House Buying

[stender]

Been in the process of buying a house since July.
Made an asking price offer on a house we really wanted, which was accepted .
We then Lost the buyer on our house 3 times!, then finally found a buyer who looked kosher.
Was a couple of weeks away from exchanging contracts on friday and were out shopping for new kitchens etc....when the owners of the house we wanted decided they no longer want to sell as prices were rising and they had decided to rent it out instead!!!!!!!!!!!!!!:twisted:

£2000+ down the drain in fees etc.... and prices where we were looking are now beyond us!!!:twisted:

The UK house buying/selling laws need changing! £2000 wasted and it could happen numerous more times! How wrong is that?

I wanna start an e-petition. Anyone think of a decent available domain name to use?

 

[tifosi]

could let you borrow propertychain.co.uk

S

 

[stender]

Thanks for the offer m8. I better get one thats free as I don't know how long i'd have to run it for.

 

[olebean]

DownTheDrain.info free to reg

 

[Ellis]

This is one of the reasons new build houses sell extremely well despite poor quality design and fittings ( in most cases )

 

[denchomsky]

I feel for you stender, i should be exchanging on a flat i have been buying since july in london tomorrow!. should have happened last week but the solicitors seem to get a bit slower when they have 25.000 of you money in their bank account! i wonder why?.

If what has happened to you happened to me i would be screwed.

I reckon house prices have gone up 5%-10% where i have bought in the last 3 months and it is always a worry until the exchange is done.

Fingers crossed.

 

[olebean]

I feel for you stender, i should be exchanging on a flat i have been buying since july in london tomorrow!. should have happened last week but the solicitors seem to get a bit slower when they have 25.000 of you money in their bank account! i wonder why?.

If what has happened to you happened to me i would be screwed.

I reckon house prices have gone up 5%-10% where i have bought in the last 3 months and it is always a worry until the exchange is done.

Fingers crossed.

Den

Not many people know, but you are entitled once complete to ask your solicitor for any accrued interest on your money that he held......

I did I was surprised to get just under £100

 

[denchomsky]

Thanks for that Olebean, i will be sure to bring that up with my solicitor, I am sure they will be very happy.

 

[Ellis]

Den

Not many people know, but you are entitled once complete to ask your solicitor for any accrued interest on your money that he held......

I did I was surprised to get just under £100

That's standard!

When conveyencing, solicitors are required by law to hold all funds in a "re account"

You'll always get interest back

 

[retired_member27]

Here in Oz, most property is sold via auction. So on the day (generally a Saturday) potential buyers all stand around the front of the house and the estate agent stands on a box and then starts the bidding, once sold it is sold so there's no gazumping. You pay 10% deposit on the day and you have a month to pay the rest.

If the UK did this, I sure it would save a lot of time, money and heartache.

 

[Whois-Search]

The scottish way is also good Scots law - Wikipedia, the free encyclopedia

 

[rob]

Here in Oz, most property is sold via auction. So on the day (generally a Saturday) potential buyers all stand around the front of the house and the estate agent stands on a box and then starts the bidding, once sold it is sold so there's no gazumping. You pay 10% deposit on the day and you have a month to pay the rest.

If the UK did this, I sure it would save a lot of time, money and heartache.

Plus it is sunny and you can have a couple of tinnies

 

[scooter]

We don't have the same problem in Scotland.

You put your offer in, if it's accepted, it's binding. House is then shown as "under offer" and nobody else can bid on it.

I have never understood why it has not been changed to the same in England. The biggest purchase you are going to make and yet 24hrs from exchanging contracts the buyer or seller can still walk away SCARY

What is the process in England? You put an offer in but it is only verbal and completely non binding until contracts are signed? But nobody signs a contract until
A. the seller has got a new house?
B. the buyer has sold their house?

Is this the chain effect? and in the process, someone can come in at the 11th hour and outbid the buyer???

So the seller sells to the new bidder and because the buyer got gazumped, they now decide not to exchange contracts with the person that they were selling to as they do not have a house to go to?

What a mess.


.

 

[stender]

IT's a complete joke!

I'm off to see if there's such a site as rentavandal! :evil:

 

[wwwdomain.name]

Scoot

It's what I call the 'daisy chain' effect as, you always stand the risk of getting shafted...

Scoot

Would agree, Scottish system or Auction is best....

No consolation but, better luck next time...

Seriously needs an overhaul...

 

[SF]

Plus it is sunny and you can have a couple of tinnies

+ throw a couple of prawns on the barbie"