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Hi, new to the forum and looking for some advice from the many experts residing here.

To cut a long story short, in the last 4 weeks I've seen a 2 bed flat for sale in my home city. Great spot in the city centre. Asking price was 139950. It is a corporate sale.

Anyway, I put in my offer at 135k. It was rejected - because I "hadnt viewed the property" (I live in Saudi, and sent my sister and father to view the property, they thought it was great and advised me to buy). I send them my bank statement, showing a 50% deposit plus DIP from the bank for a 50% mortgage.

Thinking this was ridiculous, I queried the EA who basically said..tough, its their right to accept offers etc.

OK, so I find out they accpeted an offer from another party at 135k, same as mine.

I wait for the public notice to go in, then increase my offer to 137,500. Rejected. No reason provided.

I increase my offer to 139,950 (the asking price) - rejected, no reason provided. I query the EA, they said the seller is giving the original purchaser time to complete (14 days).

Getting emotional, I up my offer to 142k - my max offer. Rejected - giving the original purchaser time to complete.

I sm positive my offer is at least 5k above the accepted offer - do the repo company have to accept my offer, after proving all funding, are they not legally bound to get the most for the property or the defaulter can sue them?

I really want this property - and am resigned to lose it now, but want some clarity over my situation as to where I legally stand.

Really appreciate the help guys.

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You missed out on a repo'd city centre flat?

Don't worry, another one will be along in a minute :P

On a more serious note, the mortgagee has a duty to take reasonable steps to get a fair price. Sensible, as they are entitled to pursue the mortgagor for any shortfall.

It sounds like the agent has "forgotten" to pass your offers on. Probably because someone in the office had put a bid in.

If you know who the mortgagee or mortgagor are, you could write to them. I don't think they'd be best pleased that higher offers were turned away. If you don't know, you'd need a Land Registry search to get the details for about £8.

It's up to you how much effort you are willing to put in to stirring up trouble or if you are willing to move on and avoid that agent in future.

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You missed out on a repo'd city centre flat?

Don't worry, another one will be along in a minute :P

On a more serious note, the mortgagee has a duty to take reasonable steps to get a fair price. Sensible, as they are entitled to pursue the mortgagor for any shortfall.

It sounds like the agent has "forgotten" to pass your offers on. Probably because someone in the office had put a bid in.

If you know who the mortgagee or mortgagor are, you could write to them. I don't think they'd be best pleased that higher offers were turned away. If you don't know, you'd need a Land Registry search to get the details for about £8.

It's up to you how much effort you are willing to put in to stirring up trouble or if you are willing to move on and avoid that agent in future.

LOL, like buses eh?

This specific flat is in a unique, victorian building, really nice - and I've been waiting for a while for one to come on the market.

I'll do a land registry search as you recommended.

When you say write to the mortgagee etc - is this the repo company or the original owner of the house, or the bank?

Cheers

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The mortgagee is the bank who are getting less money than they otherwise could have.

The mortgagor is the former occupier who is now on the hook for more money than he should be.

It should be easy to find the mortgagee from your land reg search. For the mortgagor, you will get a name but probably not much else of use. You might be able to find a forwarding address from neighbours or maybe something on the insolvency service website.

I'd be interested to know if you get a response so please post again.

Oh, and welcome!

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Agree with 'uptoolate'. You need to find out the mortgage company through land registry and gove them a call to let them know about their agents practises. They have a legal duty to get as much as possible for a reposession. Unless of course the bank is selling it on to their own property company and therefore they dont want anyone to buy it.

And let us know how you get on! :)

Edited by mason

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Hey, thanks for the very clear advice - I'll submit a land reg query when it opens tomorrow and see if there are enough details to contact the bank etc. Will keep you all in the loop. If I go down, I'm going down swingin'...

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OK, so I have the title document - it shows the purchaser name and address, and the name of the lender (Bank of Scotland).

Do I call the Bank - if so, do I just call the callcentre and ask for the repossesion department??

Or do I google the owner, and try to find his email address, or write them a snail mail?

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Quick update - I called the bank and spoke to someone in their mortgage dept. Less than helpful (from my perspective) - they basically said they can't help, you'll have to escalate through the EA. I said my issue may be with the EA - same response.

...!

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Quick update - I called the bank and spoke to someone in their mortgage dept. Less than helpful (from my perspective) - they basically said they can't help, you'll have to escalate through the EA. I said my issue may be with the EA - same response.

...!

Shocking behaviour - i truly hope you have the time and effort to see this through because if this is the case I would love to see someone get their comeuppance - the former owner could get stung unfailry for several K because of this - on top of losing his house!

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i would love to say i cant beleive this, but unfortunatly there wil lbe a few EA's that will follow this practice for their own gain GRR

i'd persure the bank again, email them, mainly their complaints department.

if you get nowhere and the sale goes through email one of the UK papers (Daily mail would be a good choice for this type of thing) they would lap this up

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After articulating my excellent knowledge of the repo buying process, and my understanding of the potential legal ramifications, the EA is "discussing with the selling company" (literally, thats all I got)...then "We have to discuss with the exisitng purchaser".."let them know the situation"...why, I ask, are the selling company considering my offer, have they requested the existing purchaser increase their offer to match mine? No answer.

Blood out of a stone I tells ya, but we're getting there.

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After articulating my excellent knowledge of the repo buying process, and my understanding of the potential legal ramifications, the EA is "discussing with the selling company" (literally, thats all I got)...then "We have to discuss with the exisitng purchaser".."let them know the situation"...why, I ask, are the selling company considering my offer, have they requested the existing purchaser increase their offer to match mine? No answer.

Blood out of a stone I tells ya, but we're getting there.

Keep at it, if you cannot get anywhere with the EA then tell them you will be in touch with the bank and keep pressing the banks complaints or property department. Dont be fobbed off by the person who answers the phone, demand to speak to someone high up. Keep shouting the loudest and fight your corner!!!

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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