ESTATE AGENTS

ü       Adverse Credit Accepted

When you make an offer for a property the estate agent must pass it to the seller promptly and in writing. The estate agent does not however have to give the buyer details of other offers that have been received by the vendor.

Remember it is not always the highest offer that wins. The seller may, for example, decide to sell to the person who can proceed most quickly. Cash buyers or people with a mortgage already agreed are always in a strong position. Our Mortgage brokers can give you an "agreement in principle" (AIP); this shows a seller that you should be able to move quickly.

A lot of Estate Agents mortgage advisers are not truly independent as they only recommend lenders from their approved list (panel), not the "whole market". They may not be independent when it comes to mortgage life insurance either.

If your offer is accepted, the agent should send you a letter confirming the details, but this is not a legally binding contract. Other offers can still be received and accepted in preference to yours and both you and the seller can renegotiate the price and or conditions of sale right up to the point when contracts are exchanged. (The process is different in Scotland).

If you feel that you have been treated unfairly in any way by the estate agent contact the National Association of Estate Agents (NAEA) at naea.co.uk; the Ombudsman for agents at oea.co.uk; or the Office of Fair trading at oft.gov.uk.

Mortgage Enquiry Form