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  • FIRST POST
    • ChicaBonita
    • By ChicaBonita 10th Jan 18, 1:03 PM
    • 640Posts
    • 1,377Thanks
    ChicaBonita
    Offer conditions - question
    • #1
    • 10th Jan 18, 1:03 PM
    Offer conditions - question 10th Jan 18 at 1:03 PM
    Hi all, I am in the first stages of buying, have my AIP through and have seen a couple of properties.

    We have put an offer on a property at asking price - it had been sold before but the mortgage fell through due to one of the parties being a non-UK national. We have our AIP through a private broker as it is one of my partner's benefits from work.

    I had a call from the EA to say the offer has been accepted, but the seller won't take if off the market yet, until or unless A) we use their in-house mortgage broker or B) our mortgage offer comes through. He says this is because he has been messed around with the previous buyers.

    Has anyone else experienced this? We like our broker and it's free for us to use them so don't really want to move away from them. His opinion is that they are being a-holes and it is an aggressive sales technique, but I understand he is not completely without bias. We would hate to lose the property if someone offers more while we're waiting for our mortgage to come through, but I am also of the opinion if something like that does happen then it isn't for us.

    I tell you, I've been at this less than a week and my stress levels are already through the roof!
    Last edited by ChicaBonita; 10-01-2018 at 1:08 PM.
    House Deposit:£12,570.12/£14,000 = 89.78% Money Made'17 August: £41.04July:
    £4.95
    June: £5.35 May:£30.30April: £51.09March:£28.25Feb: £120.47 Jan:£14.35
    Total Made '16:£284.60
Page 1
    • Rambosmum
    • By Rambosmum 10th Jan 18, 1:11 PM
    • 1,725 Posts
    • 2,240 Thanks
    Rambosmum
    • #2
    • 10th Jan 18, 1:11 PM
    • #2
    • 10th Jan 18, 1:11 PM
    I'm inclined to agreed with your broker. Get your mortgage application done asap and take it from there.
    • spadoosh
    • By spadoosh 10th Jan 18, 1:13 PM
    • 5,204 Posts
    • 7,024 Thanks
    spadoosh
    • #3
    • 10th Jan 18, 1:13 PM
    • #3
    • 10th Jan 18, 1:13 PM
    My response would be, 'on that basis my offer is withdrawn, can you send me the details of any similar properties where the seller doesnt require me to use your broker and will accept an AIP as the foundations for a formal offer, thank you'

    Call their bluff. Theres always another house although i understand its easy to get attached.
    Don't be angry!
    • ChicaBonita
    • By ChicaBonita 10th Jan 18, 1:25 PM
    • 640 Posts
    • 1,377 Thanks
    ChicaBonita
    • #4
    • 10th Jan 18, 1:25 PM
    • #4
    • 10th Jan 18, 1:25 PM
    Thanks both, it's nice to get some validation! We're going to stick with our broker, try for the mortgage and see where it goes from there. It's a lovely property but at the top end of our budget, and there are others around so it's not the end of the world if it doesn't work out.
    House Deposit:£12,570.12/£14,000 = 89.78% Money Made'17 August: £41.04July:
    £4.95
    June: £5.35 May:£30.30April: £51.09March:£28.25Feb: £120.47 Jan:£14.35
    Total Made '16:£284.60
    • phill99
    • By phill99 10th Jan 18, 2:08 PM
    • 8,098 Posts
    • 7,320 Thanks
    phill99
    • #5
    • 10th Jan 18, 2:08 PM
    • #5
    • 10th Jan 18, 2:08 PM
    They are trying it on and wanting you to use their brokers (which in my opinion always leads to a conflict of interest) as they get a commission from the lender.


    I would be inclined to speak to the vendor direct and advise them of underhand practices
    Eat vegetables and fear no creditors, rather than eat duck and hide.
    • Surrey_EA
    • By Surrey_EA 10th Jan 18, 3:10 PM
    • 1,553 Posts
    • 2,042 Thanks
    Surrey_EA
    • #6
    • 10th Jan 18, 3:10 PM
    • #6
    • 10th Jan 18, 3:10 PM
    They are trying it on and wanting you to use their brokers (which in my opinion always leads to a conflict of interest) as they get a commission from the lender.


    I would be inclined to speak to the vendor direct and advise them of underhand practices
    Originally posted by phill99
    It would seem to me that the vendor is the one putting forward the conditions, and will be well aware what is going on!

    I would be inclined to go back to the EA, politely decline their offer to use their in-house broker, and ask the vendor to consider taking the property off the market while you demonstrate that you will not have any difficulty in obtaining finance to purchase the property. Explain that you are uncomfortable incurring expenses associated with arranging a mortgage whilst at the same time the seller is continuing to keep the property on the market.
    • hazyjo
    • By hazyjo 10th Jan 18, 3:27 PM
    • 10,652 Posts
    • 13,936 Thanks
    hazyjo
    • #7
    • 10th Jan 18, 3:27 PM
    • #7
    • 10th Jan 18, 3:27 PM
    Ask if it's enough to show that you have paid X hundred of pounds to your solicitor to start searches, and made an appointment with your mortgage broker to show commitment to the purchase. Mortgages can take a while.


    Totally unfair request (although sadly not unusual). They should not be 'blackmailing' you into using their services.


    If you do walk from this one or feel forced to, I would think about taking it further and asking what their complaints procedure is. Bear in mind you still may end up having to deal with them with this or another property so don't rush into anything right now.
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • ChicaBonita
    • By ChicaBonita 10th Jan 18, 4:47 PM
    • 640 Posts
    • 1,377 Thanks
    ChicaBonita
    • #8
    • 10th Jan 18, 4:47 PM
    • #8
    • 10th Jan 18, 4:47 PM
    Thank you everyone for your advice, we are proceeding with the mortgage for now but the EA seems intent on us now using their recommended solicitors. While we are keen on this property I do feel a little bit rushed into all this. We can't move forward with the mortgage until tomorrow anyway as my partner needs to get his proof of deposit (at work at the moment and doesn't have login details).

    I do think it's an unfair request, everyone I asked just after the original phone call had never heard of this, but if it's not unusual hazyjo then I guess that's just the way these things can go!

    I will keep the complaints procedure in mind.
    House Deposit:£12,570.12/£14,000 = 89.78% Money Made'17 August: £41.04July:
    £4.95
    June: £5.35 May:£30.30April: £51.09March:£28.25Feb: £120.47 Jan:£14.35
    Total Made '16:£284.60
    • hazyjo
    • By hazyjo 10th Jan 18, 5:14 PM
    • 10,652 Posts
    • 13,936 Thanks
    hazyjo
    • #9
    • 10th Jan 18, 5:14 PM
    • #9
    • 10th Jan 18, 5:14 PM
    I do think it's an unfair request, everyone I asked just after the original phone call had never heard of this, but if it's not unusual hazyjo then I guess that's just the way these things can go!
    Originally posted by ChicaBonita
    Not unusual in that we regularly get this question on here. They're not meant to do it and obviously it's to get commission. So sneaky and underhand. I don't think you should accept it, but appreciate it's hard.


    This thread gives the Code of Practice bit http://forums.moneysavingexpert.com/showthread.php?t=5156785 I would be asking them for a copy (or saying you'll get it online or whatever) and saying 'I thought that went against your Code of Practice?' and asking them to put the request/demand in writing.


    See if they back down.
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • Keto Plastics
    • By Keto Plastics 10th Jan 18, 6:11 PM
    • 44 Posts
    • 9 Thanks
    Keto Plastics
    Thank you everyone for your advice, we are proceeding with the mortgage for now but the EA seems intent on us now using their recommended solicitors. While we are keen on this property I do feel a little bit rushed into all this. We can't move forward with the mortgage until tomorrow anyway as my partner needs to get his proof of deposit (at work at the moment and doesn't have login details).

    I do think it's an unfair request, everyone I asked just after the original phone call had never heard of this, but if it's not unusual hazyjo then I guess that's just the way these things can go!

    I will keep the complaints procedure in mind.
    Originally posted by ChicaBonita
    I would personally decline the offer/s of any and all services that they suggest using especially when they are trying to rush You into it

    Seems it would benefit them and not Yourself and in the long run could cost You a lot more than You realise

    Stick with whatever broker or solicitors You feel comfortable using, one that is independent of them would be My choice in Your shoes, definitely not one they recommend
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
    • ChicaBonita
    • By ChicaBonita 10th Jan 18, 8:53 PM
    • 640 Posts
    • 1,377 Thanks
    ChicaBonita
    So this afternoon my partner spoke to the EA - he said I can give you quotes for our recommended solicitors, partner said ok fine show me what you have.

    Next thing we know the EA has instructed these solicitors (look like the online-factory type, cheap as chips but too cheap!) Received an email through saying "here's your case reference, track your case here,"

    So I've had to tell him no, we want to use the ones through our broker as they come highly recommended, good reviews and are local enough that we can go in to see them if we want to.

    He threw a bit of a strop but clearly has no choice to stop the solicitors he instructed without our sayso.

    As people have mentioned, we do feel rushed even though the seller is stuck midway through a chain that is nowhere near completion (their sellers haven't found somewhere they like yet) so I'm not sure why it's all hurry hurry hurry.

    Thank you hazyjo I will bear that in mind. I may come back as although this is a dream property, this is somewhat spoiling it. Luckily our broker is very down to earth as I'd feel lost in this otherwise.
    Last edited by ChicaBonita; 10-01-2018 at 8:57 PM.
    House Deposit:£12,570.12/£14,000 = 89.78% Money Made'17 August: £41.04July:
    £4.95
    June: £5.35 May:£30.30April: £51.09March:£28.25Feb: £120.47 Jan:£14.35
    Total Made '16:£284.60
    • hazyjo
    • By hazyjo 11th Jan 18, 10:46 AM
    • 10,652 Posts
    • 13,936 Thanks
    hazyjo


    As people have mentioned, we do feel rushed even though the seller is stuck midway through a chain that is nowhere near completion (their sellers haven't found somewhere they like yet) so I'm not sure why it's all hurry hurry hurry.
    Originally posted by ChicaBonita
    If the chain's not complete, don't spend anything. Instruct solicitors but say wait - and definitely don't arrange mortgage yet.
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • AdrianC
    • By AdrianC 11th Jan 18, 10:53 AM
    • 17,602 Posts
    • 15,968 Thanks
    AdrianC
    Just spend half an hour, talk to their broker - it qualifies you as being financially proceedable, and it doesn't oblige you to take their product if yours is better value for you.
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