Unusual proposal to sell my house

I did ask the question what would happen if he went bankrupt and was told the house would revert back to me and he would forfeit his deposit and it would pay for any unfinished work. I was of the understanding that deposits were returnable. I have got outline planning on the plot until June next year. The estate agent said the builder has had this arrangement with other people in the past.

houseseller It could have been someone who thought you might be easy to con into a really dreadful deal.

Do take care, particularly if you are worried about the move in any way.
You might be in a hurry to downsize but that is the sort of situation any conmen might be on the lookout for.

Do you have any reliable friends or family nearby to support you if you feel your are being unduly pressured by the estate agent?

As someone who has bought old property, redeveloped and then sold on I would say DON'T DO IT. As someone said you would have to cost of living somewhere else whilst the work was being done, but also what if the developer started tearing the house to pieces and then went bankrupt. Even with contracts exchanged you would still be left with a house which was uninhabitable and unsaleable (at the price originally agreed). If he was bankrupt there would be no way you would be able to get him to put the house back into its original state. It could be he doesn't have the cash to buy at the moment and either can't or won't borrow it so, in effect, you are giving him an interest free loan! Have you applied for planning permission to develop the adjoining plot? If you did get the planning permission it would make the plot worth a lot more and you could sell the house and the plot separately.

Good idea to involve Trading Standards. They will give you advice and probably have a word or two with the agent.

Sounds a nightmare - I wouldn't touch it with a barge pole! I would talk to Trading Standards frankly - it sounds mega-dodgy.

That sounds a very odd idea to allow alterations before exchange of contracts. It sounds extremely dodgy to me as well.
A resounding No Way would be my response.

Always get three quotes!
He may seem like a nice guy but so was the nice young man who used to visit my MIL and fleeced her of all her antiques.

My advice as a lay person would be not to let anyone take possession of your property before COMPLETION (not exchange of contracts). The very nice cash buyer who bought our last house was pushing to move in early on the morning of the due completion date, but she was refused a key until the money had been safely paid into our account.

I hope you find a more reputable estate agent and a bona fide buyer soon.

Agree strongly with all the others Houseseller never vacate or hand over before contracts are exchanged! Welcome to the forum BTW.

DO NOT DO THIS. He may be the nicest Estate Agent on the planet (not saying much) but when something seems too good to be true, it usually is. Do take legal advice if you think we are over reacting but do not go down this road. Someone is set to make a quick buck and it isn't you I am afraid.

My husband is a specialist in home buying....under no circumstances must you let anyone take your house until contracts have been COMPLETED. Get first hand advise from Citizens advise or your own solicitor. No reputable Estate Agent would ever suggest what you have been offered!!! I cannot say this too clearly - No one can have your house without a full Completion of the contract and the monies paid to you.

Thanks for all the comments, it's a minefield out there.
I have been with the estate agent since Feb and he appears a nice guy but I think this is a bit risky

You would be vacating your property and needing somewhere to live but without benefit of having received your money.

Also, if you are out of your house and he is making changes whilst you are still the owner, consider insurances etc.

Most definitely legal advice needed on board, and I'd still be wary because not all solicitors are up to dealing with out of the ordinary unexpected hiccups. Ok while everything runs smoothly.

Sorry. It should have read 'find' not 'found'.

Get at least three different estate agents to quote for selling your house. Go with the one you feel happiest with. Trust your gut feeling. In this case it doesn't sound as though you are happy with this proposal, so choose a different agent that you feel you can trust and communicate with. When you have chosen one, negotiate his fee. You don't have to pay the fee he quotes. Everything is negotiable. Most will reduce their fees rather than loose the business. Good luck. Hope you found a reliable, conventional buyer soon.

.....and discuss it with your solicitor. A friend of mine did sell her house with an agreement with the buyer (a developer) that if he got planning permission for two houses in her side garden she would get half the increased value of the land, but this was all done and sorted out by her solicitor so that everything was fully agreed and legally water tight.

Don't give him possession until he has paid up. You wouldn't sell anything else in such a strange way. Once he is in, it would be the devil's own job to get him out, no matter what arrangement you thought you had with him.

Is the estate agent hoping to get two lots of commission on this sale? Or is the buyer his brother-in-law?

Sometimes these things can work but I would talk to a solicitor you have confidence in before you agree to anything.

I presume you must have appointed a solicitor if you are selling your home. Ask advice from your solicitor but like Starling, I think it sounds dodgy.

Hello Houseseller - I don't know anything about the law but this sounds very dodgy to me and I would say no. Just get a different estate agent and do things the normal way.