Buying and Selling houses

Discussion in 'Finance & Pensions' started by Joint_Force_Harrier, Aug 9, 2010.

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  1. Just had my buyer's buyer pull out on the day we should have exchanged contracts!! Cnut :(

    Mrs JFH is in bits!!!
  2. I feel your pain. We just got cleared for our mortgage Saturday morning and the house that we been keen on (after 4 viewings as well) have just been taken of the market.
    Its back to the drawing board for us again.
  3. Time for England and Wales to copy the Scottish law on house purchase.
    In Scottish law once an offer has been accepted neither party can pull out without the consent of the other.
    Stops guzzumping and time wastng
  4. Prob about £1500 out of pocket now.

    However have found two houses in the same town as we are buying, same price, better location and better overall standard. So maybe happened for a reason.

    Round again class leader!!!
  5. Well that means you are pulling out on the house that you are buying and putting that person in the same situation as yourself. Wonder if he calls you the same name as you called your buyer?
    I can see this becoming a vicious circle as buyers and sellers pull out, and the process continues.
  6. always take a deposit and if they pull out...............
  7. Good thinking Batman :p
  8. .....leave a deposit brushteeth
  9. Doesn't work like that with the deposits, and besides it was JFH's buyers buyer.

    But £1500? hell, you must have expensive solicitors. It is not usual to charge for an abortive sale or purchase in my neck of the woods. Who are you using?
  10. We are still going to buy it if we can sell ours, however they are re marketing theirs too. Their intention was to rent it out anyway, so they are not in the same situation as us. I think to be honest ours should go quicker than our buyers, their house is right next to the college in town, hence why they want too move.
  11. No HIP on the other house, so £300, £400 survey, Solicitors fee (£400+) HIP on this place £350. This can still be used if we buy the same house.
  12. Pity about the HIPs.
  13. jockpopeye

    jockpopeye Badgeman Book Reviewer

    Not quite, as I bought my house "subject to survey" so could have pulled out if the survey was no good (could have used it as an excuse if the mortgage had fallen through). It is good however that the Scotish system it is less open to fukcing about.

    A curious aspect to buying a house in Scotland is the sealed bids system.

    When I was buying my first home in 2007 the very first one I offered on was offers over £135k. The normal course of things used to be that the selling proce was about 20% over. That one went for £250k, 85% over the asking price and nothing like what we offered. 20 different offers later, the one that I bought I got at 34% over the asking price. It is rubbish for buying as you can't just see something that you like and make an offer.

    All the best in your hunt for a new home.
  14. Hips was the biggest load of bollocks the Labour government came up with. You still needed to have a survey done.
    Now if they had come up with the seller paying for a legally binding survey by an independant surveyer so protecting both parties that would have been great
  15. Well then you are using greedy solicitors. As I said I do not charge abortive fees, if you lose the house you wanted mke sure they try and sell the searches to any new buyer, get better solicitors.
  16. Just bought a house with no chain, got the whole process through in 8 weeks. Get the keys next Friday.

    No chain is the way to go.
  17. But the HIP pack no longer exists, its a cheapo EPC now for about £40
  18. Still not sold mine!!!
  19. My solicitor costs came to £700, that was for everything. They did a good job too!
  20. Here in the US, the seller pays everything...........If your buying a property cash It'll cost the buyer maybe 50 quid!g

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