Estate agent purchased a property before it went on the market - allowed or not allowed?
General Discussion

elbowe
elbowe
1,690 Thanks
5,307 Posts
3 years ago
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I own the freehold of a building and some months ago I advised a low length "lease" leaseholder to seek three valuations for his property to ensure he got the highest amount, given the length of lease he held. (60 years)

one of the estate agents not only valued it, but he then purchased it. The property never saw the open market.

Of course the existing leaseholder issued a S42 via his acting solicitor(day before completion) to allow it to roll to the new "estate agent" owner and thus carry on with the lease extension post completion.

I have no issue with the S42 at all. none. I will get my money that is fine.

But the seller is a Priest of some 50 years (he is elderly and very caring and kind), and I wonder if the estate agent has taken advantage of him?

As expected on day of completion (yesterday) the estate agent arrived and ripped the place apart (the mgt company got huge complaints which is how I came to be aware of the situation and it made me realise this has been a slightly unethical transaction).

I just wondered if anybody had crossed this kind of bridge before? Long shot I know.

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