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from the article:

The aggressive new practice comes amid fears of a property bubble, fuelled in part by the Government’s Help to Buy scheme.

so how does that work...an already supported buyer can suddenly get his hands on more cash if required?...that would mean a new application, a new investigation, a new mortgage offer?

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If sellers want to try it, fair play to them. It is greedy and unethical - it seems all's fair in love and house buying. Are they really inventing new buyers just before exchange, or just increasing their price? The article doesn't make it clear.

I would walk if any seller attempted to do it to me though. That's the only way to kill the practice.

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Just another reason not to accept exchange and completion on the same day, if you do they have you over a barrel. I always leave at least 3 weeks to a month between exchange and completion, once exchanged I will start booking removals, notifying utilities.

We really are getting to the stage where estate/letting agents need to be effectively regulated.

Nice to see it is the tax payer funding the housing bubble.

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Just another reason not to accept exchange and completion on the same day, if you do they have you over a barrel. I always leave at least 3 weeks to a month between exchange and completion, once exchanged I will start booking removals, notifying utilities.

That's a really bad idea as you are committed to the purchase but the mortgage company can pull out for any reason between exchange and completion. Don't forget its you who is committing to the purchase not the mortgage company. If it's a cash purchase the its not an issue

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That's a really bad idea as you are committed to the purchase but the mortgage company can pull out for any reason between exchange and completion. Don't forget its you who is committing to the purchase not the mortgage company. If it's a cash purchase the its not an issue

At exchange your solicitor draws down part of the mortgage so its then a done deal with your mortgage provider

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At exchange your solicitor draws down part of the mortgage so its then a done deal with your mortgage provider

Is that the circa. 10% deposit that you would loose if you pull out?

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A criminal offense too.

The Fraud Act swept all of the old statutory deception offences away. Instead a new offence of fraud has been defined as follows:

The defendant must have been dishonest, and have intended to make a gain or to cause a loss to another.

In addition, the defendant must carry out one of these acts

Making a false or misleading representation.

Failing to disclose to another person information which he is under a legal duty to disclose.

Abusing a position of trust.

Seem to fit? Why no prosecutions?

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Is this a real phenomenon or just lazy journalists being used by a VI to whip up a frenzy?

Say an EA has agreed a sale for £200k. They have a buyer who can complete and they can get paid their fee. Why would they cancel the deal and start the process again just to sell for £205,000 and increase the fee by £50?

Sell the same house twice and bill £2050, or sell two houses and bill £4k

Even estate agents arent stupid enough to make themselves busy fools in this manner.

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Is this a real phenomenon or just lazy journalists being used by a VI to whip up a frenzy?

Say an EA has agreed a sale for £200k. They have a buyer who can complete and they can get paid their fee. Why would they cancel the deal and start the process again just to sell for £205,000 and increase the fee by £50?

Sell the same house twice and bill £2050, or sell two houses and bill £4k

Even estate agents arent stupid enough to make themselves busy fools in this manner.

Nope real phenomena. one of my colleagues had this happened to him just days before exchanging contracts. The seller went on to relist the property and sell for £25k more or probably above the asking price.

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