How does the offer process work when buying a house in the UK?

[northernladuk]

There have been a number of articles about what agents are doing in London. Here is one of them...

Housebuyers gazumped in deals with NO rival bidders: Unscrupulous estate agents are persuading sellers to raise prices days before exchange of contracts | Mail Online

[Daventry]

So... I'd better find a chain-free property. This one wasn't, so the "winner" might be up for a last surprise...

BTW have just seen an ad where the agent says "PUBLIC NOTICE 13 Hallings Wharf Studios 1 Channelsea Road, London, E15 2SX. We are acting in the sale of the above property and have received an offer of £264,995. Any interested parties must submit any higher offers in writing to the selling agent before an exchange of contracts takes place. "

So they do disclosure when they want to...

[kevpuk]

BTW have just seen an ad where the agent says "PUBLIC NOTICE 13 Hallings Wharf Studios 1 Channelsea Road, London, E15 2SX. We are acting in the sale of the above property and have received an offer of £264,995. Any interested parties must submit any higher offers in writing to the selling agent before an exchange of contracts takes place. "

So they do disclosure when they want to...

This could just as easily mean they have an offer which is lower, and are trying to achieve £264,995+

[Magpie252]

BTW - if I pop by another estate agency and ask how much are flats in that are being sold for -will they tell me just the asking price or actual price paid by the buyers?

Thanks.

That information is available from the Land Registry, there are a number of sites that allow you to search that data like here: House Prices in Westminster

[Power Mortgages Ltd]

So... I'd better find a chain-free property. This one wasn't, so the "winner" might be up for a last surprise...

The process is easier if the property is chain free but Agents are even playing on that side of things too. I have had a client who was told the property was chain free and it was only after a month or so into the purchase he found out through legal paperwork that the property is actually part of a chain and whilst he is now ready to move, the vendor isn't so he faces a delay.

There is an upside to a chain though in the sense that if the vendors are buying a property of their own and are dependant upon selling their property to you to get the equity out to then buy the one they want, in most instances they won't wish to lose you because that could affect their onward purchase if they no longer have a buyer for their property.

[Power Mortgages Ltd]

BTW have just seen an ad where the agent says "PUBLIC NOTICE 13 Hallings Wharf Studios 1 Channelsea Road, London, E15 2SX. We are acting in the sale of the above property and have received an offer of £264,995. Any interested parties must submit any higher offers in writing to the selling agent before an exchange of contracts takes place. "

So they do disclosure when they want to...

That relates to a property being repossessed. When a property is being repossessed the Agent is duty bound to get the best offer they can for the bank/building society and accordingly the offer price is published. Don't get me wrong if the current buyer was a couple of days away from exchange of contracts and someone new came in offering £50 more then the new offer would not likely be accepted as the Agent would need to weigh up how long it is likely to take for the new buyer to be in a similar position and how much that time costs (which would invariably be more than £50).

That information is available from the Land Registry, there are a number of sites that allow you to search that data like here: House Prices in Westminster

I believe they are sold prices aren't they? They can publish those (unless the buyer and seller have specifically indicated they do not wish to share the information publically which is rare) but they cannot publish prices of properties until they have completed and the deal has been tied up.

[northernladuk]

BTW have just seen an ad where the agent says "PUBLIC NOTICE 13 Hallings Wharf Studios 1 Channelsea Road, London, E15 2SX. We are acting in the sale of the above property and have received an offer of £264,995. Any interested parties must submit any higher offers in writing to the selling agent before an exchange of contracts takes place. "

So they do disclosure when they want to...

We have one that has that wording up by us. I was chatting to some friends and one of them believes this is a repossession or something like that. Not a standard sale.

EDIT : Doh. Beaten to it.

[Daventry]

That information is available from the Land Registry, there are a number of sites that allow you to search that data like here: House Prices in Westminster

Thanks have seen prices for that area from January 2014. At least now I can get a rough idea. Looks like 340-350.

I still believe the £375k asking price from ads by Foxtons is a joke.

[SueEllen]

Thanks have seen prices for that area from January 2014. At least now I can get a rough idea. Looks like 340-350.

I still believe the £375k asking price from ads by Foxtons is a joke.

Foxtons even before this current madness are one of the estate agents well known for driving up property prices and scamming people so avoid them.

Your best bet if you are interested in a property and the vendor lives in it, is to put a note through their door stating you are interested in the property and you will be making an offer with your name, email address and phone numbers. You still need to make the offer through the estate agent but if the vendor doesn't get an offer from you they can, if they are bothered, follow up.

[sociopath]

Could always check out zoopla for current values and adjacent similar property sales figures.