UK Landlord Forum / Life

As an estate agent I do get to see the crap side of moving and I can full understand why its number three on the stress level list (death and divorce being first and second). Today after 2 months buying a house, a woman decided to pull out of the purchase, with the excuse of "personal reasons". Meanwhile the vendors of the house she was buying was relying on her to complete the purchase due to an impending repossesion. this couple (in their mid fifties) where moving out of their home into rented accomadation and had even left a £500.00 non refundable deposit on a property that they fell in love with, on the basis of what seemed to be a serious purchaser. We were due to exchange contracts early next week.
This couple have now been left with a large solicitors invoice, lost their deposit on the house they wanted to rent, and now, (unless a miracle happens) face the likelyhood of being repossesed. Not to mention all the emotional stress they are suffering too.
Instead of tightening up the legal system, and bring in line something like the Scottish system whereby once an offer has been accepted, the contract is legally binding, This goverment decides to implement the "HIP'S". What a load of  f$%*^%g B%**$%ks. This is nothing but another way of squeezing out more VAT money out of the British public. It does not help in anyway with the conveyancing system. I cannot understand why they wont bring in a law to protect both vendors and purchasers by binding them into a leagal contract once an offer has been accepted? Maybe if happend to a few of these MP'sthen we may get a change in the law.
It is the worst thing for an agent to have to ring up a client and tell  them "I'm afraid the other party has pulled out".
I was kicking chairs across the office today, Fuming because there is no justice. I almost feel like buying this couples house just to get them out of trouble. 
The stress of moving is down to one thing:
Nobody cares too much that it takes around 3 months from seeing a property to moving in. What everybody and I do mean everybody,cares about is this, untill exchange of contracts there is no legally binding contract. That means either party can pull out without repercussion. People want commitment.
Thats my moan for tonight, but when I go to bed my head will still be spinning, and it has nothing to do with my commision because I would have happily not charged this couple if it would have made a difference.

My God, that is horrible.

A lot of conveyancing solicitors offer a saftey net gaurentee- if the deal doesn't go through, the client won't be charged. Although, I had to pay an additional £30 for that insurance policy. Urgh, a policy like that should be STANDARD! I take it the couple don't have any policy like that in place?

When do they need to sell the house by? Also, don't you have any other potential buyers?

I really feel sorry for the couple, especially since they now stand to lose everything!

Unfortunately, the sad fact is, we have more legal protection buying a tin of baked beans, than buying a house. Crazy!

On a side note, it really is refreshing that you actually do care

What happens in Scotland if you buy someone's house, then they are really choosy about the place they're buying and don't move for six months? In the English system you can pull out, but if its contractually binding ...

Agree on HIPS, its a waste of space policy to get the government's solicitor mates some extra work. Remember who they exempted from IR35??

Nobody is going to trust a survey drawn up when the vendor is paying - buyers are going to want their own independent survey. It makes no sense.


V

Speaking of HIPs, check this out...lol

http://cgi.ebay.co.uk/Free-Energy-Performance-Analysis-for-your-property_W0QQitemZ220150889747QQihZ012QQcategoryZ152978QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

Quote from: propertyfag on September 20, 2007, 01:07:02 PM
Speaking of HIPs, check this out...lol

http://cgi.ebay.co.uk/Free-Energy-Performance-Analysis-for-your-property_W0QQitemZ220150889747QQihZ012QQcategoryZ152978QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

Unfortunately the poor chap has had to go and find his own case studies to compile his training manual.  He is offering free EPC's to the homeowners who give him a practice property.

Quote from: Raven on September 19, 2007, 10:17:53 PM
The stress of moving is down to one thing:
Nobody cares too much that it takes around 3 months from seeing a property to moving in. What everybody and I do mean everybody,cares about is this, untill exchange of contracts there is no legally binding contract. That means either party can pull out without repercussion. People want commitment.
Thats my moan for tonight, but when I go to bed my head will still be spinning, and it has nothing to do with my commision because I would have happily not charged this couple if it would have made a difference.

It's not the conveyancing (the legal transfer of property) system that is at fault.  It is outdated English property law that provides the current system.  What is the alternative?  Scotland is not perfect as buyers have to offer a price based on a 'Guide' that could be 40% lower than the market value.  Before buyers can actually place a bid, they have to pay for a survey (eg. 5 buyers each have to pay for a survey on the same property) without any way of knowing that their offer will be accepted.

If it's a matter of holding non-refundable deposits, who holds the money?  How much is acceptable?  How long will it hold the property for?  I could go on...

Things will improve once HIPs bed in, e-conveyancing becomes part of the norm, land registration provides quick and safe results and mortgage companies pull their fingers out to turn around approvals. 

Mountie, what's your profession, out of curiosity?