Legal Question in Real Estate Law in United Kingdom

I'm sell my flat for �45,000 but the person who is buying it as asked that we tell the estate agent that we will sell it for �51,000. Then he will go to �50,000 because he said that the bank will not go below �50,000 and then a few days before completion we give him �5,000 so he gets it for the �45,000. Is this legal. Many thanks


Asked on 4/21/14, 8:22 am

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

22.04.2014

Dear Sir / Madam,

You decide on the reserve price since it is your flat ... The selling agent may have asked you to quote higher in view of the prospective purchaser negotiating the price with you. As a strategy, you should quote your reserve price and simply tell the selling agent that any price above your reserve price is his commission - this ensures a win win situation for both parties.

Regards,

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Answered on 4/21/14, 10:35 pm
Arent Lievens Advocates Lievens & Lievens

Hello,

This is a very dodgy situation. And maybe you are even cooperating in fraud.

It also sounds ridiculous that a bank would not lend 45k but would lend 50k ?

Keep well clear, is my advice.

Kind regards,

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Answered on 4/22/14, 10:45 am


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