Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Flip

1 2

Original poster

Trying to buy a house

50 replies

Tryingtobuy · 10/11/2020 22:08

Less AIBU, more is the estate agent BU.

I'm a first time buyer so my knowledge is limited to what's the norm and what isn't, please help me out!

DP and I have been looking to buy. We found a lovely house which we were keen to view. When we contact the estate agents to arrange a viewing they said it has had a lot of interest and someone has put in a verbal offer, but we should go ahead and view anyway. So we did just that and loved the house. Same day we spoke to the estate agent again as they said to get in touch if looking for a mortgage advisor and they'd recommend. During that phonecall they asked if we'd like to put in a verbal offer and we said yes. All good so far.

Next morning we get a phonecall from the estate agents saying the seller has accepted our verbal offer and isn't taking anymore applicants into consideration. So we were just waiting on mortage advisor to help us out with a mortgage (which is currently a slow process with being remote). Around two weeks later they set us up with a lender who were happy to give us a mortgage, but on the condition of the possibility of asbestos that had flagged up on the home report.

Mortgage advisor told us to contact estate agents and let them know of this, and hopefully get an asbestos test done. They told us they'd contact the seller and let us know. After a working week we contacted them and they said the seller is taking the weekend to make her decision on her next steps. Last night I noticed they've reduced the price. We hadn't heard a word so contacted again to be told it's up to us to find a suitable mortgage and our offer is still being acknowledged but they have put the asking price down. Very matter of fact on the phone, bordering on rude.

Sorry if it's been a bit of a ramble so to round it off...

YABU - Everything the estate agent has done is normal and standard.

YANBU - They should of let us know that they aren't willing to touch the possible asbestos so were putting the selling price down.

OP posts:

BlueisthenewGrey · 10/11/2020 22:13

Have you engaged a conveyancer and had a memo of sale?

Somebody more knowledgeable will come along soon, but I don't get why a conversation hasn't happened with you and when you say the price has gone down, do you mean on rightmove?

Badgergirl123 · 10/11/2020 22:19

I think they have definitely identified asbestos and have panicked, probably had no idea. It's a strange way to deal with you, surely handling difficult situations is part of being an estate agent? As it will affect any potential buyer's mortgage they'll need a buyer with cash to put in for both the property and repair costs I would imagine.

Original poster

Tryingtobuy · 10/11/2020 22:21

@BlueisthenewGrey
Have you engaged a conveyancer and had a memo of sale?

No we haven't. We were just concentrating on getting approved for a mortgage first and foremost. We weren't taking much from the acception of a verbal offer as of course it means nothing until it's in writing.

when you say the price has gone down, do you mean on rightmove?
And yes the price went down on Rightmove, the estate agents website etc.

OP posts:

IndecentFeminist · 10/11/2020 22:23

Did you have a decision in principle beforehand?

Constance1 · 10/11/2020 22:23

It seems strange that it is still being actively marketed when your offer has been accepted. That sounds pretty dodgy to me!

BlueisthenewGrey · 10/11/2020 22:27

But you have had a homebuyers report? That is not normal. You should have had a decision in principle first (different banks call them slightly different).

Did you pay for a survey? If not, you haven't had one and if you have had a valuation, any mortgage advisor who proceeds that far without a conveyancer in place is dodgy. I think the vendor knew there was a problem and the agent was trying to see if a problem was picked up.

My advice, walk away, go see a proper independent mortgage advisor, get a DIP then you know what you can afford and avoid this agent like the plague. I really hope you have not spent a single penny.

negomi90 · 10/11/2020 22:37

I wasn't allowed to look this summer without a DIP to prove I could afford what I was looking at (COVID meant that they were only taking people around who could buy).
A DIP doesn't commit you to anything, it just shows that a big is provisionally willing to lend you X amount. My mortgage is not with the same bank.
I saw somewhere, put in an offer with the agent and was then asked to email for a paper trail. That day the agent generated a formal offer letter she sent to me and the seller. As things were negotiated she did update offer letters. Once it was accepted, it came off the market.
It was only at this point that I got a mortgage, and they did a separate valuation as part of the process.
Survey came after mortgage.
I got in to my new place on Friday.

unfortunateevents · 10/11/2020 22:38

What is all this business about verbal offers? Have you had a written acknowledgement from the estate agent that your offer has been accepted and if not, why haven't they done this? I also don't understand how you have had a homebuyers report if you haven't got a lender in place? Who arranged the report? And who is paying for it? You really need to appoint a solicitor, it would be normal to do this as soon as you have an offer accepted.

Moistmolly · 10/11/2020 22:39

Where is the asbestos and is it damaged?

AppleStars · 10/11/2020 22:44

This sounds weird to me? I'm not experienced at all, but we are also first time buyers at the minute and your experience is completely backwards to ours? We saw an independent mortgage advisor first (remotely) and got a Decision In Principle from Halifax. It didn't take long at all, we filled out the mortgage advisor's forms and had offer back in less than 24 hours (this was 2 weeks ago). I suppose the time taken to consider this might vary depending on personal circumstances. The odd bit is the estate agent though.

Every viewing we have booked they have asked us to verbally confirm our position i.e. deposit & DIP ready to go before they would give us a viewing (6 different agencies, all asked the same questions). We made an offer on a house today and they requested a copy of the DIP paperwork, etc. before they would confirm our offer would be presented to the vendor. As far as I'm aware this is the standard process now?

It sounds a little weird but I guess not inconceivable that they would allow a viewing during COVID times with no finances in place, but extremely unlikely that they would put an offer to the vendor, and the vendor accept that offer without confirmation of your financial position? It makes them sound a bit dodgy, especially since they are also dealing with the mortgage advisor part, I would probably back out of this.

Original poster

Tryingtobuy · 10/11/2020 22:45

@BlueisthenewGrey
Haven't parted with a penny so I think we'll be taking this as sound advice and walking away from the house, mortgage advisor and estate agents completely!

OP posts:

AppleStars · 10/11/2020 22:47

I should say I'm in NI, so it could be slightly different in England maybe? But everything I researched before we started even looking at mortgage advisors suggested the process was the same in England as here?

user1487194234 · 10/11/2020 22:52

Never use the estate agents Mortgage advisor

yawnyawn4 · 10/11/2020 22:55

You jumped the gun by the sounds of things. You get a DIP, negotiate on a house you like and usually ask them to mark it SSTC once your offer is accepted. You then appoint a conveyancer who will receive a memorandum of sale from the vendor. At this point you crack on with formally applying for the mortgage and surveys etc.
I do think the estate agent should of set you on the right track. I do also think it's common for FTB to be a little confused. We had one who applied for their mortgage whilst we were still chasing them for id so we could mark the property as sstc.

MollyButton · 10/11/2020 23:00

What country are you in? Because this doesn't sound like England.

In England - normally you get some idea of what you can afford including how much mortgage first. Then look. Then put in an offer. When accepted you both put in a proper mortgage application and appoint a conveyancer/solicitor. During the mortgage process a valuation is carried out often with a Home Buyers report at the same time. This proceeds to exchanging contracts (you may negotiate on price due to issues), and then completion.
And most houses over a certain age will flag up possible Asbestos - certainly doesn't affect mortgageability - you just have to be careful with home repairs, and make sure any builders will treat it properly. Its usually in boards, cement or artex ceilings.

hvnamechange2000 · 10/11/2020 23:02

Number 1 piece of advice would be to get an independent mortgage advisor. Ask around friends/fam who have recently bought see if they can recommend anyone.

Sounds weird to me, like everything happened in a strange order! If you have a good mortgage advisor they will be able to explain more.

Mactaylorssecretwife · 10/11/2020 23:07

It sounds like the mortgage was approved subject to a satisfactory mortgage valuation and that this valuation has identified the asbestos issue. Did the mortgage adviser state if they had down valued the property or placed a retention on some of the funds or was it just advisory as can sometimes be the case?

Pipandmum · 10/11/2020 23:07

Where did the home report come in? Who commissioned it? Normally you would (and it would cost money) so I don't understand the timeline.
Ask the agent whether the offer has been accepted or not. If it was, as you say, then why is it still being marketed? If they were not interested in the asbestos issue and didnt want to negotiate then the agent should have told you that they were putting it back on the market (and any surveyor will question if there's asbestos).
The agent works for the seller but if I was the seller I'd have expected you to have instructed a conveyancer right away (and have had a mortgage in principle) when the offer was accepted. Ask the agent for an explanation.

Enough4me · 10/11/2020 23:08

Do your own research first. MoneySavingExpert website is a good starting point for financial investigations. Then independent financial advisor. Never the EA advisors.

If they have suddenly dropped for a quick sale based on asbestos, I would run away from that house.

user115632569541 · 10/11/2020 23:08

If the property listing is still live and doesn't say STC then your offer hasn't been accepted.

I'm a bit confused why you haven't instructed a solicitor etc if you thought your offer has been accepted.

Star81 · 10/11/2020 23:11

So the offer you put in was only verbal and never in writing to them via lawyer and then formally accepted ?

Have you ever spoken to any mortgage advisors before or only the one the estate agent put you in touch with ? I would never use a recommendation of an estate agent that is selling to you. Not a good idea

2bazookas · 10/11/2020 23:17

[quote Tryingtobuy]@BlueisthenewGrey
Haven't parted with a penny so I think we'll be taking this as sound advice and walking away from the house, mortgage advisor and estate agents completely![/quote]
What about the cost of the Homebuyers Report? (HBR) Surely you have to pay that whether or not you procedd with the purchase.

(I'm assuming that's what you meant when you wrote home report. Home reports form part of the Scottish property conveyance system which is nothing like NI.) Don't assume NI is the same as England.

strawberrymilkshakemonkey · 10/11/2020 23:33

i dont underatand why you've not instructed a solicitor yet...
we knew which solicitors we'd be instructing before we even put an offer in. as soon as it was accepted, we instructed them. surely this is the normal order??? how can you wait until you get your mortgage offer before instructng a solicitor?? i think you need some advice op

SimplyRadishing · 10/11/2020 23:47

Did they reduce the price on rightmove to lower than your offer?

Also call londonandcountry for your mortgage.
Nice people and good customer service.
They have never steered me wrong and beat all 3 "amazing independent broker" recommendations from our friends

Original poster

Tryingtobuy · 11/11/2020 09:47

I've read everyone's comments and I appreciate all your help. Definitely a niave and confused first time buyer so I'll be walking away from this one and taking everyone's advice on board. We did jump the gun, we had actually been planning on trying to buy after Christmas but we saw this property and thought we'd have a look and see what we could do and just followed to estate agents advice. Also we're in Scotland I'm not sure if that changes anything.

OP posts:

Flip

1 2