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Purchase fell through due to agents - where do we stand

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catherine2304
catherine2304 Posts: 10 Forumite
in House buying, renting & selling
Hi there
Our purchase of a Victorian Semi fell through at the last minute because the agent suddenly announced that we had to exchange within 24 hours.
This happened after we were trying to negotiate a reduced price because the survey showed up £50k of unexpected work.
We were part way through negotiating and had asked for some more information on the property history from the agent which they refused to supply.
Our solicitor also advised that there was a lot of other paperwork missing.
We lost £2.5k in survey, solicitor and mortgage fees and feel quite mislead by the agents who for some reason we feel decided to pull the property from the market.
The agent told several lies to our solicitors and also said the level of work required was apparent at the time of viewing, we questioned if this was the case why they didn't mention it to us because surely if we should have been able to see it, they knew too.
Any advice on where we might stand in making a complaint?

Comments

  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    Nowhere. It's unlikely to be the agent being the ones demanding this, but more like the sellers.

    If the survey came back valuing at the price you offered and then you tried to reduce because you had more work you'd have to do, I would have done the same. (I am not saying the survey did come back at the valued price but I wouldn't be surprised).

    Did the survey value the property at the price you offered?
    When you say you reduced your offer, what was the from and what was it to?

    edit - it could well be that the sellers knew there were all these issues and want to exchange so there is no come back.
  • ReadingTim
    ReadingTim Posts: 3,970 Forumite
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    Absolutely nowhere at all. Either side can pull out for whatever reason with no comeback at all right up to the points contracts are exchanged.
  • JoJo1978
    JoJo1978 Posts: 375 Forumite
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    Agree with ReadingTim, that’s just happened to us on the day of exchange. No reason given. I feel for you, it’s devastating, but you have no grounds.

    EA simply act for the seller. It sounds like the seller knew there were issues that your solicitor was about to uncover. Your solicitor was right to advise you not to exchange.

    Or maybe they just weren’t prepared to accept less money. You may never know unfortunately.
  • Surrey_EA
    Surrey_EA Posts: 2,042 Forumite
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    As others have said, the agents don't decide anything, they act on the instructions of their clients.

    £50k of unexpected work is a huge amount, was none of it really visible when you viewed the property?
  • G_M
    G_M Posts: 51,977 Forumite
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    If you think it was the agents who pulled the property, then talk to the sellers.

    But it will be the sellers who pulled it, not the agents.
  • Aylesbury_Duck
    Aylesbury_Duck Posts: 14,074 Forumite
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    Your complaint is with the owners of the property, assuming they instructed the agent. Unfortunately, galling as it is, you spent that money at your own risk and the sellers have left you high and dry.

    A more positive way to look at it is that perhaps your mortgage fee is transferable if you take the same mortgage deal for another property and that you've probably had a fortunate escape from a property that sounds like it would have lost you a lot more than £2.5k. My guess is that the vendors were desperate to exchange because they know full well the extent of the problems.
  • Comms69
    Comms69 Posts: 14,229 Forumite
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    catherine2304 wrote: »
    Hi there
    Our purchase of a Victorian Semi fell through at the last minute because the agent suddenly announced that we had to exchange within 24 hours.
    This happened after we were trying to negotiate a reduced price because the survey showed up £50k of unexpected work.
    We were part way through negotiating and had asked for some more information on the property history from the agent which they refused to supply.
    Our solicitor also advised that there was a lot of other paperwork missing.
    We lost £2.5k in survey, solicitor and mortgage fees and feel quite mislead by the agents who for some reason we feel decided to pull the property from the market.
    The agent told several lies to our solicitors and also said the level of work required was apparent at the time of viewing, we questioned if this was the case why they didn't mention it to us because surely if we should have been able to see it, they knew too.
    Any advice on where we might stand in making a complaint?
    The agents weren't anything to do with it, they're a mouthpiece for the sellers
  • thelem
    thelem Posts: 774 Forumite
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    Was this a fixer-upper, or somewhere you were just expecting to move straight into? What was your initial offer, the valuation and what revised offer?

    Putting myself in the seller's shoes with some made up numbers: Say I've got a £300k house but it's in a bit of a state - it needs £50k spent on it, so I put it on the market and accept an offer of £250k. Everything is progressing well, until the survey shows the £50k of work required and the cheeky buyers drop their offer to £200k! Did they not realise it needed work when they viewed the property?! Do I have a claim against the buyer for wasting my time?
    Note: Unless otherwise stated, my property related posts refer to England & Wales. Please make sure you state if you are discussing Scotland or elsewhere as laws differ.
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