A vendor has been awarded £700 in compensation by The Property Ombudsman (TPO) after a sale fell through because, it is claimed, his estate agent had failed to check the financial situation of the buyer adequately, breaching one of TPOs codes of conduct.
Alander Walker turned to the ombudsman over the failed sale after putting his property in Tavernham in Norfolk up for sale via local agency William’s Way for £250,000.
The agency found a buyer for the property and, because he was in a hurry to move to Scotland and look after his ill mother, Walker accepted their offer of £242,000.
But after six weeks the deal fell through after it transpired that the buyers did not have adequate finances lined up to purchase the property. Mr Walker then turned to an agency based in Norwich and received six offers including one in excess of the original asking price.
In its adjudication TPO says during enquiries it found that William’s Way had “not taken adequate steps to advise the complainant fully of the potential purchasers’ financial position.”
“Due care and attention was not taken…I would criticise William’s Way for lack of diligence”.
A spokesperson from William’s Way told local media that: “We wish the house buying and selling process offered more guarantees, but unfortunately that is not the case here in England and there is always risk involved.
“Having started the business just over three years ago we were bitterly disappointed to receive our first and only complaint to date.”
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