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First Time Buyer - Advise need

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  • First Time Buyer - Advise need

    Hi All,

    Am new and must say novice buyer.

    Recently my offer to buy a residential property has been accepted. During offer process, I had agreed to use EA's financial adviser and solicitor as I thought it will be easier for me.
    Later, I have come to know that their financial adviser doesn't deal with all high street bank (like HSBC) and it may happen I will not get the best mortgage rate. So I asked them what will happen if I use outside financial adviser - answer was I will lose the property.
    Today, I received call from EA that vendor has asked them that if I don't use EA's financial adviser and solicitor, he would like the property to given another buyer. I didn't get the point why vendor is concerned with which financial advisor and solicitor am using??
    What should I do in this scenario?


  • #2
    Re: First Time Buyer - Advise need

    It is unfair and against the Consumer Protection from Unfair Trading Regulations 2008 and The Business Protection from Misleading Marketing Regulations 2008.
    No company selling residential property can insist you use their choice of solictors or brokers. To do so breaches these regulations.

    Contact your local trading standards office and make a formal complaint.
    Information for UK new home buyers
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    • #3
      Re: First Time Buyer - Advise need

      First off mortgage brokers do not offer deals with all banks, simply because some banks will only deal directly with the public - this includes HSBC. That said, so long as the broker offers a wide spread of lenders, they are able to represent themselves as offering whole of market mortgage advice.

      I think EA weren't being entirely honest - so long as the sale progressed smoothly the vendor wouldn't care who you used.