates power or not is irrelavent. I have paid a deposit to the EA and I think they are alluding that this is their get out clause and therefore will not refund me.

I have communication with the EA for the last 2 months or so contininually asking about the status of the gates and the response was usually that the vendors are looking for the fobs and instructions on how it works but it should work.

Do I have grounds on which the EA midled me?

Is this the same property with the non-functioning electric gates that you posted about mid-September?
https://forums.moneysavingexpert.com/discussion/6554853/i-am-on-the-verge-of-backing-out-of-a-property-sale-what-are-my-options/p1
If so, it seems as though you knew three weeks ago, not just now.

OR, have you withdrawn from that purchase and now offered on a second property which also has faulty electric gates?  

Maybe these two threads need merging.

It only transpired jsut now that the vendors told the EA 3 weeks ago that they will not fix the gate. I was not informed of this until yesterday!
Yes it is the same property.

And the EA is a TPO member. They immediately implied that I will not get my refund back as the ad description just says "gated " and not "electric gated"