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To want to do more about house that EA says is STC

128 replies

AliceRR · 16/10/2018 12:13

DH and I viewed a house about four weeks ago. We really liked it, we said it could be our dream house, perfect area, nice street, nice house but needs everything doing (windows and doors, bathroom, kitchen, decorating etc)

On the market for £295 which is a good for a 3 bed detached in that area but would be worth more when done up.

DH offerer £260k and was told by vendor agent no point putting an offer until we have sold our house but they work note our interest and update us if any developments.

No updates.

On the weekend I looked for the house online out of curiosity and saw it was no longer on Rightmove. Called EA and he said house was sold STC as of Monday last week. He apologised they had not told us. I asked price and he just told me it was less than asking.

I was annoyed as DH and I said it wa worth asking price and we would pay that.

DH called and they changed their story a couple of times about why they didn’t tell us (whereas they just apologised and said it was an oversight when I called).

DH offered £280k. EA said vendor wants to stay with current buyer. We don’t kno what current buyer offered but I cannot help but think EA would have said if it was more than £280K. DH then offered asking and was promptly told vendor said no.

I find it odd. Either they deliberately didn’t call us last week and give us the opportunity to put in a higher bid or it was an oversight but their client has potentially lost out on £20k (we don’t know what they have sold for).

I’m really disappointed as we both really loved that house. Have baby due in Jan and no other houses compare for me with the house and the area.

I should say we haven’t sold ours but we are looking at keeping current house to rent and buy the new one.

Is there anything we can do?

OP posts:
Lunde · 16/10/2018 20:39

I think a lot of the communication issue seems down to you and DH not updating the EA when your situation had changed. Your original conversation seemed to be based on the low offer and that you didn't have your own home on the market.

When you changed your mind about selling your home and raising your offer did you immediately call the EA to explain your better position - are you currently in a position to proceed immediately for example, do you have your BTL mortgage sorted, gas saftey certificates, landlord insurance arranged and a deposit scheme chosen? Why did you decide to to make another lowish offer if you really wanted it?

I was in a similar situation - the house was unique and few ever come onto the market - the open house was heaving. So we made an offer of full market price directly at the open house and made it clear that whether or not we sold out other house we could finance the move. Our offer was accepted on Monday but on Wednesday someone came along who was prepared to offer more. But happily our buyers chose to stick with us as we had some positive intangibles.

UncomfortableBadger · 16/10/2018 21:08

OP, presumably you’re aware that you’d be hammered for Stamp Duty if you retained your current property? Almost £10k more than usual due to the higher rate that applies for additional properties.

Also, BTL mortgages are now harder to obtain due to both rental cover and stress testing, plus it’s harder to get deals for higher LTVs.

There have also been seismic changes to how rental income is taxed when there are mortgage borrowings.

Irrespective of which house you choose to buy, do make sure that you’re fully informed about the financial implications of renting out a property - it’s never quite as straightforward as it first appears.

UncomfortableBadger · 16/10/2018 21:10

Sorry, should’ve clarified - almost £10k more Stamp Duty based on a pp of £295k.

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