Confidentiality

[Saraharris1]

Hi
I'm buying a property that I have lived in for 5 years.
Last week I made enquiries regarding its value.
I've gone to 6 estate agents and asked for valuations.
I asked the agent whom I let from.

Today I had a hand delivered note from my two landlady's stating they know I have question the price they are asking for.

Is this not some form of confidentiality breech?

I'm getting it at a good price well I'll know more when buyer survey complete but I still feel this should of have been disclosed.

You've decided to buy the home. Isn't it a bit late in the game to do all this? Why wouldn't you have done this before?

You asked your landladies' agent about the price. I don't think they have breached anything.

They have a contract with them, they are paid by them. They are probably obligated to pass on anything that materially affects the lease.

I think confidentiality would only be owed to a client and with estate agents, I think the property owner is the client.

For example, if you were to tell the agent that you’d lost your job, I think it would be incumbent upon them to inform your landlords, as their duty to keep their clients informed would trump any duty to keep your communication confidential.

That’s why, when you buy a house, you keep your cards a bit close to your chest with estate agents. They are acting in the interest of their clients, the vendors, and not yours.

I've gone to 6 estate agents and asked for valuations.

You are asking agents to value a property that you don't own?

This is what I was going to say! You can’t go around asking for a valuation on a house you’re renting. It’s not yours. The only people who can request a valuation on a property are the legal owners or an executor of the estate if the owner has passed away, or someone with POA if they need to sell the home for care home fees etc.

I agree with others it’s probably wrong that you got your own EA valuations on a property you don’t own, I believe when I have had valuations done I’ve had to say that I am the legal owner. Though I can understand you wanted to get a range of opinions re the valuation.

I would let concerns re confidentiality go and move on.

Edited to say if you were interested in buying the property you could have asked the owner to show you 3 EA valuations instead of getting your own ( & 6 is excessive).

If you’re buying the property you get a valuation from your mortgage provider, not by going to estate agents yourself. I think you’ve gone about this an odd way.

That is a really bizarre thing to do, have 6 agents round to value the property.
I am surprised they wasted their time on this, especially when it isn't yours to sell.

I would go on a damage limitation exercise with your LL's, they may be that hacked off that they refuse to sell to you.

Your land lady's estate agent told her you were asking about value.

Of course they did, they work for your landlady. That's their job, to feed information back to her. They don't owe you anything.

Is this the first house you have bought? This isn't how things are done as usually the buyer doesn't have access to the house to get people round to value it. I assume you didn't tell the estate agents you got round the reason why they were there or they wouldn't have come.

Um you do know there is no confidentiality unless you enter a contract?

Why did you not simply get an independent RICS survey to include a "market valuation". This would be the most realistic assessment of condition and value and is normal for you to do as the buyer.

I live Inthe house already and each estate agent was happy to come in.

The morgage company valued it and email came thru this morning from solicitor stating its been valued at 10k less than what going to pay.

The estate agents have not managed the property at all.
Unlike when I've rented before
Rent paid directly to LL
Maintenance completed by them.
Since looking into it I have found out I have had my rent put up to often.

So after paying for brokers fee and solicitor fee I'm down around 2k.

I just wanted to know if there was some confideiality law in estate agents.

Decided not to buy now well I can't as bank won't lend enough for the asking price.

I'll inform the LL and wait for the abuse I get from her.
I'll up date you on that.

To add some one stated that if I'd lost my job I shoukd have told them, my partner at time did leave me but I carried on paying rent in his never informed them.
Claimed universal credit untill I started my new job.

Oddly enough I'm not as upset as I thought I'd be maybe this wasn't the right house for me to buy.

No there's no confidentiality as you are not a client. And it's very naive of you to think the LL wasn't going to find out!

You don't have a contract with the agents

I don't understand why you don't get that

The agent is employed by the owner of the property, not the buyer. If a buyer is questioning the price, this is of course relevant business information for the agent to pass on to their client.

You are not the client in this case.

So you a) had not checked with a bank you could borrow enough and b) had not considered a valuation before agreeing to buy and c) went to all the local estate agents to value a property you don't own and d) were not aware of the rent going up
Wow.
What a waste of everyone's time.

I agree that this probably isn't the right property for you as you already sort of think of it as your own.

The normal process is to view a property and offer what you can afford to pay (if it's equal to or very near the asking price). Property is often under valued by the mortgage lender so be prepared for that and leave some extra funds available or look for a property priced under the amount you have available. If you have a survey (which you should) the same applies. You need funds for any potential repairs to the property once you move in.

It's a long, expensive and often frustrating process. Don't go into it with an entitled attitude, be as pragmatic and flexible as you can.

Re the valuation coming in 10k under the asking price, it may be worth asking the owner if they would sell it to you for 10k less, since if they put it on the market they may have the same problem with the next potential buyer.

Worth a try!

Oh dear...

If it had been down valued, ask the LL if she will sell at that price, you have nothing to lose.

The morgage company valued it and email came thru this morning from solicitor stating its been valued at 10k less than what going to pay.

The standard thing to do in this situation is go back to the seller, explain the mortgage valuation is less and ask to negotiate, on the basis any other buyer will be in the same situation (unless they want it so much they’re willing to put £10k in themselves).

It sounds like you’d benefit from someone talking you through the complexities of house buying - there’s a lot that goes on!

What is the situation now? Is the house still on the market? Can you go back, explain that you were just unaware of the standard procedures and are they willing to negotiate?