...left to get your reviews in for the 2018 Estate & Letting Agent Awards

Aug 10,2014
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By: 'Matt'
Aug 10,2014
11 people found
this helpful
A too good to be true 3 bedroom flat in plush condition is advertised on Future Property Auctions website for a guide price of just £15000. It wasn't in the best location so I thought this might explain in part why it was so cheap, however, of course I was wary about this property. I asked Future's salesman Robin why it was so cheap. He replied that the seller is looking at buying other commercial property and just wants a quick sale. So I made a stupid offer that I really thought the seller would turn down (£13500) which to my surprise he accepted. Before transferring the deposit ad exorbitant commission of £3000 and £1500, respectively, I raised my concerns again with him to which he very much rushed and hurried me in to making the transfer. Of course I smack of naivety but I thought of it as a punt so decided to go ahead and transfer an initial payment of £4500. In the meantime he "recommends" a conveyancing firm, being too lazy to look around I instructed this firm to deal with the proceedings, i.e., hand over the rest of the money. Long story short, I receive a letter from the seller's solicitor that they are unable to sell as the they cannot redeem the mortgage. I didn't even now what this meant, all I knew was that they had my money and I wanted it back. So at this point, £13500, plus Future's £1500 commission, plus £400 solicitors fees down and I'm panicked that it was indeed a major scam. My solicitor had the majority of my money still in her account which she quickly enough transferred back into my account (phew enough). However, this is the part where Future Property Auctions were bang out of order. Firstly, I call them and try to talk to Robin and ask him about returning my £4500 (the deposit and their £1500 commission) to which he replies that he's unsure about whether the commission will be refunded (stress levels rising), I then ask him who has my £3000 deposit to which he replies, "the client". Going through my solicitor was useless so I had to ring up the sellers solicitor to find out if the seller had my deposit and was going to refund me. She said, "Future Property Auctions has your deposit". So Robin was lying that the client had it, and fobbing me off about whether I would get the commission refunded. Getting more stressed. I rang up Future's who were now saying Robin was out and that he would return my call, which he never did. I rang up day after day and still no response. Finally, after over a week, after "I" had to ring them again, Robin says that both my deposit and commission will be refunded in full. Fank F**k. A really terrible and stressful experience though. On their website, it says, "Safe Purchasing - There is no danger of the vendor 'pulling out' as the contract of sale is binding as soon as the gavel falls". Clearly, this isn't safe purchasing. I lost £400 in solicitor fees, which I should have had refunded also and they didn't. Clearly there is no such thing as safe purchasing with this company and if you do get tempted with one of their lower priced "steals", just know that it'll be a 50/50 chance whether you'll actually get the deeds to the place, or if the place even really exists. And by the way, for those that don't know about redeeming mortgages. The seller owed money (the mortgage) to the bank for the property. In selling for such a low price he would still have been in debt to the bank. So the bank says he can't sell it, or worse still, if he did sell to me, I wouldn't have actually owned the property, the bank would. If the seller either knew he couldn't redeem the mortgage and was trying to defraud me (and maybe this was the case but for his own solicitor stopping the sale and the transfer of my money into his account) or at the very most benefit of the doubt, he accepted my offer to purchase his property,not knowing if he could redeem the mortgage and cost me solicitor fees. Too much for me to bother dealing with so I left it there, but if anyone sees the property 12 Jerviston court, Motherwell advertised anywhere, DO NOT BUY AND REPORT IT.
Comment on agent fees
‚£1500 fees is outrageous!
Was this helpful? Yes
By: Si
Aug 16, 2014
Your experience was unfortunate but the auction rule is caveat emptor or "buyer beware" and as we all know if something seems too good to be true....looks like the vendor was at fault here if property mid descriptions act breached you can sue for damages !

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Future Property Auctions

241 Kilmarnock Rd Shawlands, Glasgow
City of Glasgow
G41 3JF

0141-632-6599

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