Active discussions

Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

To pull out of purchase or not?

82 replies

lalah20 · 30/12/2025 01:38

Hello everyone, for context I am 30 and a FTB in London. I am currently living at home with mum and have been able to save up a deposit for a flat because of this.

Back in September I viewed an amazing amazing 2 bed flat in South Croydon - it is a duplex in a Victorian house conversion, stunning interior and genuinely massive. Made an offer straight away and that offer got accepted. Long lease and vacant + chainless. Very quickly got my mortgage approved and got a good solicitor to do my conveyancing.

Recently my solicitor gave me an emergency phone call to inform me that he discovered that it will be a subsale/flipped purchase. It turns out that I am not buying directly from the current owner - instead I am buying it from the estate agent who is buying it from the current and original owner and selling it on to me the very same day. This was not made clear to me at all at any point by the estate agent. It is utterly unprofessional and dishonest behaviour.

Anyway, the current issue is that my lender will 95% refuse to release funds as it is a flipped sale and they require the current owner to have owned the property for a minimum of 6 months. My solicitor has had to report to Nationwide. The middleman's (estate agent's) solicitor is refusing to provide information for the following enquiry: how much he is paying for the property. This seems very fishy and it is clear that he is flipping the property to make a profit - very unethical when the original seller could be getting the full amount I am paying OR I could be paying what the EA is paying for it. In addition, the estate agent was not totally honest about service charges, however I liked the property enough to not be put off by it.

I viewed two new properties just before Christmas and really liked one of them (maisonette, recently refurbished, no service charge or ground rent). Have decided I will make an offer after the new year.

I am on one hand tempted to see what Nationwide will say and perhaps just continue with my original purchase (if they even agree to release funds!) purely because I have spent time and money (nearly 3k!!) on the purchase through surveys and conveyancing. On the other hand, I have self respect and don't like doing business with people who lack openness and integrity. Furthermore there are plenty of flats for sale and I have my pick.

What would you do in my position?
and: How could I get the seller to pull out rather than me pulling out? Reason I ask is because if I pull out I will not be able to claim homebuyers insurance and I absolutely deserve to get some of the money back as I have been strung along and lied to this entire time!

OP posts:
IvyEvolveFree · 30/12/2025 01:44

The EA is unethical no doubt. Hope they get their just rewards.

But - if you separate that from your goal here, which is to buy a property that you want, then I’d proceed if Nationwide will still offer the funds. As you say, you’ve already spent 3k on getting to this point. And as someone who has had sales fall through etc, there’s a value in your time and not staying stuck in purchasing limbo. Good luck in your new home!

rainingsnoring · 30/12/2025 09:54

Leaving the 3k you have spent aside, despite it being a fair bit of money, how much do you want to buy the original flat? Think about how many other flats are on the market, including the one that you viewed you recently and the fact that many others will come to market next year and then think about the current flat. If you are desperate to buy the original flat, you could just attempt to see if NW do release the funds. I have the impression that you aren't desperate though. You could email the agent/seller and say that you are shocked and upset by the lack of honesty during the transaction and would like to reduce your offer. There is a chance that they may then pull put. However, that wouldn't be 100% straight on your part either! Overall, in terms of house buying, 3K is a small amount nowadays and sometimes we all have to accept these loses, unfortunately.
If I were you, I would probably take my time and continue to look but it depends on the pros and cons of the current flat.

Jay242 · 30/12/2025 12:17

I think you should definitely reduce your offer to cover the hidden service charges plus all of the additional legal fees and such that may come about due to the nature of the sale. To me personally I think what the estate agent is doing is borderline fraud! Because he/she is using his position to manipulate a sale to his advantage. I know the south Croydon area quite well and I am curious to know if it is an independent estate agency or a chain that you are dealing with..

In any case, it sounds as if mentally you have already moved on from this property as you are preparing to make an offer elsewhere so while I understand that you don't want to lose the 3k that you have already spent, you could potentially recoup that 3k by negotiating down on this next property. Remember you are a chain free buyer and in this current market that counts for a lot. Goodluck.

HappyFace2025 · 30/12/2025 12:20

Pull out even if you have wasted £3k. There is always another home to buy without paying money to unscrupulous people.

Makingpeace · 30/12/2025 12:25

I'd pull out....of Croydon.

Original poster
lalah20 · 30/12/2025 13:54

Makingpeace · 30/12/2025 12:25

I'd pull out....of Croydon.

Good transport connections and it's a place that offers great affordability for a person like me

OP posts:
Ineedpeaceandquiet · 30/12/2025 13:57

I would pull out. Come January, it will be a buyers market.

Plus, who knows what other possibly nasty surprises, you might find further down the line.

Grumpyoldpersonwithcats · 30/12/2025 13:58

Get to the day of exchange and gazunder by £25k.
If the EA gets annoyed remind him that if you play stupid games you win stupid prizes.

OR, If you pull out only do it on the day of exchange.

MO0N · 30/12/2025 14:00

The estate agent needs to be punished 👿

Namechangedforthis25 · 30/12/2025 14:02

Makingpeace · 30/12/2025 12:25

I'd pull out....of Croydon.

Stupid comment

OP - it really depends on how much you like the house and of course the availability of funds. There is a moral argument here of not giving the EA what they want so you could always seek to reduce.

PeopleTheyAintNoGood · 30/12/2025 14:06

I'd pull out because it would worry me what else I didn't know.
However, if you really want that property, then I think a reduced offer at the last minute would be justified.

JustMyView13 · 30/12/2025 14:11

The fact you posted this at 01:38 on the 30th December suggests this is maybe preventing you from sleeping / relaxing over the festive period. That in itself is good enough reason to pull out.
The reason the EA is not sharing the price paid, is because they are making a handsome sum. Lenders don't take too kindly to house flipping, and Nationwide are likely to feel you're paying over the odds if the actual sale price is far less than your offer and what you are paying. Further, the seller is being screwed over by their EA. If you are prepared to pay (let's say - £400k) for the property, and that is market value - the EA is going to have to be buying it for quite a bit less to cover their stamp duty & legal fees at least. The seller is probably also being charged a fee by the EA. It's not fair that they don't receive the full asking price, and I'd be surprised if they are fully aware this is what's happening.

YorkshireGoldDrinker · 30/12/2025 14:11

Your solicitor is the best person to ask. If your mortgage lender can't release the funds, you can't buy it, so it's not a case of whether you should or should not pull out because the purchase cannot be completed.

flutisy · 30/12/2025 14:40

Get the current owner's details from Land Registry and contact them directly? To see if you can work out what's going on. If they're being stitched up by the estate agent, you might be able to buy directly and screw the estate agent. The estate agent is breaking the law if they haven't told you in writing that you're buying from them (it makes them a connected party), so they won't have a leg to stand on.

DrPrunesqualer · 30/12/2025 15:25

You made an offer to the current owner, not the Estate Agent

Surely your offer has been legally compromised and you can claim all your costs back as this is mis-selling
Ask your solicitor

Makingpeace · 30/12/2025 18:47

Namechangedforthis25 · 30/12/2025 14:02

Stupid comment

OP - it really depends on how much you like the house and of course the availability of funds. There is a moral argument here of not giving the EA what they want so you could always seek to reduce.

Show quote history

Not really. How well do you the area?

I'm not at all surprised by the action of the EA given it's Croydon.

FollowSpot · 30/12/2025 18:49

Makingpeace · 30/12/2025 12:25

I'd pull out....of Croydon.

Not clever, not funny, just stupid

FollowSpot · 30/12/2025 18:52

Makingpeace · 30/12/2025 18:47

Not really. How well do you the area?

I'm not at all surprised by the action of the EA given it's Croydon.

Show quote history

I know the area very well.

It is full of perfectly decent people living perfectly ordinary respectable lives, who choose the area for affordability rather than somewhere with less good public transport.

To insinuate that every EA in Croydon (a massive borough) is corrupt is silly.

Makingpeace · 30/12/2025 18:53

FollowSpot · 30/12/2025 18:52

I know the area very well.

It is full of perfectly decent people living perfectly ordinary respectable lives, who choose the area for affordability rather than somewhere with less good public transport.

To insinuate that every EA in Croydon (a massive borough) is corrupt is silly.

Show quote history

Dishonest, not corrupt.

So you think Croydon is corrupt? And you're still encouraging the OP? Crikey.

FollowSpot · 30/12/2025 19:21

OP - I would discuss all this with your solicitor. I would very much wonder why the EA has done this, the reasons why a buyer would accept an offer and this arrangement from the EA. And what else might be going on.

Also talk to your solicitor about the terms of your insurance because if NW will not proceed then that is entirely the EAs fault - your solicitor will know what come back there might be over the EAs dishonest behaviour.

Good luck whatever happens.

pollymere · 31/12/2025 18:24

The owner's name will be on all the Land Registry documents and surveys. If the property is vacant, it could be they've gone into a nursing home. This strikes me as complete fraud and abuse of someone vulnerable. I'd be contacting the police, I'm afraid.

Regarding the value of the property, Nationwide valued mine independently when I bought it and the amount they'd lend me was also dependent on their valuation. You may be paying market price but the Estate Agent has undervalued it when dealing with the Owner.

Clockyclockz · 31/12/2025 18:30

I would pull out, you will definitely find a flat just as good in the new year.

DrPrunesqualer · 31/12/2025 18:35

pollymere · 31/12/2025 18:24

The owner's name will be on all the Land Registry documents and surveys. If the property is vacant, it could be they've gone into a nursing home. This strikes me as complete fraud and abuse of someone vulnerable. I'd be contacting the police, I'm afraid.

Regarding the value of the property, Nationwide valued mine independently when I bought it and the amount they'd lend me was also dependent on their valuation. You may be paying market price but the Estate Agent has undervalued it when dealing with the Owner.

Agree
id report the Agents to the police for fraud aswell

Sandflea9900 · 31/12/2025 18:58

I would definitely pull out, and report the agent to their professional association. I would also be tempted to report the agent’s solicitor to the SRA and to Nationwide. Banks have lists of approved solicitors. If this solicitor has not been fully honest and transparent with you and your solicitor, they could be liable to professional disciplinary and removal from the bank’s preferred solicitor list.

OnARainyDay2012 · 31/12/2025 19:19

Please carefully check the ground rent terms on any leasehold purchase. Some have clauses that allow it to double every 10 years for example. Can quickly become unsellable as mortgage lenders will not lend on it. No experience in a flipped sale unfortunately so can't comment there but agree with others it seems fishy. Disappointing for you but probably better off pulling out than ending up with a problematic flat later.