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Conflict of Interest on Bequeathed Property

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  • Conflict of Interest on Bequeathed Property

    Hello. I'm new on here and looking for some advice. I've recently expressed interest in a property that was bequeathed by the owner to several charities. I made an offer about twenty five per cent below the asking price that was forwarded to the solicitor acting for the charities. It was below the asking price in that the house had been on the market for over 18 months and needed extensive renovations. According to the estate agents it was the only offer on the table. I've now heard from the estate agent that for whatever reason the solicitor had a valuation carried out, that came back valuing the property about twenty five per cent off the asking price, and alerted some close friends to that valuation. They also submitted an offer for the property at that valuation price. Last and Final Offers were invited and I submitted an offer 20 000 more than the other buyers. The other purchasers offer was accepted. The reason being that they had cash in the bank and were ready to go. Myself, I have a cash offer, the survey has come back, and on completion I myself would transition to a cash buyer. Are there any ethical concerns here? Should the solicitor had mentioned to friends that there was a chance to grab a bargain property at a knockdown price? And why instruct a valuation? To nudge the charities concerned into accepting the offer? Is there any way that I could discover whether my own offer was even forwarded to the charities?

    Many thanks
    Tags: None

  • #2
    Can't answer your main question but just to comment that accepting a cash offer 20k lower than yours doesn't seem unreasonable or unusual (depending what the actual offer price was). However you describe it you weren't a cash buyer at the time the charities were considering the offers. Your offer depended on the sale of your own property going through without any last minute hitches (if I have understood you correctly). Close to completion isn't completion.
    All opinions expressed are based on my personal experience. I am not a lawyer and do not hold any legal qualifications.

    Comment


    • #3
      I agree with PA. Move on.
      Lawyer (solicitor) - retired from practice, now in academia. I do not advise by private message.

      Litigants in Person should download and read this: https://www.judiciary.uk/wp-content/..._in_Person.pdf

      Comment

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